Polygon To Launch Its zkEVM Mainnet Beta In Late March

Updated: 15 February 2023

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What – Polygon, a leading Ethereum scaling solutions provider, has announced a late March launch date.
Why – After three and a half months of battle testing, Polygon’s zkEVM system will be ready for the mainnet launch on March 27, according to the company’s blog post.
What Next – Polygon’s much-anticipated Ethereum Virtual Machine (EVM) roll-up technology is supposed to enhance the network, known as the zero-knowledge Ethereum Virtual Machine (zkEVM) mainnet beta.

The upcoming Polygon zkEVM solution has been touted as “seamless scaling for Ethereum,” It was launched as a testnet in December last year. However, this technology has been developing for the last three years, so it’s about time to release it.

The Polygon zkEVM system has reached several significant achievements lately, such as the successful launch of over 5,000 smart contracts, creating over 75,000 zk-proofs, establishing more than 84,000 wallets, and the completion of two independent third-party audits.

Polygon, zkSync, Scroll, And The Ethereum Foundation Are Enhancing Security of Ethereum

Security is a top priority for Polygon, and the company has run its zkEVM solution through a gauntlet of tests and audits to ensure it is secure. The technology uses zero-knowledge proofs, a cryptographic validation method to authenticate actual transaction data before consolidating and verifying them on Ethereum.

Moreover, Polygon is not the only team working on a zkEVM solution. Other scaling providers, such as zkSync and Scroll, are also developing similar EVM technology with their zkPorter and Privacy and Scaling Explorations groups, respectively. In addition, the Ethereum Foundation is sponsoring Applied ZKP, which seeks to create a zk-rollup compatible with EVM.

Polygon’s zkEVM Solution: Enabling True EVM-Equivalence and Cost-Savings for Ethereum Scaling Efforts

According to Polygon’s team, the significance of the technology lies in its true EVM-equivalence, which means Ethereum can be scaled “without resorting to half-measures.”

“The best way to scale Ethereum is to preserve the existing Ethereum ecosystem: code, tooling, and infrastructure need to just work. And that’s what Polygon zkEVM is aiming to achieve.”

In addition to providing seamless scaling for Ethereum, Polygon’s zkEVM solution also enables significant transaction cost savings. The team added that proof costs for a large batch of hundreds of transactions are down to about $0.06 and less than $0.001 for a simple transfer.

Matter Labs, the firm behind Polygon, raised $50 million in a Series B round led by Andreessen Horowitz in November 2021 to build EVM-compatible zk-rollups. Polygon’s native token, MATIC, has responded positively to the announcement, with a 5.3% gain over the past 12 hours. At the time of writing, the token was trading for $1.24, according to Cointelegraph data.

In conclusion, Polygon’s zkEVM solution marks a significant milestone in Ethereum’s scaling efforts. The technology’s ability to provide true EVM-equivalence while enabling significant transaction cost savings makes it a promising solution for scaling Ethereum.

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