In the last 24 hours, the MATIC course had to drop by around 2%. This means that it was able to rise by around 14% in the last week. If we look at the development of the top 10 in the digital currency market, Polygon lags behind some competitors. In particular, the most valuable cryptos Bitcoin, Ethereum and Binance Coin are outperforming. Nonetheless, there could be more movement in Polygon (MATIC) in the coming week, creating opportunities for active traders. Because it will only be a little over a week before the long-awaited Polygon zkEVM upgrade takes place, which is intended to take the scaling of the Ethereum network to a new level.
“Polygon zkEVM is the leading zero knowledge scaling solution that’s fully equivalent with the Ethereum Virtual Machine: all existing smart contracts, developer tools, and wallets work seamlessly.”
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Big ambitions at Polygon: zkEVM upgrade as a game changer
Polygon has been committed to driving seamless scaling for Ethereum since inception. Because you always saw yourself in a symbiosis with Ethereum – Ethereum’s success benefits Polygon and vice versa. With the launch of the zkEVM testnet in 2022, Polygon has strengthened its position as the leading L2 for Ethereum. Now the Polygon zkEVM Mainnet Beta will go live on March 27, 2023.
The team will be releasing more details on the mainnet beta in the coming weeks – security is a top priority here.
The zkEVM test network has already reached important milestones, including the creation of over 84,000 wallets, the generation of 300,000 blocks, the creation of 75,000 ZK proofs and the use of 5,000 smart contracts. According to Polygon Labs, the zkEVM testnet has fueled unprecedented growth in the ecosystem, making Polygon zkEVM even faster, cheaper, and even more secure.
Zero-knowledge proofs (ZKP) are cryptographic protocols that allow one party to prove to another party that they know certain information without disclosing the information itself. A mathematical function is used for this. The proving party can, through several iterations, convince the verifier that he has the information.
Criticism of zkEVM – too much imagination?
Anatoly Yakovenko, one of the founders of Solana, recently warned via Twitter against exaggerated expectations of zero-knowledge proofs. In his opinion, publicly communicated progress in terms of scalability is not realistic. Accordingly, a zk module could have problems processing transaction requests at the same speed at which the blockchains involved work. After all, the protocol has to compare and synchronize the results with all bodies, even though they call themselves zero-knowledge-proof.
ZK L2s will not be scalability solutions. Real time loads have long sequential state dependencies. For a ZKP to keep up with the tip of the chain prover time + validation time has to be lower than real time execution. This can only be true for loads that are intermittent. Real… https://t.co/rdxXQi8ftK
— toly
(@aeyakovenko) February 24, 2023
Nevertheless, the relevance of Polygon is shown again and again, which should tend to be further strengthened by the zkEVM upgrade. New data from Solidity reveals that Polygon (MATIC) remains the most popular network for developers looking to implement a smart contract, well ahead of other Layer 2s like Arbitrum or Optimism.
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The most popular chain is by far Polygon (formerly Matic Network). Other often-mentioned blockchains include Binance Smart Chain, Arbitrum, Avalanche, and Optimism.pic.twitter.com/vemFO11g5i
— Solidity (@solidity_lang) March 10, 2023
Polygon Course Prediction: Calm Before the Storm?
In the last two weeks, Polygon (MATIC) has gained around 7%, but for the past month MATIC has lost more than 12.5%. This is a tribute to the previously strong performance. At the same time, the discount on ATH is less than 60% than on other altcoins. For example, with Ethereum it is still 64%, with Cardano even 88%.
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Author: Daniel Robrecht
After studying law and management, Daniel decided to work as a freelance author and has been writing qualitative publications on various specialist topics for around 10 years now. As an investor, he gained years of experience with stocks & cryptocurrencies. In addition to a long-term investment approach, Daniel is also passionate about short-term markets. Through targeted further training at international universities, he has acquired extensive knowledge about the capital markets, stocks, cryptocurrencies and decentralized finance. Daniel’s primary focus is on general market trends, exciting stocks, business news and the digital currency market. In his private life, too, there is never a day without the financial markets. As an author, Daniel writes for leading German-language publications in this field. Daniel publishes for Finanzen.net, among others, Business2Communityand FXStreet.de. Daniel on LinkedIn.
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