Palm Network Taps Polygon for Scaling

Palm Network Taps Polygon for Scaling

Palm Foundation is partnering with Polygon Labs and ConsenSys to expand its NFT infrastructure on the Palm Network using Polygon's Zero Knowledge Supernet, according to a report from CoinDesk

The Deets

  • The collaboration aims to grow Palm Network's infrastructure across 1.7 million wallet addresses.
  • Palm Network currently hosts NFT collections from Major League Baseball, NASCAR, WWE, Netflix, and Warner Brothers via Candy Digital.
  • The network plans to facilitate the creation of decentralized autonomous organizations (DAOs) within its ecosystem.
  • The integration to a Proof-of-Stake (POS) blockchain starts on August 1, with a complete migration to a ZK Supernet slated for 2024.

The Bulk

Palm Foundation unveiled plans to expand its native Palm Network. To do so, it is enlisting the help of Polygon Labs with the goal of creating a Polygon Zero Knowledge (ZK) Supernet.

The Polygon ZK Supernet is a customizable layer 2 network designed to simplify onboarding for users and developers. It's an optimal solution for projects aiming to upscale their web3 enterprise activities.

The Palm Network presently supports NFT collections from significant sports franchises like Major League Baseball, NASCAR, and WWE. Additionally, it hosts collections from entertainment powerhouses such as Netflix and Warner Brothers, all sold through the NFT platform Candy Digital after a recent merger. 

📊 By the Numbers

The Palm Network currently boasts 1.7 million wallet addresses. As it incorporates new technologies and collaborations, it stands to significantly expand its reach and influence in the Web3 space.

🎤 Founder Feedback

The layer 2 just gives us the ability to process more transactions faster and also still use layer 1 security. This is a trend that we're seeing everyone scale to, and I think we're preparing to onboard the next billion people into Web3.Andrea Lerdo, Executive Director of the Palm Foundation to CoinDesk

🔜 What's Next?

Palm Network plans to begin its transition to a Proof-of-Stake (POS) blockchain on August 1. It is expected to complete its migration to a ZK Supernet by 2024.

🧠 Learn More

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