HomeBlockchainPolygon launches zkEVM to increase speed and reduce transaction fees by 90%

Polygon launches zkEVM to increase speed and reduce transaction fees by 90%

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Polygon’s ZkEVM will inherit the security of Ethereum, increasing throughput and reducing fees using a Zero-knowledge proof.

Polygon launches zkEVM

On July 20, Polygon launched an expansion solution using ZK-Rollups technology, zkEVM. zkEVM will be compatible with the Ethereum Virtual Machine (Ethereum Virtual Machine). Thereby, projects built on zkEVM will easily integrate with the Ethereum network.

Polygon’s ZkEVM is still in the testnet phase and will launch the mainnet by the end of 2022.

ZK-Rollups is a sophisticated technology that allows layers built on the blockchain to process more transactions at a lower cost. And give proof that exists on the underlying blockchain that all these transactions have happened. It is one of the few major scaling solutions for blockchains, with most development currently focused on Ethereum.

What ZK-Rollups has been missing, however, is full support for the Ethereum Virtual Machine (EVM). It is the main processing unit on the Ethereum blockchain for decentralized applications. The bottom line is that this will allow applications running on any EVM-compatible blockchain to use zkEVM.

“Many people think that zkEVM is outdated, there is no competition between the current layer 2. No one believes in zkEVM but we (Polygon) do.” Jordi Baylina – co-founder of Polygon Hermez said during the launch.

In addition to being known for running the Proof-of-Stake (PoS) sidechain for Ethereum, Polygon also offers various layer 2 solutions focusing on ZK-Rollups. These include Hermez, Miden, Zero and Nightfall. ZK-Rollup-based solutions help decentralized applications cut transaction costs and dramatically increase throughput.

Polygon is not the first company to develop zkEVM. In early 2022, zkSync announced the launch of the EVM-compatible ZK-Rollup on a public testnet.

MATIC price prediction

As CoinCodex predicts, the long-term trend of MATIC is bearish. In which, with 9 technical analysis indicators showing bullish signals and 18 bearish indicators.

However, in the short term, CoinCodex predicts MATIC will reach $1.16 next week and $0.97 on August 22.

CoinCodex predicts the MATIC price. Source: CoinCodex.

IntoTheBlock predicts the MATIC price. Source: IntoTheBlock.

As of July 21, MATIC is trading around $0.8 with a 24-hour trading volume of $2.55 billion. MATIC’s market capitalization stands at $6.42 billion and represents 0.61% of the total market capitalization. The MATIC price has dropped 14.5% in the last 24 hours.

Polygon reached ATH at $2.91 at the end of December 2021. Lowest price since ATH is $0.32. Polygon’s circulating supply is 8 billion MATIC, maximum supply is 10 billion MATIC. MATIC’s annual inflation rate is 61.66%.

In terms of price, on the H4 frame, MATIC is moving in an uptrend. On the morning of July 21, MATIC dropped more than 14% and is returning to the trendline. The RSI has not shown a reversal signal yet.

In general, in the near future, MATIC is likely to move towards 1 USD. However, because MATIC has increased quite strongly (200% in 1 month). Therefore, MATIC could correct slightly to the $0.75 – $0.68 support before continuing to rise. Investors should be careful when trading in this zone or waiting for clearer bullish signal.

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