Palm Network, a blockchain focusing on non-fungible tokens (NFTs), is set to become much more accessible to users, planning to transform into a customized Polygon blockchain. According to an announcement made on July 26, Palm Network will soon evolve into a PolygonZK Supernet. This transition will facilitate easier minting, trading, and collecting of NFTs for its users. Additionally, Palm Network will become interoperable with Ethereum and the rest of the Polygon 2.0 ecosystem.
The term 'Polygon Supernets' describes customizable blockchains that are created using Polygon consensus software. 'ZK Supernet' specifically refers to a network that employs zero-knowledge proofs to manage deposits and withdrawals from Ethereum.
The transformation of Palm Network into a Polygon Supernet will be implemented in two phases. On August 23, it will convert into a proof-of-stake (PoS) consensus mechanism network. Then, in 2024, it will transition into a ZK-based layer-2.
Palm Network has collaborations with NFT marketplace Candy Digital, which features licensed NFTs from major brands like NASCAR, Major League Baseball, Netflix, Warner Brothers, and WWE. Digital art distributor HENI is also built on this network. Currently, Palm is an Ethereum sidechain, relying solely on its nodes for security.
Once the transition is completed, transfers between Palm Network and Ethereum will be conducted using Polygon’s zero-knowledge proof protocols. This change enhances security by making it partially dependent on the Ethereum blockchain. Polygon co-founder, Jordi Baylina, lauded Palm’s move, stating that it will increase user accessibility without compromising security.
The Polygon team has been laboring over the past few months to create an ecosystem of multiple ZK supernets linked through its software, a system referred to as “Polygon 2.0.” This venture faces competition from Optimism’s “Superchain,” a similar multichain vision based on the OP Stack software. ZkSync has also revealed plans to build a multi-network ecosystem composed of “Hyperchains.”
