Polygon Labs CEO: AggLayer Will Connect All Web3 Together

In a recent interview, Polygon Labs CEO Marc Boiron said that AggLayer will open up many opportunities for projects and developers by connecting blockchains.

In an interview with Cointelegraph on September 4, Polygon Labs CEO Marc Boiron emphasized the importance of AggLayer - the core element of Polygon 2.0 in connecting blockchains together to solve the problem of liquidity fragmentation.

Boiron explained that the fragmentation problem exists not only between layer-2s but also between layer-1s, such as Ethereum and Solana.

He said:

"While existing solutions only focus on expanding their ecosystems, AggLayer acts as a bridge connecting the entire Web3 space together. This is an important stepping stone, because our ambition is not only to stop at layer-2 using zero-knowledge (zk) technology on Ethereum but also to connect all networks from Solana to Aptos into a common ecosystem."

Currently, interoperability between blockchains is becoming one of the biggest challenges in the cryptocurrency industry, when layer-1 networks such as Ethereum and Solana still exist as independent ecosystems, unable to interact directly but have to depend on intermediary solutions.

Moreover, the security issue on these bridges has become a "fat bait" for hackers, when serious vulnerabilities can be exploited to appropriate huge amounts of money. A typical example is the Orbit bridge hack at the end of 2023, which caused a loss of 82 million USD, or recently the LI.FI bridge was attacked with an estimated loss of up to 10 million USD.

In particular, the attack on the Axie bridge with a record loss of 622 million USD has been marked in crypto history as one of the largest hacks ever.

This fragmentation also creates major barriers for users, forcing them to manage multiple wallets and having difficulty switching between networks. This not only reduces performance, but also increases costs and prolongs transaction times, hindering the development and widespread application of blockchain in the future.

Therefore, if AggLayer is successfully deployed and improves interoperability between blockchains, it will open up countless opportunities for projects and developers, while promoting the development potential of Web3 in the future.

Mr. Boiron emphasized:

"With AggLayer, Polygon hopes to promote development in the blockchain space, helping users to easily, securely and efficiently operate between layer-1 and layer-2 networks, while eliminating security risks and costs in the process of chain interaction."

Also on September 4, Polygon began converting MATIC tokens to POL. This event marked a new development in the journey to form Polygon 2.0 and is considered the lifeblood for an ecosystem of layer-2s using zero-knowledge proof technology through the restaking mechanism.