Syscoin Signs Major Deal to Boost Web3 Development in Asia
Eindhoven, Netherlands, December 21, 2022
Syscoin, a decentralized and open-source project founded in 2014, has announced a long-term partnership with WEconomy, the largest Web3 incubator in Asia. The move marks a significant expansion milestone for the Syscoin ecosystem and adoption across Asia.
The newly founded WEconomy, currently consists of seventy startup projects and DAOs (Decentralized Autonomous Organizations) from across Asia, including China, Taiwan, and Vietnam. Its mission is to have 100 projects within its incubator and ready to deploy on time with the launch of Syscoin’s Layer 2, named Rollux, in Q1 2023. Rollux is the first EVM-compatible Layer 2 rollup suite currently positioned to go live on mainnet.
“We are pleased to welcome WEconomy into the fold and look forward to making our markon Asia, We are on the verge of releasing Rollux, the first EVM-compatible Layer 2 complete with rollups and our proprietary Proof-of-Data Availability solution, set to be the first of its kind to launch on mainnet next year. This represents a major breakthrough in scalability that will usher in mass adoption as we realize the true Web3 experience unhindered by scaling ceilings in fee,” noted Jagdeep Sidhu, Lead Core Developer & President of the Syscoin Foundation.”
WEconomy has already been utilizing Syscoin’s NEVM [Layer 1] network and their Rollux testnet [Layer 2] to prepare its projects to be ready to go live once Rollux launches. It operates a self-sufficient DAO and continuously assesses the progress of its members for accountability.
“WEconomy is a large collection of teams, most of whom are Web2 and eager to migrate to Web3. We recognize the technology of Syscoin is best prepared to help us make this transition thanks to their Ethereum-compatible Layer 2, which will launch before anyone else’s. We thank the Syscoin team for all of their help and look forward to continuing to work together,” said Kering, Head of WEconomy.
Asia is a hotbed of Web3 innovation and home to the largest number of developers within the space. WEconomy establishes a strategic foothold in this important market. According to market research and strategy consulting company Emergen Research, the Asia Pacific market is expected to experience the fastest revenue growth through 2030.
Syscoin is a decentralized and open-source project founded in 2014 whose NEVM blockchain combines the best of Bitcoin and Ethereum in a single coordinated modular platform. Syscoin is ushering in the next step in the evolution of blockchain technology, providing Bitcoin’s proven security and Ethereum’s Turing-complete programmability elevated to true scalability via Optimistic, ZK-Rollups, Cross-chain ZK-Rollups and other Layer 2 technologies.
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WEconomy is a Syscoin Web3 incubator for Asia. They are investor-backed and utilizing a DAO model to fund the projects accepted into their ecosystem. Developed for Syscoin’s Layer 2 Rollux, they currently host seventy projects and are aiming to reach 100 by the time of Rollux reaching mainnet in Q1 2023.
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