AggLayer protocol from the Polygon team will allow uniting Ethereum and Solana blockchains

What’s new? The developers of the Ethereum blockchain-based Polygon Layer 2 (L2) network intend to unify the entire Web 3.0 space with their new AggLayer interconnect protocol. As Polygon Labs CEO, Marc Boirona, said in an interview, it will enable interconnection with L1 blockchains including Ethereum and Solana.

Material by Cointelegraph

What else is known? On September 4, Polygon’s native token under the ticker MATIC was converted into a new ecosystem coin POL that will drive further growth of the network. The token migration was an essential part of Polygon’s 2.0 vision, under which the developers plan to achieve unlimited scalability to connect all blockchains.

POL token ranks 41st in the cryptocurrency market capitalization ranking with a market cap of over $2 billion and is trading at $0,3765, having lost 0,3% overnight. The weekly drop was 15,3% and the asset has lost 71% since the beginning of the year.

Unlike other interoperability solutions, AggLayer is not tied to a specific ecosystem, but is focused on connecting the entire Web3 space, explained Boiron:

“AggLayer is there to connect all of Web3… It’s not just about L2s, it’s not just about L1s. It’s not just about Ethereum. It’s about literally bringing it all together.”

Fragmentation of the underlying Layer 1 blockchains is becoming an increasing problem for crypto users. Transferring assets via cross-chain protocols (bridges) is costly and involves risks of asset loss due to vulnerabilities in such protocols.

In addition, such protocols are actively used by hackers to launder stolen cryptocurrencies. By July last year, according to Elliptic analysts, $7 billion had been laundered in this way.

Late last year, Orbit Bridge lost $82 million due to an unknown vulnerability. In June, a hacker transferred some assets worth $48 million to crypto mixer Tornado Cash, which is on the US sanctions list.

Many prominent industry figures are working on the interoperability issue, including Ethereum co-founder Vitalik Buterin: in early August, he announced plans to solve the problem of interconnectivity between Ethereum-based layer 2 networks.