• Polygon (MATIC) zkEVM Clinches Final Approval for March Release
• zkEVM stands for zero-knowledge Ethereum Virtual Machine
• Polygon’s zkEVM is set to become the first such scaling solution to be launched on Ethereum mainnet.

Polygon’s zkEVM Set for Release

Polygon co-founder Sandeep Nailwal has confirmed the launch date of Polygon’s zkEVM, set to be the first zkEVM to launch on Etherum mainnet. The crypto industry has had a tough start to the year, but despite all of the recent turbulence, crypto companies continue to work towards their goals and Polygon is no different.

What is a zkEVMs?

zkEVMs stands for zero-knowledge Ethereum Virtual Machine and it is considered to be the holy grail of Ethereum scaling. It imitates the EVM but make it more efficient with zero-knowledge proofs, generating proofs for transaction batches stored off-chain thus lowering gas fees.

Matic Reacts Positively

MATIC reacted positively to the news but has since dipped and is currently trading at $1.16, down 6% on the day, according to data from CoinGecko. MATIC is currently the eighth-largest cryptocurrency by market capitalization, having recently overtaken Dogecoin (DOGE).

Postponing Launch Date?

Some argue that Polygon should postpone its zkEVM because of current negative market conditions and regulatory uncertainty.

Why You Should Care

zkEVMs are considered to be the best way of scaling Ethereum and can help lower gas fees by storing transaction batches off-chain with zero knowledge proofs. With Polygon’s launch date around the corner, this could revolutionize Ethereum scalability in 2021 and beyond.