The Palm Foundation, an infrastructure firm for non-fungible tokens (NFTs), has announced plans to scale its support for minting and trading tokens on its native Palm Network. To do this, the Foundation is partnering with Ethereum sidechain developer Polygon Labs and Web3 tooling company Consensys to build out the Palm Network as a Polygon Zero Knowledge (ZK) Supernet.
The layer 2 just gives us the ability to process more transactions faster and also still use layer 1 security, said Andrea Lerdo, Executive Director of the Palm Foundation. 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.
The ZK Supernet is a customizable layer 2 network that provides easy onboarding for users and developers, and is tailored toward projects that want to scale their Web3 enterprise endeavors. By leveraging the Polygon Supernet, the Palm Foundation hopes to grow its native network infrastructure across its existing 1.7 million wallet addresses.
The Palm Network already supports NFT collections from sports franchises like Major League Baseball, NASCAR and WWE, as well as entertainment companies Netflix and Warner Brothers, sold through NFT platform Candy Digital. It will soon be able to help the companies within its ecosystem create decentralized autonomous organizations (DAOs), or sub-DAOs, to help govern their communities within the greater Palm DAO.
Jordi Baylina, co-founder of Polygon, said in a press release that the Polygon Supernet’s high speed, low cost and customizable nature makes it an ideal network for the Palm Foundation’s expansion of access to NFTs. By leveraging Polygon Supernets technology, developers of Palm Network can preserve the user experience amid even the highest network activity while minimizing the gas costs for its community – resulting in a significantly more accessible and democratic ecosystem, said Baylina.
The Palm Network will begin its integration to a Proof-of-Stake (POS) blockchain on August 1 and will complete its migration to a ZK Supernet in 2024. In addition to its network, the Palm Foundation governs Palm NFT Studio, which recently merged with NFT platform Candy Digital, rebranding under the Candy name.