Palm Foundation has recently revealed its plans to enhance Palm Network using Polygon’s advanced technology. By making this upgrade and transforming into a ZK Supernet, the Palm Network will gain seamless interoperability with Ethereum and the wider Polygon 2.0 ecosystem.
The transition will be in two phases. The first step scheduled for 1 August 2023 involves migrating to a Proof-of-Stake chain while the second step slated for 2024 will transition the network into a ZK Supernet.
Following the transition, Palm Network aims to make NFT-related activities such as minting and trading more accessible than ever leveraging Polygon’s high speed, robust security and scalability.
Palm Foundation director Andrea Lerdo shared his view on the team’s vision.
“We want to scale the network to be the go-to destination for any creator that wants to delve into Web3. We want to give fans a new outlet to interact with their favorite brands, themes, sports, or players,” he said.
On the team’s decision to transition to Polygon despite being launched on ConsenSys, Lerdo said: “As we’re trying to scale the network, Joe Lubin (CEO of ConsenSys) basically reached out to Sandeep to say, we need to bring the network into the next phase …. We are all living in a break market. It’s time to start collaborating at the same time as we compete. And Palm is the perfect playground to do that.”
The recent development is another remarkable achievement for the Palm Network who is already renowned for supporting NFT collections from well-known sports franchises like Major League Baseball and WWE, alongside entertainment giants such as Netflix and Warner Brothers.
Interoperability of siloed assets
Assets and tokens in the NFT space are often confined to specific networks or blockchains, creating separate “silos” of assets that can’t interact with one another.
With the integration of the Palm Network and Polygon, these siloed assets can now be easily exchanged, transferred, and accessed across both ecosystems. This seamless interoperability will lead to a more efficient and connected NFT market, where creators, sports enthusiasts and entertainment industry participants can tap into a broader audience and benefit from the combined liquidity and opportunities offered by diverse networks.
Speaking on the development, Jordi Baylina, co-founder of Polygon said: “By leveraging Polygon Supernets technology, developers of Palm Network can preserve the user experience amid even the highest network activity while minimizing the gas costs for its community – resulting in a significantly more accessible and democratic ecosystem.”
Polygon is also proactive in its own developmental efforts as it recently announced plans to revamp its governance mechanism.
