Polygon, the largest Ethereum scaling solution, is preparing to launch the expected ZkEVM in the next few hours. The main objective of the launch is boost scalability levels and ensure optimal compatibility with the Ethereum virtual machine. Polygon understands the importance and utility of the ZkEVM Mainnet beta release for developers of Web3-based applications.
Polygon #zkEVM Mainnet Beta is launching today.
Watch it all unfold: pic.twitter.com/ltZh0eBRCS
— Polygon (@0xPolygon) March 27, 2023
The crypto community believes that zero-knowledge technology is of paramount importance for both blockchains and cryptography. An advantage of zk technology is the commitment to drastically reduce transaction costs and make them faster and faster at the same time. ZkEVMs can be classified as subsets of zero-knowledge rollups, escalation methods that drive post-2 transactions.
However, these ZK rollups make active use of proofs that share a smaller percentage of the transaction details confirming the transaction. Polygon was designed as a major enhancement to the Ethereum network as a whole, but ZkEVM was specifically designed as a further enhancement to the Polygon network. However, the test time for transactions made with the ZkEVM protocol is less than two minutes for a batch of 10M gas.
WOULD THE PRICE OF POLYGON (MATIC) RESPOND TO THE LAUNCH OF ZKEVM?
Currently, the price of Polygon (MATIC) has not responded exactly to the upcoming ZkEVM Mainnet Beta release. It was believed that today would be a bullish day for MATIC holders, but the situation is quite the opposite, as the native Polygon token is trading in the red.
At the time of writing these lines, Polygon (MATIC) has plunged nearly 2.17% in the past 24 hours, trading at $1.08 with a total market capitalization of $9.8bn. Several analysts believe that Polygon (MATIC) could react to the launch news soon, eventually breaking the barrier for the token to be listed in the green.
WHAT DOES THE ZKEVM LAUNCH MEAN FOR DEVELOPERS?
Today marks an unforgettable milestone when the ZkEVM protocol is supposed to go live. The release can be classified as an innovation that will lay the foundation for the next generation of Layer 2 suite. A lot of effort has been put into the development of ZkEVM, including an investment of more than USD 1 billion.
The protocol came to light in the middle of last year, but the testnet was not seen until October. The scalability solution is intended to offer developers full compatibility with Ethereum, powering Web3 applications on-chain ETH. At the same time, multiple Web3-based projects like Ankr, Etherscan, and many more would harness the power of full compatibility through ZkEVM.