And the team led by Sandeep Nailwal, co-founder of Polygon, continues to work hard to keep that hype going. Via Twitter, Nailwal shared a massively bullish news today. He wrote:
zkEVM passing 99.5% of Ethereum test vectors putting Polygon zkEVM at extremely high EVM-equivalence.
This is also reflected in the dev experience where 1000s of solidity smart contracts have been deployed on zkEVM without any changes whatsoever. Running towards mainnet soon!
Narwal referred to David Schwartz, who is the project lead of the Polygon Hermez team. Schwartz announced in this thread that Polygon’s zkEVM is making tremendous progress.
“Currently, we are passing 99.5% of Ethereum test vectors that apply to our type-3 implementation (9,650+ tests passed),” wrote the project lead of team Hermez.
Polygon zkEVM is a complete EVM-equivalent L2 zk-rollup Ethereum scaling solution. On it, users have deployed more than 3000 smart contracts without friction or transformation.
“Their dApps work seamlessly, with over 20K transactions,” Schwartz added, further explaining that the test network zkProver has provided more than 12,000 complete proofs of validity for these arbitrary user transactions.
This Is Why The zkEVM Is Such A Big Deal For Polygon
Layer-2 scaling solutions for the Ethereum blockchain have seen a gigantic growth in transactions in 2022. And the trend is projected to continue.
Layer 2 growth this year has been monumental.
I expect this trend to continue in 2023 and beyond. pic.twitter.com/wamQOPicuD
— Miles Deutscher (@milesdeutscher) December 7, 2022
Meanwhile, Polygon has established itself as one of the leading scaling solutions. Of all the solutions, Polygon has forged the most notable and largest partnerships to grow the Ethereum ecosystem.
And the zkEVM. a zero-knowledge Ethereum Virtual Machine (zkEVM), could further cement this position for Polygon.
The zkEVM is operating zk rollups. This smart-contract technology bundles transactions from the Ethereum ecosystem and sends them to the Ethereum mainnet as a single transaction.
In this context, the zero-knowledge cryptography is both a privacy measure and a data minimization measure. A zero-knowledge proof makes it possible to retain full security without revealing the data necessary to do so.
Remarkably, the Polygon zkEVM maintains full Ethereum compatibility. Until now, zk rollups with full Ethereum compatibility were deemed difficult to program. In this respect, the development of Polygon is a major milestone.
Once the zkEVM mainnet comes online, there could be an explosion of dApps on Polygon. And the price of MATIC could profit big time from it.
However, at press time, MATIC was trading at $0.88, following the broader market sentiment.
MATIC price, 1-day chart. Source: TradingView