30s Summary

Stablecoin company Agora has launched the AUSD currency for AggLayer, Polygon’s multi-chain transaction platform. AUSD will eliminate the need for token bridges and is intended to lower transaction costs and ease crosschain transactions. Direct access to AUSD on AggLayer will incur no extra fees or bridging processes. It is hoped this will facilitate integration into decentralized applications, yielding a fairer economy. Polygon Labs, AggLayer’s parent company, partnered with Fabric Cryptography to reinforce security and reduce costs. Incorporation of Fabric’s Verifiable Processing Units promises an improved user experience.

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Agora, a company specializing in stablecoin, has launched its AUSD currency as the main coin for Polygon’s AggLayer, which is a platform that enables transactions across multiple chains using a stable, fiat-backed asset. The plan is to get rid of the need for token bridges, making it easier and more unified for developers and users in the AggLayer community.

Agora was founded by Nick van Eck, Drake Evans, and Joe McGrady, all with the backing of custodians like State Street and VanEck. This is a big deal for AggLayer users, as it aims to make Web3—technology designed to allow different chains to communicate—more straightforward and efficient for everyone.

In using AUSD, developers and users will hopefully see lower transaction costs and smoother crosschain transactions. Access to AUSD will be seamless on the AggLayer, with no extra fees or bridging processes, saving time and money.

This is great news especially for businesses within the AggLayer who will now be able to make money directly from using the AUSD stablecoin. Plus, there’ll be no extra costs or development work required.

Another attractive feature is the potential for developers to integrate a reliable and stable payment method like AUSD into their decentralized applications. Agora co-founder, Nick van Eck, sees this as a step towards a more fair economy where income is equally distributed across all network users. As a result, participants in the AggLayer could start getting rewards from using AUSD.

On top of that, Polygon Labs, the company behind AggLayer, partnered with a startup called Fabric Cryptography to add zero-knowledge proofs to the AggLayer. This development is a boost to security, and it’ll also help cut costs. Bringing in Fabric’s Verifiable Processing Units also promises a better user experience.

All these improvements mean that what would’ve taken several years can now potentially happen in less than a year. It’s exciting times for the crypto space!