Magic Labs and Polygon Launch Newton, a New Cross-Chain Network That Aims to Make It Easier to Use dApps on Multiple Blockchains

The “onboarding blockchain” startup Magic Labs, in collaboration with Polygon, announced in recent hours the launch of Newton, a new cross-chain network that aims to make it easier to use dApps on multiple blockchains.

Magic Labs, the “onboarding blockchain” startup, announced today in collaboration with Polygon the launch of Newton, a new cross-chain network that aims to make it easier to use decentralized applications (dApps) on multiple blockchains.

The project will allow blockchain developers to create dApps that are “operable” across different networks, without them having to use alternative wallets, thanks to Polygon’s Chain Development Kit.

“Developers can now eliminate these barriers,” said Sean Li, co-founder and CEO of Magic Labs. “Users only have to worry about the cost and speed of transactions, not the chain they are on.”

Build once. Be everywhere.

Welcome to Newton. pic.twitter.com/xY75oISJwO

The initiative seems to aim to play a role in DeFi that is similar to that of entities like SWIFT in traditional finance, but translocated. It would solve a problem of “fragmentation” of liquidity, which is currently divided among multiple networks, making it difficult for less experienced users to conduct operations.

Newton’s wallet will be called Passport, and will offer a single interface for users to make their transactions in different networks (as long as they are EVM networks, i.e. compatible with Ethereum), according to the press release.

Magic Lab has reportedly already raised around $82 million to date, thanks to funding from fintech giants such as PayPal, Placeholder and Lightspeed.

“We are aiming for user experience first, and with Newton we are extending this to solve layer-2 fragmentation,” finally pointed out Jaemin Jin, Magic Labs’ chief product officer.