Polygon’s AggLayer Introduces bridgeAndCall() for Seamless Cross-Chain Transactions

• Polygon Labs is launching bridgeAndCall() to streamline cross-chain transactions.
• Built on AggLayer’s unified bridge and secured by zero-knowledge proofs, bridgeAndCall() offers advanced functionality for developers.

Polygon Labs has announced the upcoming release of bridgeAndCall(), a new feature designed to enhance user experience in the AggLayer network. This feature will help in making cross-chain transactions seamless by enabling developers to design applications that are interoperable between different chains. 

bridgeAndCall() fixes UX: No need to sign multiple times or wait between transactions.

simplicity, simply.

dive deeper: https://t.co/sZvyVfdJwa

— Polygon | Aggregated (@0xPolygon) August 6, 2024

bridgeAndCall() Combines Asset Bridging 

bridgeAndCall() integrates two critical functions: asset bridging and contract calling. Traditionally, cross-chain operations are performed by means of several transactions and numerous interactions. bridgeAndCall() integrates these processes into a single transaction to facilitate interoperability between different chains. This integrated approach not only shortens the number of actions required to conduct a transaction but also the expenses and time required for the process. 

This feature will benefit developers significantly. With bridgeAndCall(), they can develop applications that perform various operations, including transferring assets, exchanging them for other tokens, and creating NFTs across different chains at the touch of a button.

This functionality minimizes user experience concerns by eliminating the need for multiple confirmations and transaction waiting periods.

According to the announcement, bridgeAndCall() ‘s key benefit is that it may enhance the user experience in general.

By simplifying interactions with multiple chains, this feature enables users to interact with applications without the need to understand the chain mechanics. Integrating bridgeAndCall() guarantees that the user interface is simple and easy to use, even for multi-chain transactions. 

MATIC Token Plummets to Two-Year Low 

Polygon’s native token, MATIC, has plunged to levels not seen since June 2022. Over the past 24 hours, the token traded as low as $0.3342 before recovering slightly to around $0.39.

As of this writing, Polygon is currently trading at $0.39, registering a 3.55% decline in the last 24 hours. This steep decline follows a period of consolidation in Q2 2024 and a brief rally in July 2024. Both the market cap and the trading volume have been on a decline, registering a 3.37% and 37% decline, respectively.

Recent data from CryptoQuant reveals increased network activity on the Polygon blockchain, supporting the case for a bullish turnaround. Over the past week, transfer volume surged by 8.15% to 72 million MATIC. Additionally, the number of active addresses rose by 24.04% to 2,696, reflecting heightened user engagement. Transaction volumes also significantly increased, jumping by 63.21% to 3,401.

This uptick in on-chain metrics aligns with the potential for a price recovery. Increased network activity typically signals growing confidence and participation within the ecosystem, which could contribute to a bullish market shift for Polygon.

The current situation raises questions about MATIC’s future. Historical data indicates that when MATIC was previously at similar levels, it experienced a significant uptrend. In the past, such a price range led to a surge of over 230%, pushing the token’s price above $1 within six months. However, the current market conditions are notably different, with multiple global economic factors influencing investor sentiment.