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Polygon zkEVM Progress Update: Moving to Stage 2 (crypto-news-flash)

  • Polygon zkEVM has progressed to stage 2 of its mainnet beta evolution.
  • Polygon zkEVM is innovating to stay competitive among competing Ethereum L2s.

Polygon Labs has recently shared a progress update on the development of Polygon zkEVM, marking the imminent transition into Stage 2 of its Mainnet Beta. The announcement, made through a post on X, reveals the evolution of this innovative technology and outlines the roadmap for the upcoming months. 

Understanding Polygon zkEVM

Polygon zkEVM, short for zero-knowledge Ethereum Virtual Machinezero-knowledge Ethereum Virtual Machine, leverages zero-knowledge proofs to enable faster and more cost-effective transactions on the Ethereum network. Zero-knowledge proofs enable users to check the validity of a transaction without disclosing its contents.

By implementing zk-rollups, Polygon zkEVM can process multiple transactions off-chain before bundling them into a single proof and submitting it to the Ethereum mainnet. This reduces congestion on the mainnet, resulting in lower gas fees and faster transaction confirmations. 

The journey of Polygon zkEVM began with its launch as the first full-featured, open-source zkEVM available to the public. The initial ten months, classified as Stage 1 of the Mainnet Beta, were dedicated to rigorous testing, scaling, and expanding the infrastructure. The focus was on ensuring high levels of security and uptime, aligning with the responsibility that comes with being a pioneer in the zkEVM space.

We launched Polygon zkEVM as the first full-featured, open source zkEVM ever made available. With that launch comes responsibility, including high levels of security and uptime. Thus, the last 10 months have been stage 1 of the Polygon zkEVM Mainnet Beta, focused on testing,…

— Polygon (Labs) (@0xPolygonLabs) January 11, 2024

As of now, the development has moved into Stage 2, concentrating on responsible Decentralized Application (dApp) growth and activating onchain activity. The transition to Stage 2 indicates a maturation of the technology and an expansion of its capabilities. Polygon Labs noted that over the next two months, the community can anticipate a gradual rollout of new dApps. 

This period will also involve educating the community about the various building teams joining the Polygon zkEVM ecosystem. Simultaneously, efforts will be directed toward upgrading the Polygon zkEVM client to enhance throughput as the platform emerges from the testing phase.

The culmination of the journey is set for Stage 3 in March this year. Polygon Labs plans to release a major upgrade to the Polygon zkEVM client during this stage, eliminating all limitations on throughput. 

By then, Polygon zkEVM will have built out its infrastructure, undergone thorough testing, and ensured the capability to handle a large number of transactions seamlessly. Additionally, various campaigns will be introduced, both independently and in collaboration with dApps deploying on Polygon zkEVM.

Polygon’s Remarkable Year in 2023

Polygon’s zkEVM technology experienced a remarkable year in 2023, marked by increasing adoption and impressive achievements. Co-founder Sandeep Nailwal highlighted that four of the top 15 roll-ups by Total Value Locked (TVL) and adoption were built using Polygon’s zk-tech stack. 

Despite its success, the Polygon protocol faces formidable competition from other Ethereum-based scaling solutions such as Arbitrum (ARB), Optimism (OP), and zkSync Era. To maintain its edge, Polygon is doubling down to enhance its marketing strategies to attract Web3 developers and consider adjusting entry requirements to stay competitive in the ecosystem of layer 2 scaling solutions.

The protocol’s progression to Stage 2 is a testament to its dedication to creating scalable and user-friendly solutions for the decentralized future. By addressing key aspects such as throughput, developer tooling, user experience, and security, Polygon is positioning zkEVM as a leading Layer 2 scaling solution.

Despite this success story, the network’s token MATIC is seeing a mild selloff with its price down by 4.27% to $0.874.

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