Polygon, a popular scaling solution for the Ethereum blockchain, recently announced an upgrade to their zkEVM (Zero-Knowledge Ethereum Virtual Machine) protocol. This upgrade aims to provide faster and more affordable transaction processing for users, while also enhancing the overall security of the Polygon network. In this article, we will discuss further the Polygon zkEVM upgrade and its implications for the Ethereum ecosystem.
- Polygon zkEVM is a decentralized Layer 2 Ethereum scalability solution that uses zero-knowledge proofs technology to ensure the validity and fast settlement of off-chain transaction computations.
- zkEVM makes it easier for developers to build high-throughput and low-latency decentralized applications (dApps), while maintaining high security for users transacting on the Polygon network.
- One week after the upgrade, Polygon recorded an increase in developer activity from 147 contracts at the launch of zkEVM on March 27th, 2023 to 652 contracts by April 4th, 2023. Meanwhile, gas fees decreased significantly, from 0.001633 ETH at launch to 0.00011 ETH on April 4th, 2023.
Brief information about Polygon
Slow transaction processing on the Ethereum network with high gas fees is one of the issues hindering its scalability. Various new technologies have been developed to address this issue, one of which is Polygon.
Developed since 2017, Polygon was created to provide solutions to several Ethereum blockchain issues such as high gas fees and slow transaction processing due to network congestion.
As a Layer 2 blockchain for Ethereum, Polygon handles user transactions on a separate blockchain that is compatible with Ethereum. Polygon then returns transactions to the main Ethereum blockchain after processing is complete. This system reduces the network burden on Ethereum. Therefore, Polygon can speed up transactions and lower transaction costs to less than one cent.
Upgrade Polygon zkEVM
So, what is zkEVM?
Polygon zkEVM is a zk-rollup solution with Ethereum Virtual Machine (EVM) compatibility, aimed at improving scalability. According to the project summary hosted on Github, zkEVM is a decentralized Ethereum Layer 2 scalability solution utilizing cryptographic zero-knowledge technology to provide validation and fast finality of off-chain transaction computations.
The zkEVM testnet was launched at a time when many L2 projects are being developed to increase Ethereum’s scale, with a large number of them leveraging ZK technology. L2 projects such as Loopring, Zksync, Arbitrum, Boba, Aztec, Immutable X, and Optimism also aim to provide better scalability, faster transactions, and reduced fees. In addition to ZK technology, some L2 projects use optimistic rollups, while others use validium.
The difference between zkEVM and other L2s is the EVM compatibility equivalence of this project. By incorporating the functionality of zk rollups into Ethereum’s main programming environment, the Ethereum Virtual Machine (EVM), this means developers don’t need to learn new programming languages or tools, and can continue to work within the familiar EVM ecosystem, with programming languages that are no longer unfamiliar.
If you are interested in learning more about Zero Knowledge, also read the article “What is Zero-Knowledge and How Does It Work?” by Pintu Academy.
What are the Benefits of Using zkEVM for Polygon?
zkEVM is a new protocol developed by Polygon that uses Zero Knowledge technology to improve the performance and security of the Ethereum Virtual Machine (EVM). zkEVM is a Layer 2 solution designed to run on the Polygon PoS blockchain, and is expected to significantly increase the network’s throughput.
The upgrade to zkEVM is expected to provide several benefits to the Polygon network, including:
- Faster and Cheaper Transactions: The zkEVM upgrade is expected to significantly increase the transaction throughput of the Polygon network while reducing transaction costs.
- Improved Security: The zkEVM upgrade is also expected to improve the overall security of the Polygon network by reducing the risk of attacks such as double-spending and other types of fraud. This is achieved by leveraging zero-knowledge proofs, which provide a higher level of security and privacy for transactions on the network.
- Better User Experience: The zkEVM upgrade is also expected to provide a better user experience for users of the Polygon network by reducing the time and cost required to complete transactions on the network. This is expected to attract more users to the network, which can increase the adoption and usage of the Polygon network.
Latest Development of Polygon zkEVM Mainnet Beta
So, how has the adoption and ecosystem of Polygon progressed after the zkEVM upgrade? Here is the data collected by the Polygon Labs team.
- Developer activity has significantly increased from 147 contracts on the launch of zkEVM on March 27, 2023, to 652 contracts as of April 4, 2023, or one week later.
- Meanwhile, gas fees have significantly decreased from 0.001633 ETH at launch to 0.00011 ETH on April 4, 2023.
There has been a significant increase in total wallet addresses, with a rise of 193.125%, or 100k new wallet addresses. In addition, bridged ETH has increased by 62% to 7800, and deployed contracts have risen by 18.92% to 930. These figures demonstrate a network that is being utilized and is showing growth. Additionally, the total fees paid in ETH have increased to 60.71, which is equivalent to approximately $125k USD. These figures are indicative of a network that is not only expanding, but also being used by a growing number of people and entities.
Implications for the Ethereum Ecosystem
The Polygon zkEVM upgrade is expected to have several implications for the Ethereum ecosystem, including:
- Improved Scalability: The zkEVM upgrade is expected to significantly improve the scalability of the Ethereum network, by providing a Layer 2 scaling solution that is more efficient and cost-effective than existing solutions.
- Increased Adoption: The zkEVM upgrade is expected to attract more users and developers to the Polygon network, which could lead to increased adoption and usage of the Ethereum ecosystem as a whole.
- Reduced Gas Fees: The zkEVM upgrade is also expected to reduce the cost of transactions on the Ethereum network, by offloading some of the transaction processing to the Polygon network. This could help to address the issue of high gas fees on the Ethereum network, which has been a major concern for users and developers.
Overall, the Polygon zkEVM upgrade is a significant development in the evolution of Layer 2 scaling solutions for Ethereum. By utilizing zero-knowledge proofs, Polygon is able to provide a more efficient and secure platform for users and developers, while also addressing the issue of high gas fees on the Ethereum network. As the Ethereum ecosystem continues to grow and evolve, solutions like Polygon zkEVM are likely to play an increasingly important role in the future of decentralized finance (DeFi) and blockchain technology as a whole.
How to Buy Crypto Asset MATIC on Pintu
Now that you know what Polygon ZK-EVM is, you can start investing in the MATIC crypto asset by purchasing it on the Pintu app. Here’s how to buy MATIC on the Pintu app:
- Create a Pintu account and follow the identity verification process to start trading.
- On the homepage, click the deposit button and top up your Pintu balance using your preferred payment method.
- Go to the market page and search for MATIC.
- Click buy and enter the amount you want to buy.
- Congratulations, you now own the MATIC crypto asset!
In addition to MATIC, you can also invest in other crypto assets such as BTC, BNB, ETH, and more without worrying about scams through Pintu. Moreover, all crypto assets on Pintu have undergone strict evaluation processes and prioritize cautionary principles.
The Pintu app is compatible with various popular digital wallets like Metamask to facilitate your transactions. Download the Pintu cryptocurrency app on Play Store and App Store and your security is guaranteed as Pintu is regulated and supervised by Bappebti and Kominfo.
In addition to conducting transactions, you can also learn more about crypto on the Pintu app through various Pintu Academy articles updated every week! All Pintu Academy articles are created for educational and knowledge purposes, not as financial advice.
- Polygon Labs, Polygon zkEVM Mainnet Beta is Live, Polygon Technology, accessed on April 7, 2023
- Polygon, Polygon zkEVM Documentation, Polygon zkEVM, accessed on April 7, 2023
- Ben Munster, What Is zkEVM? An Innovation That Could Boost Ethereum Transaction Speeds, Decrypt, accessed on April 7, 2023
- Margaux Nijkerk, Polygon zkEVM Mainnet Beta Goes Live; Ethereum’s Buterin Sends First Transaction, Coindesk, accessed on April 7, 2023
- Polygon Labs, Tracking the Journey: What’s Really Happening on Polygon zkEVM Mainnet Beta?, Polygon, accessed on April 14, 2023
- Owen Fernau, zkSync Era Crosses $200M In TVL While Polygon zkEVM Trails, The Defiant, accessed on April 14, 2023