Polygon’s AggLayer has officially adopted Agora’s AUSD as its native currency. This move enhances crosschain liquidity and removes the need for token bridges.
Agora, a stablecoin company, has introduced its AUSD stablecoin to serve as the native currency for AggLayer. This allows for smooth multichain transactions using a stable, fiat-backed asset.
The partnership aims to simplify and unify liquidity for developers and users in the AggLayer community. By eliminating token bridges, it makes everything easier.
Agora was co-founded by Nick van Eck, Drake Evans, and Joe McGrady. Their AUSD stablecoin is backed by reputable custodians like State Street and VanEck.
This development is crucial for AggLayer users. The network enables different chains to connect and interact, making Web3 more accessible and efficient for everyone.
With AUSD as the native stablecoin, developers and users can expect lower transaction costs and smoother interactions across chains. Connected chains can access AUSD without any extra fees or bridging processes, saving both time and money.
In a recent chat with Cointelegraph, an Agora spokesperson mentioned that AUSD will allow participating businesses on AggLayer to earn income directly from its use. This means chains can benefit from stablecoin income instead of relying on a centralized issuer.
By making AUSD native to AggLayer, there are no new costs or development efforts needed for chains that want a high-quality stablecoin.
For developers creating applications on AggLayer, AUSD offers a reliable store of value and a stable payment method. Nick van Eck shared that this integration aims to build a more equitable economic network where income is shared among network participants.
This way, AggLayer users can look forward to benefits from network participation. The use of AUSD rewards the Web3 community instead of a centralized issuer.
Polygon Labs, the team behind AggLayer and the broader Polygon ecosystem, has partnered with Fabric Cryptography. This collaboration will introduce zero-knowledge proofs to AggLayer, enhancing security and reducing costs.
Mihailo Bjelic, co-founder of Polygon, highlighted the significance of this development. He stated that what used to take three to five years can now be achieved in just six to twelve months.