As a seasoned crypto investor with over a decade of experience in this dynamic industry, I find the recent collaboration between IoTeX and Polygon Labs particularly intriguing. The integration of IoTeX 2.0 with AggLayer to power cross-chain communication and liquidity across the DePIN ecosystem is a significant step towards fostering interoperability within the blockchain space.
In simpler terms, IoTeX, a network for decentralized physical infrastructure, and Polygon Labs have revealed that the updated version of IoTeX (IoTeX 2.0) is going to team up with AggLayer. This partnership aims to facilitate cross-chain communication and liquidity within the DePIN ecosystem.
At the R3al World event held in Singapore on September 17th, Raullen Chai, the CEO and co-founder of IoTeX (IOTX), announced their new partnership.
With the DePIN market seeing a substantial expansion, the spotlight has shifted towards advancements aiming to boost interaction and cross-chain fluidity.
Polygon projects tap into IoTeX infrastructure
AggLayer serves as a decentralized platform that links various blockchains, allowing projects across different chains to automatically disburse incentives. The underlying structure of this protocol encourages efficiency and contributes to the expansion of the $19.7 billion DePIN market, as stated in a press release issued by IoTeX and Polygon Labs.
Remarkably, several initiatives based on the Polygon platform have adopted IoTeX technology, such as DePIN project GEODNET, which is supported by CoinFund and Pantera Capital, and DIMO, a decentralized network where car data belonging to users is transformed into assets.
GeoDnet teamed up with IoTeX when they initiated the DePIN Liquidity Hub, whereas Dimo utilized IoTeX’s second-layer protocol, W3bstream, to implement their zero-knowledge proofs idea for data privacy and off-chain computations.
IoTeX 2.0
In the year 2021, IoTeX and Polygon Labs embarked on their initial collaboration, focusing on the development of a cross-chain bridge and a project involving Non-Fungible Tokens (NFTs).
In July 2024, IoTeX unveiled its whitepaper for IoTeX 2.0, aiming to build a flexible blockchain network that boosts the adoption of Decentralized PIN (DePIN) technology. Notable partners joining the launch of IoTeX 2.0 are Near Protocol (NEAR), Filecoin (FIL), RISC Zero, OKX, Axelar, and The Graph (GRT).
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2024-09-17 17:56