Polygon Launches Its zkEVM, Why It’s Bullish For MATIC
March 27 2023 - 10:00AM
NEWSBTC
In July 2022, Polygon Labs, zkSync and Scroll ZKP launched a race
to build the best zero-knowledge Ethereum Virtual Machine (zkEVM).
After $1 billion in funding, two external audits, and an internal
audit of 26 researchers, today is the day – March 27, 2023 – when
the Polygon zkEVM will be launched. Although the Polygon (MATIC)
price does not currently reflect the euphoria, the launch will have
long-term positive effects. The Polygon zkEVM will make Ethereum
more scalable, as well as provide better security and privacy.
Polygon is launching its zkEVM ahead of all its competitors with
today’s launch. Polygon #zkEVM Mainnet Beta is launching today.
Watch it all unfold:https://t.co/hb3EbdfADD
pic.twitter.com/ltZh0eBRCS — Polygon (@0xPolygon) March 27, 2023
Polygon Makes Ethereum More Secure, Faster, More Private In a
Substack article, @Louround_ and @expctchaos explored these
benefits in detail. According to them, the most obvious reason to
get excited about zk rollups is “the tremendous scalability they
offer.” Zk rollups theoretically allow thousands of transactions
per second. Aside from scalability, the zkEVM is most notable for
its security. The main difference with alternative L1 blockchains
is that it does not have its own validation set. Instead, the zkEVM
effectively shares security with the Ethereum base layer thanks to
the mathematical verifiability of the proofs that roll-ups post on
L1. Related Reading: Polygon (MATIC) Down By 7% Amidst Massive
Whale Activity “In summary, it is reasonable to assume that a
zk-rollup implementation like Polygon zkEVM provides superior
security guarantees than most alternative L1 chains that rely on
security provided by smaller validator sets with less value at
stake,” the analysts write. Last but not least, the use of zero
knowledge proofs also reduces the amount of shared transaction
data, making zk-rollups almost privacy-preserving by default.
Simply put, using zero knowledge proofs can prove the validity of a
statement without revealing specific information. High-Profile
Partners Offer Great Potential Yet the partners already announced
that will use Polygon’s zkEVM also paint a bullish picture. They
include Quickswap DEX, Uniswap, Immutable, Aave, 0vix,
LensProtovol, Covalent and OnePlanet NFT. Quickswap DEX has a Total
Value Locked (TVL) of $155 million and is the first dapp ever built
on the Polygon zkEVM testnet. Quickswap boasts some pretty
impressive numbers with more than 40,000 liquidity pairs, about
280,000 liquidity providers and more than 130,000 users. Related
Reading: Polygon (MATIC) At Risk Of Dropping To $1 Despite Mercedes
Benz Deepening Partnership Uniswap and Aave are among the most
popular DeFi protocols on Ethereum and will undoubtedly cause a
stir with their better performance. Uniswap is the leading DEX on
almost all chains, including Polygon, where monthly volumes have
averaged $2.7 billion so far since the beginning of the year. Aave
is the top lending platform on Polygon with TVL of $308 million.
Immutable is the top place to go when it comes to GameFi on
Polygon. The new Immutable zkEVM, has the potential to completely
change the GameFi scene in terms of speed, efficiency and overall
user experience. MATIC Price Falters, How Much Longer? At press
time, the MATIC price stood at $1.07 and showed no momentum on the
occasion of the zkEVM launch. To the south, the 200-day Exponential
Moving Average (EMA) is currently the key support at $1.04, which
must be held to avoid a fall towards $0.96. To the upside, the area
at $1.25 is crucial. Featured image from Moonstats, chart from
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