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Polygon powers restaking protocol developing L2 chain, plugs into MATIC’s AggLayer

Source Fxstreet

Mar 13, 2024 14:29

Swell is building a Layer 2 chain for restaking, powered by Polygon’s AggLayer.
Ethereum’s Dencun upgrade has fueled the staking, restaking and Layer 2 narrative.
MATIC price climbed over 7% on Wednesday.

Polygon’s zero-knowledge rollup technology (zk-rollup) will help build a Layer 2 chain for restaking crypto assets. Swell has chosen Polygon’s AggLayer to power its project, according to an announcement on Wednesday.

The Ethereum Dencun upgrade has ignited the Layer 2 token narrative, likely catalyzing 7% daily gains in Polygon’s native token MATIC.

Also read: Ethereum Layer 2 locks nearly $40 billion in assets as Dencun upgrade looms

Restaking project picks Polygon’s AggLayer for development

The staking, restaking and scaling narrative has garnered attention from market participants as Ethereum’s Dencun upgrade goes live on March 13. The upgrade is expected to dramatically lower transaction costs for Layer 2 chains, likely increasing their adoption and utility. The restaking narrative gathered ground, powered by large Ethereum scaling solutions like Polygon.

Polygon’s official announcement on Wednesday states that the largest Ethereum scaling solution is set to power a new restaking protocol by Swell. The DeFi network uses the protocol’s AggLayer, a scaling technology, for its restaking project.

Polygon’s AggLayer claims to solve the scalability problem, providing access to liquidity across multiple blockchains.

Ethereum’s Dencun upgrade is the likely driver of the popularity of the Layer 2 narrative and is set to boost Polygon’s AggLayer adoption among developers in Web3.

MATIC price is up 7% on the day, Polygon’s native token is trading at $1.2774, at the time of writing.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Whale rotates capital from WIF to TREMP and BONK, Solana meme coins make comeback Crypto intelligence tracker Lookonchain identified a large wallet investor who rotated capital from Solana based meme coin Dogwifhat (WIF) to Doland Tremp (TREMP) and Bonk (BONK).

Source Fxstreet

Crypto intelligence tracker Lookonchain identified a large wallet investor who rotated capital from Solana based meme coin Dogwifhat (WIF) to Doland Tremp (TREMP) and Bonk (BONK).

Google announces search engine version powered by generative AI, sector tokens fail to rally AI and big data crypto projects and tokens are bleeding, data from CoinGecko shows, with the sector bearing the brunt of a market that is devoid of directional bias.

Source Fxstreet

AI and big data crypto projects and tokens are bleeding, data from CoinGecko shows, with the sector bearing the brunt of a market that is devoid of directional bias.

XRP slips below $0.50 support as Ripple, SEC prepare to file Omnibus letters XRP trades at $0.4940, losing more than 1% at the time of writing, as the Securities and Exchange Commission (SEC) and Ripple are set to file the so-called “Omnibus letter motions” on Monday, which will seal materials and supporting evidence related to the remedies-related court phase.

Source Fxstreet

XRP trades at $0.4940, losing more than 1% at the time of writing, as the Securities and Exchange Commission (SEC) and Ripple are set to file the so-called “Omnibus letter motions” on Monday, which will seal materials and supporting evidence related to the remedies-related court phase.

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