Polygon announced the launch of zkEVM, an Ethereum-compatible scaling solution that utilizes the zero-knowledge proofs cryptographic method.
The launch is being hailed as a significant step toward Ethereum scaling and Zero Knowledge innovation.zkEVM is aimed at improving scalability without compromising on decentralization and security. The launch will considerably improve the throughput and cut down on the fees.
zkEVm is fully equivalent to EVM and allows any Ethereum development tools to run on Polygon zkEVM. Initially Polygon teased zkEVM, stating that the new model is focused on allowing any dev tools, wallets, and smart contracts to run without altering or modifying the code.
ZK-Rollups will allow for processing multiple transactions at a minimal cost. With Polygon zkEVM, users will be able to enjoy reduced fees and greater speed.
“Everybody thought [a zkEVM] was at least 12 to 18 months away,” But here we are, and we are open sourcing the code and making the test net live,” Polygon co-founder Sandeep Nailwal.
zkEVM is expected to be launched on the public testnet this summer, and the mainnet launch is staged for launch in early 2023.
The launch hasn’t positively affected Polygon’s (MATIC) price
The zkEVM launch has been in the works for a long time and is considered big news for Polygon. But the news seems to have had no impact on the price of MATIC, as it is trading at $0.913226 at the time of writing.
Even when the whole crypto market was bleeding last week, Polygon was the only project in the top 20 that traded in the green. In fact, MATIC has shown great performance in the last 30 days, with a 139% gain and a 78.7% gain in the last 14 days.
In the last seven days alone, there has been a spike of 68.4%. The community has to wait to see the real impact of the news as it gains attention widely.