Technology sometimes does not translate into immediate financial value, and it is common for tokens with no practical use to outperform those that actually produce technology. Polygon’s team recently announced a product that provides an opportunity for any EVM network to transform into an Ethereum second-layer network using zero-knowledge proof. However, the price of MATIC Coin remains around $0.83, seemingly unaffected by this significant step.
Polygon News
The new product announced recently on the Polygon website allows any EVM network (EVM, Ethereum Virtual Machine) to become a ZK Layer 2 (L2) and connect to the AggLayer.
“With the Type 1 upgrade, proofs created by the Polygon zkEVM prover in Type 1 mode started to be produced at a cost of $0.002 to $0.003 USD per transaction on average for the main Ethereum network blocks, which is more than 36 times faster than all other Type 1 provers.”
With the improvements of Plonky3 and zkEVM, a 30 to 50-fold reduction in cost is expected in the coming year. This groundbreaking performance upgrade will provide lower cost, reduced latency, and a better user experience for both Type 1 and Type 2 all Polygon CDK chains.
What Vitalik Buterin Wants
Ethereum‘s co-founder Vitalik Buterin has been exploring and advocating for ways to make auxiliary second-layer networks almost equivalent to the underlying network. This would be a significant technological advancement, and Polygon’s new product focuses on this with easy zero-knowledge proof conversion.
In a multi-chain world, networks need to become more interconnected and capable of easy communication. Cosmos is doing something similar in its own universe, or Polygon’s CDK is striving to build this within its own ecosystem.
The latest announcement is expected to support long-term growth for MATIC Coin as it connects to Polygon’s newly launched Aggregation layer, enabling access to “all liquidity and value in Ethereum.” Polygon co-founder Brendan Farmer wrote;
“The Type 1 verifier is the final form of a kind of zkEVM. Whether it’s Ethereum layer 1, an optimistic rollup, or an alternative L1, it allows us to upgrade any existing chain to a zkEVM L2 that can securely connect to Ethereum and Polygon’s aggregation layer and join the Polygon ecosystem. We are proving real main Ethereum network blocks at an average cost of 2 to 3 percent per transaction. I think this is a much lower amount than people expect.”
