Sygma to Integrate With Palm Network
We’re excited to announce a collaboration between Sygma and the Palm Foundation designed to enhance the developer experience in the Palm Ecosystem.
As Sygma adds functionality, explores the path to trustlessness, and expands the number of networks we support, our list of integrations grows in kind. The latest of these is Palm, an Ethereum-compatible sidechain built to serve as the ideal foundation for NFTs.
Like Sygma, Palm is in a constant state of change. The Palm Foundation recently unveiled a plan to enhance the network’s capabilities, choosing Polygon’s cutting-edge technology to upgrade the Palm Network into a zkL2—marking a significant step towards transforming it into the go-to chain for creators, sports, and entertainment.
Working with Palm
First, a little history. The original Palm sidechain used the Palm Bridge to transfer assets such as ERC-20, ERC-721, or ERC-1155 tokens back and forth between the Palm Network and Ethereum.
This bridge is based on ChainBridge, one of the first multi-directional blockchain bridges. Although ChainBridge is as robust as ever, support for it has been reduced in the last year, so it’s natural that Palm would seek a more future-proof solution.
Enter Sygma
An interoperability layer for cross-chain communication, Sygma is a community-driven project that grew out of ChainBridge’s open-source code. Sygma is more modular than ChainBridge, allowing easy configuration and greater compatibility with other networks.
As Palm prepares to move the network into a ZK Supernet in 2024, Sygma will be integrated to provide cross-chain functionality.
With this integration, developers building on Palm will be able to tap secure message-passing capabilities to compose applications or collections that work across EVM chains, rollups, Substrate, and soon Cosmos.
There are many other potential benefits/implications for this - here are a few highlights:
- PALM token onramp - Sygma can enable the easy integration of ERC-20 tokens in order to support transfers, e.g., between Ethereum Mainnet and Palm Network. Palm Network creators can easily add their own new tokens permissionlessly and have sovereign liquidity control over their assets.
- Cross-chain NFTs - Sygma can enable Palm and its partners to create xchain NFTs that live natively across supported EVM- and Substrate-Based chains and can seamlessly be transferred across both.
- Easy building - the Sygma SDK enables the Palm Studio to add interoperability features to applications and projects with our typescript-based SDK in a matter of hours. The SDK bridges the gap between intra and inter-ecosystem communication and enables sending tokens/messages to other Supernets.
- Stablecoin transfers & Sygma widget - Sygma will support USDC transfers across major EVM chains and Substrate in Q4 2023, and we will also soon unveil the “Sygma Widget,” which enables users to easily transfer and swap assets via a convenient white-label UI.
Going further
While Sygma will seamlessly address Palm's interoperability needs, significantly reducing maintenance costs, the potential for this partnership doesn’t end there. There are numerous opportunities for the Palm Ecosystem to engage with the Sygma community in terms of protocol governance and network decentralization.
Lastly, we're excited to work together on community initiatives, including an upcoming Twitter Spaces discussing cross-chain NFTs. We look forward to a future of growth, innovation, and shared success🤝🏻
About Palm
Palm Network is a groundbreaking platform for IP creators, sports, and entertainment, bridging the gap between Web2 and Web3. It offers unprecedented opportunities for creators to connect with their audience and harness the potential of blockchain technology.
Palm aims to become a Zkevm L2, and with that goal in mind, a roadmap was outlined. The first stage of this roadmap was the migration from POA to POS using Polygon Edge on the way to reaching Zkevm in 2024 with Polygon CDK.
For more info, check the docs.
Website Network | Website Foundation | Twitter
About Sygma
Sygma is a cross-chain interoperability layer connecting you with the chains you want and making it possible to compose applications across EVM, Substrate, and beyond.
The strength of our project lies in our builder community. We're always looking for contributors, and Sygma’s modular architecture is designed to foster contributions and extensions. Check out our documentation or GitHub to get started.
