Polygon (MATIC) Surges 70% Amid Announcement of New ETH Scaling Solution

July 22, 2022, 10:04 AM AEST - 3 weeks ago

Polygon (MATIC) has been one of the rare altcoins to experience recent exponential growth, now spurred on by the announcement of an Ethereum scaling and zero-knowledge (ZK) innovation – Polygon zkEVM, the first Ethereum Virtual Machine (EVM) zero knowledge layer 2 scaling solution:

Polygon to the Rescue

The team behind MATIC says it has made a major breakthrough in zero-knowledge proof technology that is fully compatible with the EVM. In the case of a zero-knowledge proof, one party is able to prove the veracity of a piece of information to another party without having to reveal the information itself.

This will allow developers to employ the ZK method for increased levels of security and data privacy:

According to Polygon, its new zkEVM will enhance the Ethereum experience for users and developers alike by adding efficiency and reducing costs while at the same time taking advantage of the leading smart contract platform’s existing secure and trusted framework.

The blog post said: “Polygon zkEVM is for everyone who wants a cheaper, faster way to use Ethereum without sacrificing security or decentralisation. It is permissionless – anyone can use it. It’s also open-source, meaning you can trust the code, rather than trusting us.”

MATIC Soars on Other Fronts

The Polygon network has been busy of late, which has contributed to its recent massive uptick in price. In May, Tether announced that USDT had been integrated into Polygon, meaning that more than 19,000 decentralised applications on the Polygon ecosystem would be able to use USDT.

MATIC’s price also skyrocketed as Disney picked Polygon for its Accelerator Program last month. The program will focus on augmented reality, artificial intelligence characters, and NFTs.

The implosion of Terra has also meant big things for MATIC after more than 48 projects originally built on the Terra blockchain began to migrate to Polygon in the wake of Terra’s sudden collapse in May.

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