- Polygon co-founder Sandeep Nailwal confirmed the launch date of Polygon’s zkEVM.
- Polygon’s zkEVM is set to be the first zkEVM to launch on Etherum mainnet.
- zkEVMs are considered to be the holy grail of Ethereum scaling.
The crypto industry has had a very tough start to the year. With multiple crises like the closures of crypto-friendly banks, many have lost hope to see better days.
However, despite all of the recent turbulence, crypto companies continue to work towards their goals. One of those companies is Polygon, which has just confirmed the launch date of its highly-anticipated Ethereum zkEVM scaling solution.
Polygon Approves zkEVM March Release
Polygon (MATIC), one of the leading Ethereum Layer-2 scaling companies, is set to shake up the crypto world in less than two weeks.
Polygon co-founder Sandeep Nailwal tweeted on Tuesday that the team has given the final approval for the release of its zkEVM scaling solution on March 27.
zkEVM stands for zero-knowledge Ethereum Virtual Machine and is considered to be the holy grail of Ethereum scaling. zkEVMs aim to imitate the EVM but make it more efficient with zero-knowledge proofs, generating proofs for transaction batches stored off-chain thus lowering gas fees.
Polygon’s zkEVM is set to become the first such scaling solution to be launched on Ethereum mainnet. While Matter Labs has already deployed its zkEVM solution zkSync on mainnet a few months ago, many argue that it’s not a full launch as it’s still not accessible to users.
However, “who’s first?” is still one of the most debated questions in the zkEVM space.
MATIC reacted positively to the news but has since dipped. It’s currently trading at $1.16, down 6% on the day, according to data from CoinGecko.
MATIC is currently the eighth-largest cryptocurrency by market capitalization. It has a market cap of $10.5 billion and has recently overtaken Dogecoin (DOGE).
On the Flipside
- Some argue that Polygon should postpone its zkEVM because of the current negative market conditions and regulatory uncertainty.
Why You Should Care
zkEVMs are considered to be the best way of scaling Ethereum. If Polygon successfully launches its zkEVM and it works as intended, this will prove to be a huge milestone for the Ethereum community and the wider crypto industry.
Read more about the latest projects launching on Polygon:
Portal Fantasy Rolls Out Closed Beta on Polygon
Read more about Binance’s issues:
Another Blow: Binance to Suspend GBP Services Next Month