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Polygon launches zkEVM, founder: MATIC is the staking token, GAS defaults to ETH

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Polygon launches zkEVM, founder: MATIC is the staking token, GAS defaults to ETH

Polygon announced on the evening of 7/20 that it will be building a Layer 2 scaling solution called zkEVM on Ethereum. As the name suggests, this encompasses ZK rollup scaling technology and is compatible with the Ethereum Virtual Machine (EVM). The code is now open source and a public testnet will be launched soon. Source Github

ZK rollup

ZK rollup aims to reduce Ethereum transaction fees and effectively increase transaction throughput. Ethereum founder Vitalik Buterin explained in a blog post last year:

Rollups move computation and state storage off-chain, using complex designs to improve efficiency by replacing data with computation as much as possible. The result is that the scalability of a system is still limited by the underlying chain's data bandwidth, but the ratio is very favorable: the cost of ERC20 token transactions is about 45,000 gas, while token transfers on Rollup only require 16 bytes of on-chain space, costing less than 300 gas.

Polygon zkEVM = Scaling Holy Grail?

Polygon co-founder Mihailo Bjelic described this as the second most significant event after the Ethereum merge. Bankless founder Ryan Sean Adams stated that the ZK rollup season has officially begun.

Although Polygon claims to be the first zkEVM, another layer-two scaling solution, Scroll, announced the launch of zkEVM testnet the previous day. ZkSync also announced the release of ZkSync 2.0, namely zkEVM, claiming that the mainnet will go live in a hundred days.

It is worth noting that Polygon co-founder Sandeep Nailwal stated that too many people have been asking about token issues, and MATIC will be the sole staking coin for all Polygon networks, with GAS fees for zkEVM defaulting to ETH.

MATIC has surged by nearly 90% since mid-July, and influenced by the market, it has experienced a roughly 14% decrease in the past 24 hours.