Polygon zkEVM Heads to Ethereum Layer 2

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Polygon zkEVM Heads to Ethereum Layer 2
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key takeaways

Polygon has announced its first fully Ethereum-compatible Layer 2 network, Polygon zkEVM. Polygon zkEVM will use zero-knowledge aggregation to provide lower transaction fees than the Ethereum mainnet. The Layer 2 network will be compatible with all existing Ethereum applications and emulate the Ethereum Virtual Machine at the opcode level.

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Polygon’s new Layer 2 network will launch its testnet later this summer, followed by a full mainnet launch in early 2023.

Polygon Introduces EVM Compatible Layer 2

Polygon has announced a new Ethereum-compatible layer 2 network.

Unveiled at the fifth Ethereum Community Conference in Paris on Wednesday, Polygon zkEVM is the blockchain company’s first fully Ethereum-compatible layer 2 network.

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Unlike the MATIC blockchain, which functions more like an Ethereum sidechain than a layer 2 network, Polygon’s new product will use zero-knowledge rollups to batch transactions and confirm them on the Ethereum mainnet, inheriting the security of the base chain and decentralization. Therefore, the gas fee of Polygon zkEVM will be significantly lower than the Ethereum mainnet, and ultimately lower than the MATIC blockchain.

Polygon zkEVM will be compatible with all existing Ethereum applications and emulate the Ethereum Virtual Machine at the opcode level. Developers will be able to start their projects using Solidity, Ethereum’s programming language, Break down key barriers to entry. Additionally, existing Ethereum tools, such as the MetaMask wallet and development environments such as Hardhat, will also be compatible with Polygon zkEVM.

“Many people think zkEVM is still a few years away, or not practical or competitive,” said Polygon Hermez co-founder Jordi Baylina. While zero-knowledge-based scaling solutions have been discussed for some time, they are widely expected to take several years to materialize.However, companies such as Polygon Layer 2-based builds like StarkWare and Matter Labs have made significant progress in the ZK-Rollup space over the past year as the Ethereum scaling race intensifies.

Polygon’s new Layer 2 is a continuation of Hermez Network, the company’s ZK-Rollup-based scaling solution Acquired for $250 million in August 2021.Following the acquisition, Hermez Network changed its name to Polygon Hermez and Continue to work on its Layer 2 network under new management. Now, after rebranding to Polygon zkEVM, the network is gearing up to launch a public testnet later this summer, before a full mainnet launch planned for early 2023.

Disclosure: At the time of writing, the author owns ETH and several other cryptocurrencies.

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