HomeCryptoCrypto news: Magic Labs announces the integration with Etherlink to explore new...

Crypto news: Magic Labs announces the integration with Etherlink to explore new possible connections with Tezos dapp

The fornitore di soluzioni di portafogli crypto non custodiali Magic labs ha svelato ieri la collaborazione con il network EVM compatibile di tipo layer-2 Etherlink, per espandere lo sviluppo di dapp su Tezos.

The integration between the two parts will allow for the enhancement of dapp development on Tezos, exploring new potential connections, and at the same time offering more scalability and security of traditional networks.

Let’s see in detail what this partnership entails: all the details below.

Magic Labs and the partnership with Etherlink to enhance the development of Tezos dapp in the bull and bear crypto world

Magic Labs, a well-known provider of cryptographic infrastructure responsible for helping to create over 30 million crypto wallet non custodial, has formed an important partnership with Etherlink, a blockchain solution EVM compatibile of the second level that relies on Tezos.

Questa integrazione mira a semplificare l’onboarding di nuovi utenti all’interno dei rispettivi ecosistemi combinando la scalabilità e la sicurezza di Etherlink con l’SDK a portafoglio di facile utilizzo di Magic ed esplorando nuovi casi d’uso per il mondo di dapp basate su Tezos.

It is a very important news because from now on Magic users will be able to take advantage of a suite of next-generation applications compatible with the EVM standard of Ethereum, benefiting from block times of less than a second and transaction costs starting from 0.01 dollars, as well as an impenetrable resistance to censorship.

Furthermore, the security inherent in level 1 of the Tezos blockchain introduced thanks to Etherlink, represents a fundamental factor to ensure the security of on-chain operations.

As indeed reiterated in a press release by Sean Li, co-founder and CEO of Magic:

“Etherlink checks all the boxes for a strong L2 blockchain. Fast block times, cheap transactions, MEV protection, and on-chain governance. We are absolutely thrilled to collaborate and onboard the next billion users to web3 with the help of Etherlink.”.

From now on, thanks to this partnership, crypto developers will be able to use the SDK of Magic’s wallet to create dApps that are both scalable and intuitive.

All this opens up new horizons made of innovation and full of new features such as gasless transactions and improved user experiences, which could drive the development of the entire web3 sector and lead the next phase of growth in the cryptographic industry.

In relation to the new possible expansion scenarios for the Tezos blockchain introduced with this integration, Siddharth Singhal, head of the financial hub Trillitech, stated the following:

“We are excited to continue the momentum with Magic to bring the power of Etherlink to developers. By integrating with Magic’s developer-optimized wallet SDK, we are unlocking the full potential of web3, enabling developers to quickly create scalable dApps accessible to mainstream users.”

A look at the Tezos DeFi ecosystem

The blockchain of tezos plays a marginal role within the DeFi landscape, with a crypto ecosystem less developed compared to the leading infrastructures of the sector.

With a TVL of 61.8 million dollars, the Tezos network ranks 54th in the ranking of the richest chains in the sector according to DeFilLama, behind Manta, Kujira, and DefiChain and ahead of Telos, Filecoin, and Klaytn.

Introduced in the world of decentralized finance at the end of 2020, it quickly faded after a brief moment of splendor in the midst of the bull market of 2021.

After reaching a total locked value of 200 million dollars in October 2021, it has seen a long period of weakness that seems to have not yet been overcome, despite the recovery of the entire DeFi sector in recent months.

Since January 2024, in fact, while the overall TVL of the decentralized industry has doubled from 50 to 100 million dollars, that of Tezos has remained almost stable, highlighting a lack of interest from investors for this type of network.

tezos crypto dapp etherlink

The most used dapps within the Tezos ecosystem are Yuoves, a synthetic asset protocol, and Sirius, a decentralized exchange. Together, the two projects encompass about 85% of the total TVL of the chain, with 32.17 million and 21.92 million dollars respectively.

Following the dapps with sufficient liquidity to ensure smooth usage by users are the yield protocol KordFi, the CO platform Kolibri, and the dex QuipuSwap, Ctez, and Plenty.

Unfortunately, on Tezos there are no leading projects like Uniswap, Sushiswap, Aave, Compound etc, which years after their debut in the crypto world still drive the growth of individual blockchains thanks to their safe and innovative products.

The low attractiveness of this chain for investors is also evidenced by the numbers (data from Tzstats) of active wallets, down by 7.5% compared to a year ago, as well as the number of tx per wallet, which has also decreased by 13.3% compared to a year ago.

Anche le nuove attivazioni di portafogli e il volume trasferito su Tezos sono in calo, segnando rispettivamente un -6,1% e un -9,7% su base annua.

Alessandro Adami
Alessandro Adami
Graduated in "Information, Media and Advertising", for over 4 years interested in the cryptocurrency and blockchain space. Co-Founder of Tokenparty, community active in spreading crypto-enthusiasm. Co-founder of Legal Hackers Civitanova marche. Information technology consultant. Ethereum Fan Boy and supporter of Chainlink oracles, strongly believes that smart contracts will be central in the development of society.