Polygon has announced its first fully Ethereum-compatible Layer 2 network, Polygon zkEVM.
Polygon zkEVM will use Zero-Knowledge Rollups to offer lower transaction fees than Ethereum mainnet.
The Layer 2 network will be compatible with all existing Ethereum applications and emulate the Ethereum Virtual Machine at the op-code level.
Share this article
Polygon’s new Layer 2 network is set to launch its testnet later this summer ahead of a full mainnet launch in early 2023.Polygon Reveals EVM-Compatible Layer 2Polygon has announced a new Ethereum-compatible Layer 2 network.Revealed on-stage during the fifth Ethereum Community Conference in Paris Wednesday, Polygon zkEVM is the blockchain company’s first fully Ethereum-compatible Layer 2 network.
Unlike the MATIC blockchain, which functions more like an Ethereum sidechain than a Layer 2 network, Polygon’s new offering will use Zero-Knowledge Rollups to batch transactions and confirm them on Ethereum mainnet, inheriting the security and decentralization of the base chain. As a result, gas fees on Polygon zkEVM will be significantly lower than Ethereum mainnet, and eventually the MATIC blockchain. Polygon zkEVM will be compatible with all existing Ethereum applications and emulate the Ethereum Virtual Machine at the op-code level. Developers will be able to launch their projects using Ethereum’s programming language, Solidity, breaking down a key barrier to entry. Additionally, existing Ethereum tooling, such as the MetaMask wallet and development environments like Hardhat, will also be compatible with Polygon zkEVM. “Many believed that a zkEVM was years away, or not practical or competitive,’” said Polygon Hermez co-founder Jordi Baylina. While Zero-Knowledge-based scaling solutions have been discussed for some time, they were widely expected to take several years to materialize. However, Polygon and other companies building on Layer 2, such as StarkWare and Matter Labs, have made significant strides in the ZK-Rollup space over the past year as the race to scale Ethereum intensifies. Polygon’s new Layer 2 is a continuation of Hermez Network, a ZK-Rollup-based scaling solution the firm acquired for $250 million in August 2021. Following the acquisition, Hermez Network rebranded to Polygon Hermez and continued working on its Layer 2 network under its new stewardship. Now, after rebranding to Polygon zkEVM, the network is gearing up to launch a public testnet later this summer ahead of a full mainnet launch planned for early 2023. Disclosure: At the time of writing this piece, the author owned ETH and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.