Polygon's Vision To Unify Web3 Through AggLayer

According to Cointelegraph, Polygon aims to unify the entire Web3 space, including all siloed blockchain networks, through its AggLayer, a cross-chain interoperability protocol designed to connect blockchain networks. This initiative is part of Polygon's broader vision, known as Polygon 2.0, which seeks to provide infinite scalability and unify all blockchains, including Layer 1 (L1) networks like Ethereum and Solana. Marc Boiron, CEO of Polygon Labs, explained that the AggLayer is intended to connect the entire Web3 space, not just specific ecosystems. Unlike other interoperability solutions that focus on their own ecosystems, AggLayer aims to bring together all of Web3, including L1s and L2s. This approach addresses the growing user experience issue of fragmentation between main L1 blockchains, which makes bridging between networks costly and risky due to cross-chain vulnerabilities. The technical migration of Polygon's (MATIC) token to the new Polygon Ecosystem Token (POL) on September 4 was a crucial step in realizing the vision of Polygon 2.0. The POL token is described as a 'hyperproductive' token that supports the network's growth and ultimate vision. Boiron emphasized that the AggLayer is about connecting all of Web3, not just specific layers or ecosystems. Blockchain interoperability remains one of the industry's most pressing concerns. L1 blockchains are siloed systems with no means of communicating with one another, necessitating cross-chain interoperability solutions. However, the lack of compatibility between blockchains makes developing cross-chain infrastructure challenging, leading to vulnerabilities in third-party protocols. For instance, in December 2023, the cross-chain interoperability solution Orbit Bridge was hacked for $82 million due to an unknown vulnerability, with the hacker still at large as of June 2024. Many notable blockchain founders are working on the interoperability issue, including Ethereum co-founder Vitalik Buterin, who unveiled plans to solve cross-chain interoperability between Ethereum L2s in early August. The industry's focus on interoperability highlights its importance in achieving a unified and scalable blockchain ecosystem.