Key Points:
Palm Network partners with Polygon and Supernets to launch a proof-of-stake sidechain, tackling scalability and catering to creators and gamers.
The two-phase plan includes a proof-of-stake sidechain in August and migration to Layer 2 with zero-knowledge rollups in the future.
Collaboration empowers Palm Network’s NFT support, benefiting major sports franchises and entertainment companies, and prepares for Ethereum and Polygon 2.0 integration.
In a bid to enhance scalability and better cater to its user base in the creators and gaming niches, Palm Network has revealed its plan to introduce a proof-of-stake sidechain within the Polygon ecosystem.
The network’s strategic move comes with the intention to address scalability issues while maintaining its existing Layer 1 blockchain. The new sidechain, known as the Supernets chain, is slated for launch next week.
PALM on the journey to become ZKL2 with polygon Technology!Don't miss a talk with @lerdiedabirdie from ED @palmfdn and @sandeepnailwal , the Co-founder @0xPolygonSet your reminder now! https://t.co/pRDSFbtNaC pic.twitter.com/GWEDq4A9CH
— Palmfdn (@palmfdn) July 27, 2023
The expansion to Polygon will be carried out in two phases, according to Palm Foundation. In the initial stage, the network aims to implement a proof-of-stake sidechain by August 1. Following this, the subsequent phase will witness a migration to a Layer 2 chain based on Supernets, which will incorporate zero-knowledge rollups. This migration is scheduled for the following year and is being done in collaboration with Polygon Labs.
Palm Foundation’s decision to collaborate with Polygon Labs and Web3 tooling company Consensys is driven by its goal to scale its support for minting and trading tokens on the native Palm Network. By leveraging Polygon’s Zero Knowledge Supernet, Palm Network hopes to expand its native network infrastructure across its existing 1.7 million wallet addresses.
The Palm Network has already gained significant traction, supporting NFT collections from renowned sports franchises like Major League Baseball, NASCAR, WWE, as well as entertainment giants Netflix and Warner Brothers, which are sold through the NFT platform Candy Digital.
With the integration of a Proof-of-Stake (POS) blockchain beginning on August 1, the network aims to handle more transactions efficiently while keeping gas fees low and transaction speeds high. This transition will pave the way for the complete migration to a ZK Supernet by 2024.
Andrea Lerdo, the Executive Director of the Palm Foundation, emphasized the importance of scaling the network to support the increasing sales volume on the Palm Network. The shift to layer 2 will allow the processing of more transactions at higher speeds, all while ensuring the security provided by the layer 1 blockchain. Lerdo sees this as a pivotal step in onboarding the next billion users into the Web3 space.
Additionally, the integration with Ethereum and Polygon 2.0 will enable the Palm Network to explore other ecosystems beyond NFTs, fostering broader interoperability and expansion opportunities. Jordi Baylina, co-founder of Polygon, expressed that the high speed, low cost, and customizable nature of the Polygon Supernets technology make it an ideal fit for Palm Foundation’s plans to expand access to NFTs, promoting a more accessible and democratic ecosystem.
The Supernets platform, previously known as Polygon Edge, enables teams to create their blockchain networks using a software development kit. Palm Network joins the ranks of other notable projects like Immutable, Aavegotchi, and IDEX, which are leveraging Supernets for their blockchains in the Polygon ecosystem.
As the Palm Network embraces the transition to a zkEVM multiprover, the foundation foresees improved interoperability with Ethereum and the broader Polygon 2.0 ecosystem, which is envisioned as a collection of multiple Layer 2 chains.
Creators, brands, and developers are urged to embrace a new era of boundless possibilities with the Palm Network’s metamorphosis into a Polygon Supernet. This advancement provides artists with user-friendly tools to help them succeed in the Web3 environment.
The Palm Network is now readily compatible with Ethereum and the rest of the Polygon 2.0 ecosystem thanks to the integration with Polygon. The problem of siloed assets in the NFT industry will be removed by using the enormous liquidity of both platforms.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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