Polygon’s development team has revealed a groundbreaking product that enables any Ethereum Virtual Machine (EVM) compatible network to transition into a second layer (L2) network for Ethereum, leveraging zero-knowledge proofs. Despite this advancement, the value of Polygon’s native token, MATIC, remained stagnant, hovering around $0.83, indicating that the market has yet to react to this technological leap.
Introducing AggLayer Compatibility
This innovation announced on Polygon’s platform will let any EVM network adopt the ZK Layer 2 model and integrate with Polygon’s AggLayer. This promises a significant cut in transaction costs, potentially reaching as little as a few thousandths of a dollar per transaction. Moreover, Polygon aims to achieve a 30 to 50 times reduction in cost next year, facilitated by advancements in Plonky3 and zkEVM technologies. Such improvements are set to decrease latency and bolster user experience across both Type 1 and Type 2 of all Polygon CDK chains.
Vitalik Buterin’s Vision Aligns with Polygon’s Direction
Ethereum co-founder Vitalik Buterin has long championed the concept of second-layer networks operating on par with the main Ethereum network. Polygon’s latest product aligns with this vision by simplifying the implementation of zero-knowledge proofs. The goal is to enable easier communication and interoperability across multiple chains, a concept also pursued by networks like Cosmos within their respective ecosystems.
Polygon’s strategy is expected to contribute to the long-term value of MATIC Coin by connecting to the recently launched Aggregation layer, thus granting access to the entire liquidity and value within the Ethereum ecosystem. Brendan Farmer, Polygon’s co-founder, emphasized the potency of their Type 1 verifier in upgrading any chain to a zkEVM L2, enhancing security and integration with Ethereum and Polygon’s ecosystem at an unexpectedly low cost.
The announcement may position Polygon at the forefront of L2 scaling solutions, potentially heralding increased adoption and growth for its network and token in the future.