U.Today - ZkEVMs, i.e., EVM-equivalent Ethereum (ETH) scaling networks on zero-knowledge proofs (ZKPs), are in the spotlight for the global crypto community as they can change the game in programmable blockchains forever. Launched in March 2023, Polygon zkEVM is the most advanced of all similar networks so far.
Polygon zkEVM brings "negligible" proving costs and five minute exit time, co-founder Nailwal says
In total, Polygon zkEVM is able to prove the authenticity of one transaction for just $0.000058 in fees. This makes the costs of its ecosystem almost negligible for dApps and their users. Such estimations were shared by Polygon's (MATIC) Sandeep Nailwal on his Twitter.Also, with Polygon zkEVM, the "exit time," i.e., the period of withdrawal from L2 to L1, drops to five minutes. This is a quantum leap in terms of L1/L2 interoperability.
To provide context, L2 scalers of the previous generation (for instance Optimism, which is responsible for $1.5 billion in TVL) usually spend seven days and more to withdraw value between two layers.
For better understanding of the effects of Polygon zkEVM, its Tech Product Manager David Silverman calculated that $1,300 would be enough to verify every single piece of content shared by users of the Lens decentralized platform, including comments and money statistics.
Despite still being in its infancy, Polygon zkEVM is the fastest-growing L2 network right now. Its TVL smashed through the $30 million milestone despite the dramatic plunge on altcoin markets today.
All eyes on L2 rollups
Polygon zkEVM is on the eve of being on the top 10 list of L2 networks by TVL; to enter the elite club, it needs to surpass the Validium-based network Rhino.fi.As covered by U.Today previously, Ethereum (ETH) rollups, i.e., platforms that bundle up transactions and broadcast them to the mainnet compressed, were called one of the building blocks of its road map by Vitalik Buterin.
Together with programmable privacy of operations and account abstraction ("smart wallets"), L2 rollups are responsible for Ethereum's (ETH) evolution into a "mature tech stack," Buterin outlined in his recent blog post.