Tel Aviv, Israel – In a groundbreaking collaboration, Fuse Network, a leading Layer-1 blockchain player specializing in scaling Web3 payments, has teamed up with Polygon Labs, a globally acclaimed blockchain technology firm. Fuse embarks on an ambitious journey to create an innovative Ethereum-based Zero Knowledge (ZK) Layer-2 (L2) network, utilizing the formidable capabilities of the Polygon Chain Development Kit (CDK).
The ZK-powered Layer-2 network will become Fuse’s new native platform, providing users and developers access to the world's most prominent blockchain ecosystems. Fuse’s native utility token, FUSE, will be the designated token for covering gas fees on this network.
Driven by its scalability enhancements for Ethereum, unparalleled customization capabilities, privacy options, compliance-friendly architecture, and robust support for the Web3 ecosystem, Polygon CDK is the ideal choice for Fuse, poised to become a significant catalyst for businesses embracing blockchain.
Mark Smargon, CEO of Fuse Network, underscores the significance of this initiative, stating,
"At Fuse, we're pioneering the future of Web3 payments by building an ecosystem that prioritizes the needs of our users and partners. Our vision includes very low transaction costs, instant clearing and finality, high throughput, and a decentralized validator set. In our quest to achieve these goals, we've conducted extensive research and found that using Polygon CDK perfectly fits our ecosystem."
Migration Process to Polygon CDK:
• Step 1: Deployment of the ZK rollup on Fuse's existing L1, allowing testing of the new stack with a mock prover to assess costs and performance. • Step 2: Integration of L1 <> L2 communication into Fuse's products, ensuring seamless integration and movement between L1 and L2, along with Fuse tokenomicsintegration into the rollup. This step will also encompass building separate pricing for services on L2 as a bundle and bridging and liquidity integration across the Polygon ecosystem. • Step 3: Migration of the network to ZK Validium with a chosen partner (Zeeve, Gateway, Avail, etc.), migration of the validator set to the new stack, and collaboration with leading stakeholders to test the new network on a testnet. Subsequently, a quick migration option for liquidity and bridges was developed.
Looking ahead, with features like zkEVM to boost network TPS, enhanced user experiences through ZK instant transfers, a decentralized validator set for heightened security, improved bridging capabilities, and valuable partnerships with ecosystem players like Zeave and Gateway.
Privacy is key in today's digital landscape, and it's no different for businesses operating on Fuse. With this migration to Polygon CDK, Fuse is set to enhance its offerings, making it the ultimate Web3 payment solution for businesses.
About Polygon CDK:
Polygon Chain Development Kit (CDK) catalyzes blockchain innovation, empowering developers to create custom Ethereum Layer-2 (L2) solutions. It ensures instant transaction finality, limitless scalability, and unified liquidity pools. Polygon CDK is at the forefront of blockchain adoption, offering Zero-Knowledge (ZK) technology, privacy options such as Zero-Knowledge Proofs (ZKP), and robust support for the Web3 ecosystem.
Most significantly, Polygon CDK empowers businesses to embrace blockchain and crypto payments for Fuse Network. A prime example is Wirex, a global crypto payments leader with 6 million users, which harnesses Polygon CDK for its App Chain (W-Pay).
With this development, Fuse Network aims to revolutionize Web3 payments, offering scalability, customization, privacy, and robust Web3 support. Moreover, this promises to bring low transaction costs, instant finality, high throughput, and decentralized security to blockchain payments.
For media inquiries, please contact ian@fuse.io.
About Fuse Network:
Fuse Network is a leading Layer-1 blockchain platform dedicated to scaling Web3 payments. With a commitment to user-centric solutions, Fuse Network is at the forefront of revolutionizing blockchain-based payments.
About Polygon Labs:
Polygon Labs is a globally renowned blockchain technology company with expertise in empowering blockchain innovation. The company provides cutting-edge solutions to advance the adoption of blockchain technology.
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
