- DePIN is coming to Ethereum, facilitated by Polygon that will enable the creation of composite DePIN dApps, merging DeFi and DePINs for innovative applications.
- Witness Chain is developing the DePIN Coordination Layer (DCL) that will enable DePIN innovative applications.
Witness Chain has announced plans to develop a DePIN Coordination Layer (DCL). The platform has chosen Polygon to facilitate the integration of the project into the Ethereum ecosystem. Its choice to use Polygon highlights its relevance in the industry and particularly the Ethereum ecosystem.
Witness Chain aims to empower developers to create DePIN dApps, merging DeFi and DePINs for innovative applications.
DePIN, which stands for Decentralized Physical Infrastructure Networks, is a new approach that uses digital tokens to motivate communities to develop physical infrastructure projects like transportation networks for electric vehicles, cell phone signal coverage, and more. According to analysts, DePIN could represent the next step in the evolution of blockchain, moving beyond digital form and into the real world.
Exciting news! 🌞🫶
Witness Chain announces the utilisation of @0xPolygon CDK to facilitate the DePIN Coordination Layer (DCL)DCL serves the following purposes:
• Enables the creation of composite DePIN dApps, merging DeFi and DePINs for innovative applications
• Empowers… pic.twitter.com/p5FmHppSX1— Witness Chain (@witnesschain) May 21, 2024
Sharing details on the purpose of the DCL, the team notes that it will:
• Enables the creation of composite DePIN dApps, merging DeFi and DePINs for innovative applications
• Empowers DePIN nodes with programmability, opening avenues for trading resources such as compute, power, bandwidth and storage in futures markets.
• Introduces dual-staking for DePINs and rollups.
• Facilitates on-chain asset registration for DePIN nodes and consensus for physical state
• Aggregates Rollup Watchtower proofs on AggLayer to bolster optimistic rollups and streamline bridging processes.
Witness Chain aims to empower projects and developers to build such applications on the most secure network, Ethereum. By employing Polygon, Witness Chain can still enjoy Ethereum’s security, which is unmatched in the industry. Polygon further offers interoperability. The team notes that Polygon CDK chains offer seamless interaction and share data via AggLayer, enabling cross-chain utilization of proofs on Witness Chain’s DCL layer. Additionally, Polygon offers gas customization, allowing for initial deployment features in a gasless mode.
In the wake of this development, Polygon’s native token MATIC has recorded a marginal surge of 1% to trade for $0.7365. This has helped the token extend its weekly gains by 7%.
As CNF recently reported, MATIC is building bullish momentum after a prolonged consolidation period. One of the key indicators for this is the recent plunge in MATIC reserves in crypto exchanges. This drop could speak to the overall bullish sentiment of investors, pointing to a breakout in the short term.
