- zkEVM Validum gets the benefit of lower cost and higher scalability over zkEVM rollup.
- The proposal has been published taking into account the core vision of Polygon 2.0.
An important milestone for the Polygon [MATIC] ecosystem, a proposal was made to upgrade the proof-of-stake (PoS) network to a zkEVM validium. This was according to a Polygon Labs blog post.
The improved version was intended to make the network more secure. In addition, it would rely on zero-knowledge (ZK) technology.
1/ Today a proposal was published to upgrade Polygon PoS to a zkEVM validium, a first of its kind, decentralized ZK Layer 2.
As a zkEVM validium, Polygon PoS would inherit Ethereum’s unparalleled security while maintaining low cost and high scalability.
https://t.co/5fsMOqLqRy pic.twitter.com/9r9VILxdvu
— Polygon (Labs) (@0xPolygonLabs) June 20, 2023
Read Polygons [MATIC] Price forecast 2023-2024
Polygon claimed the upgrade would be the first instance of an existing blockchain to use ZK technology. In addition, this would allow it to become a Layer-2 (L2) network. However, that was if the upgrade gets a green signal from the community,
Meaning of zkEVM validium
The proposal has been published keeping in mind the core vision of Polygon 2.0 – every chain in the ecosystem should be a ZK L2. While the recently launched Polygon zkEVM is already using ZK-proof rollups to scale Ethereum [ETH]the transition from PoS can be a complex one given the size of the network.
Polygon stated that zkEVM validium was partially similar to rollups. This was in the sense that the former would also guarantee the validity of transactions and generate proofs. However, the fundamental difference was that unlike a rollup, a validium would not store transaction data on the Ethereum chain, but would make it available off-chain.
Limitations of zkEVM package
Posting transaction data to Ethereum is expensive and limits throughput in zkEVM. From L2Fees, Polygon zkEVM had one of the highest transaction costs of the major L2 networks. Additionally, the estimated cost of trading tokens was $0.49 at the time of writing.
In addition, daily transactions on Polygon zkEVM have not taken off compared to other L2s. According to Artemis, the network was only able to process 38.9,000 transactions as of June 19. This was a fraction of the count seen on Arbitrum [ARB]Optimism [OP]and zkSync era,
Source: Artemis
As a result, Validum benefits from lower rates and higher scalability. Additionally, Polygon said this would make it ideal for high transaction volume, low cost industries such as Web3 gaming.
Realistic or not, here is MATIC’s market cap in BTC terms
Polygon indicated that by the end of Q1 2023, the ambitious implementation could go live on mainnet. This could be the case if consensus had been reached. In addition, MATIC pumped 6.38% on the news of this announcement. It changed hands for $0.6429 at the time of writing, facts from CoinMarketCap revealed.
