Polygon, Ethereum’s largest scaling solution, is set to launch the highly anticipated ZkEVM in the next few hours. The fundamental aim of the launch is to boost the levels of scalability and ensure optimum compatibility with the Ethereum Virtual Machine. Polygon understands the importance and the utility of the ZkEVM Mainnet beta launch for the developers of Web3-based applications.
Polygon #zkEVM Mainnet Beta is launching today.
Watch it all unfold:https://t.co/hb3EbdfADD pic.twitter.com/ltZh0eBRCS
— Polygon (@0xPolygon) March 27, 2023
The crypto community believes that zero-knowledge technology holds supreme importance for both blockchains and cryptography. An advantage of zk technology is the commitment to drastically reducing transaction costs and making them increasingly faster at the same time. ZkEVMs can be classified as subsets of zero-knowledge rollups, scaling methods that boost later-2 transactions.
However, these ZK rollups make active use of proofs that share a minor percentage of the transaction’s details confirming the transaction. Polygon was designed to be a major improvement on the Ethereum network as a whole, but the ZkEVM was specifically designed as a further improvement on the Polygon network. However, the proof time for transactions conducted on the ZkEVM protocol is under the two-minute mark 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 exactly responded to the upcoming launch of the ZkEVM Mainnet Beta. It was believed that today would be a bullish day for MATIC holders, but the situation is the polar opposite as Polygon’s native token is trading in the red.
At the time of writing, Polygon (MATIC) has tumbled by almost 2.17% in the previous 24 hours, trading for $1.08 with a total market cap of $9.8 billion. A number of analysts believe that Polygon (MATIC) might react to the news of the launch soon, and finally break the barrier for the token to trade in the green.
What Does the Launch of ZkEVM Mean for Developers?
Today marks an unforgettable milestone in which the ZkEVM protocol is supposed to go live. The launch can be classified as an innovation that would set the stage for the next generation of the Layer-2 outfit. A lot of effort was injected into the development of ZkEVMs, including an investment of more than $1 billion.
The protocol was first brought under the spotlight in the middle of the previous year, but the testnet was not seen until October. The scalability solution is bound to offer developers complete Ethereum compatibility powering web3 applications on the ETH chain. At the same time, multiple Web3-based projects like Ankr, Etherscan, and many more would harness the power of absolute compatibility through ZkEVM.