Polygon zkEVM Mainnet Launch: Will MATIC’s Price Rise or Fall after this launch?
Polygon zkEVM is one of the major technologies provided by Polygon for the efficiency of layer-2 networks to increase the flexibility and scalability of the Ethereum blockchain.
This is a layer-2 zk-rollup solution to scale Ethereum for mass-scale adoption by using the underlying Ethereum blockchain rather than an independent chain.
The technology is designed in such a way that apps built for Ethereum’s mainnet can be ported over to the zkEVM chain without any complexity. The core technology operates by posting transactions to the main Ethereum blockchain network.
What is zkEVM?
The term “zkEVM” stands for zero-knowledge Ethereum Virtual Machine, and it is a combination of the cryptographic solution tech “zk” that provides security and “EVM,” an execution engine employed by the Ethereum network that allows the creation of smart contracts and dApps on the blockchain.
It is considered an actual implementation of an EVM-compliant zk-rollup. It is a process of rolling up large bundles of transactions from layer 2 to achieve high transaction throughput with low fees and derived security by zero-knowledge proofs technology.
The technology can effectively publish a “proof of validity” for a given bundle or block of thousands of transactions on the Ethereum layer-1 network without requiring the entire set of information to be public or known.
What is Polygon (MATIC)’s zkEVM Mainnet?
zkEVM Mainnet is one of the major technologies in the layer-2 network developed by Polygon Lab, and this specific technology is considered a massive piece of the puzzle for acquiring lower fees with higher transaction throughput in the world of Ethereum.
The Polygon zkEVM testnet went live last year and along with the operation of the technology’s testnet the developers have been improving its efficiency and security.
It is the first zero-knowledge scaling solution that’s fully equivalent to Ethereum where users have access to their existing smart contracts dev tools & wallets.
Developers will be able to use their existing code at much faster speeds with lower transaction fees and minimal effort on the Ethereum network.
The officials have announced the mainnet launch of their “zkEVM” coming on March 27.
How will zkEVM Mainnet affect the Polygon (MATIC) ecosystem?
As of now, Polygon has made the announcement for the zkEVM Mainnet, and the launch will be the first and perhaps the biggest step toward the future of Ethereum in the crypto space.
Ethereum is one of the largest layer-1 blockchain network in the crypto world and the major problem faced by the Ethereum network is scalability and transaction fees.
Basically, for the betterment of the ecosystem, Ethereum has to heavily rely on a layer-2 network in the next phase for the growth of Web 3.0.
After the launch of the zkEVM Mainnet, the ecosystem will be able to achieve 2000 transactions per second, which is a significant improvement over the old EVM technology.
The technologies provided by the layer-2 blockchain networks will be the bastion of innovation for DeFi, NFTs, and other major areas of crypto for the betterment of the Web 3.0 ecosystem.
The launch of zkEVM is the new battle in the crypto space amongst the layer-2 blockchain networks as it is regarding the future of Ethereum.
Will Polygon (MATIC) price rise or fall following zkEVM Mainnet launch?
If we analyze the major things that stopped technologies like DeFi and NFTs from achieving large-scale adoption, they are often associated with high fees, slow transactions, and poor user experiences.
The zkEVM technology has the capability to solve the major problem, particularly faced by the Ethereum network, of scaling and provide a better user experience.
The application operated by the user on Ethereum’s network will run the same way on zkEVM without any additional compilation steps which creates an easy path for large-scale adoption for the users.
The zkEVM Mainnet launch is a significant milestone for the improvement of the Ethereum ecosystem, and it has the potential to boost the value of Polygon’s “MATIC” token in the days to come.
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As the layer-2 blockchain networks are supposed to solve the major problem faced by layer-1 networks in the crypto space, after this launch, everyone in the crypto space will likely talk about the zk-narrative and layer-2 networks.
Final thoughts
After the successful launch of Polygon’s zkEVM Mainnet, upcoming projects in the crypto space like NFTs and DeFi will be landing on layer-2 networks.
In the upcoming days, layer-2 networks may emerge as the next big thing in the crypto realm, and Polygon (MATIC), as one of the leading contributors to layer-2 networks, would likely benefit by seeing an increase in its price.
For investors, it is crucial to put money into cryptocurrencies that have a big impact on the whole decentralized ecosystem.
As in the crypto market, it is good to invest initially in projects that are genuinely contributing to the ecosystem, and Polygon (MATIC) is considered one of them for its huge contribution towards the betterment of the Web 3.0 ecosystem by assisting the layer-1 network as a side chain.
If you want to learn more, you may go to polygon.technology, Polygon’s official website, where they have a list of resources that will help you understand more about their notion for the benefit of the ecosystem.
Disclaimer: This article solely reflects the author’s own research and opinion. Readers should not consider it as the ultimate knowledge source for making any investment decisions.
