Polygon has taken Ethereum scaling to the next level in what appears to be a massive technological innovation for the crypto industry. The top-tier scaling solution platform announced the introduction of zkEVM – the first ever zero-knowledge Layer-2 solution fully compatible with the Ethereum Virtual Machine (EVM). This comes when MATIC (Polygon’s native token) has seen a surge of 30% in the past ten days.
The zkEVM will make sure scalability is retained while allowing projects to run on Ethereum
The groundbreaking innovation combines the scaling capabilities of zero-knowledge rollups with the security and universality of the EVM. This means that Polygon’s novel zkEVM solution will ensure scalability while allowing projects to run on Ethereum.
The Polygon team revealed that they are releasing a complete implementation of the solution, which would be open source, further stating, “we’re just getting started.”
The zero-knowledge proof in the blockchain is a cryptographic technique that allows one party to prove to another party that a transaction happened on a chain without necessarily revealing additional information.
Zero-knowledge rollups are utilised in modern blockchain tech to help the chain validate transactions faster without attracting more gas fees. They do this by rolling up a large bundle of transactions and validating them at once using one validity proof. The validity proof is then sent to the Layer-1 chain as a surrogate for the transactions. This improves blockchain scalability, reducing the load on the L1 network.
As Polygon’s zkEVM is rolled out, MATIC sees a rally of 30% in 10 days
Nonetheless, ZK Rollups have issues with generating any single validity proof. The process is a highly complex and time-consuming one; this further makes it expensive. Additionally, while ZK Rollups help improves scalability, they are not generally compatible with Ethereum Virtual Machine (EVM).
Polygon’s zkEVM seeks to solve this. The official announcement notes that the Polygon team has “significantly improved proof-generation times” for the ZK Rollups, which would improve speed and reduce gas fees. Furthermore, the EVM compatibility of zkEVM means that any project on Ethereum will work on the zkEVM.
At the same time, the green market has seen MATIC rally by 30% in the past ten days to reach a value of $0.9 as of press time, making it one of the most significant gaining assets in the crypto space in 7 days.
MATIC’s Exchange Reserve metric also shows a lower selling pressure, indicating a bullish trend. Market sentiments are also looking good for the asset, and with this exciting rollout from the team, we expect that to get even better.