polygon zkEVM

Exploring the Rapid Growth of Polygon zkEVM and its key Metrics

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Polygon has seen unprecedented growth in the past few months, with the number of active users and total value locked (TVL) in Polygon’s DeFi ecosystem increasing rapidly. During April, Polygon zkEVM Mainnet experienced up to +300% growth in key metrics. This month recorded some huge numbers for Polygon Mainnet as it gained further support for its community and larger Web 3.0 ecosystem. We will discuss these key metrics on gas costs, total value locked (TVL), net value bridged (NVB), and development activity in this report.

UAW Skyrockets in Polygon Network

According to the protocol, the total number of unique active wallet addresses on its zkEVM Mainnet Beta exceeded 50,000. A total of 95.25 ETH, or almost $177,000 in fees, is already generated across all transactions on the high-performance Zero-Knowledge platform. DappRadar report also indicates that Planet IX, a strategic play-to-earn NFT game, dominated the on-chain activity on Polygon in the first quarter.

Since its release, Polygon has served as a tool for scaling Ethereum and has gained significant attention from the industry. The zkEVM portrays a better version of the protocol. The Polygon zkEVM protocol is 7X cheaper than the existing Ethereum protocol when compared over the same time period.

A look at developer activity reveals significant growth as well. Over 1,000 contracts are going to be process on-chain, nearly double from 540 at the beginning of the month. While TVL is a modern metric, Polygon Labs points out that it isn\’t comprehensive because it frequently measures in USD. As a result, it reflects changes in the price of ETH more so than it does the daily expansion of a protocol.

On the Ethereum mainnet, in addition to the zkEVM, there are several more well-known Layer-2 protocols, all of which offer excellent network statistics and performance indicators. In comparison, switching from self-reporting to a more impartial analytics company, L2Fees, the Polygon zkEVM protocol ranks the fifth best Layer-2 protocol. It is because of the minimal costs incurred for token sending and exchanging.

Transactions and Activity

Variation in terms of transaction volume and user expenses compared to the Ethereum Mainnet? The overall volume of transactions has increased by +300% from the month\’s beginning. With 168k transactions as of April 24, this data set only contains successful transactions. However, the number of failed transactions is rather small.

Benefit to customers for those transactions? The average daily petrol fee (in gwei) indicates that Polygon zkEVM Mainnet Beta is 7X less expensive than Ethereum Mainnet for the same time timeframe. However, a more comprehensive perspective of transaction costs is yet to come.

As submitting proofs and transaction data to Ethereum reveals the rollup procedure to the same network load, it is predictable that both of these indicators also move together.

With a +300% increase in total value secured, the total assets on Polygon zkEVM Mainnet Beta similarly follow the trend. TVL is gaining adoption, however, it isn\’t comprehensive. For beginners, TVL measures in USD, reflecting changes in the price of ETH as well as the daily expansion (or contraction) of a protocol.

On Polygon zkEVM Mainnet Beta, the total assets can be seen in two different ways:

Total Value Locked (TVL)

In the most precise way, TVL refers to goods that have been connected to a network protocol, such as a DEX or loan service. One may argue that assets considered towards TVL are stickier than those unconnected to a DeFi protocol. Total Value Locked (TVL) is a statistic to calculate the total amount of digital assets. They are placed or locked in a certain distributed application (DApp) or decentralized finance (DeFi) platform. The platform appears to be more reliable when the TVL is higher.

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TVL (Total Value Locked)

Net Value Bridged (NVB)

We\’ll refer to the total quantity of assets to the network as NVB, minus the resources that are applicable back to the Ethereum Mainnet. NVB and total value bridged (TVB) can be employ in the future to demonstrate how users are utilizing the simple, no-delay bridging that is a key component of ZK rollups. As of April, TVB has a value of around $8.5M, or around $3.4M.

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NVB (Net Value Bridged)

While we can see the Polygon zkEVM Mainnet Beta\’s health in both TVL and NVB screenshots, total value locked probably offers a clearer picture of the network\’s worth.

More About Polygon Network

Polygon is the only network that allows the staking of its token on the Polygon blockchain, making it stand out from its competitors. It further benefits its holders to earn handsome interest annually for validating transactions. Moreover, developers, small businesses, and regular customers can all benefit from Polygon\’s solutions. The main goal of Polygon is to build an IoT (Internet of Things) for the Ethereum blockchain.

The Polygon zkEVM has also been gaining traction, as more developers have been leveraging its fast and cheap transactions for their dApps. Several notable projects such as EasyFi, QuickSwap, and Cometh are successful on the zkEVM, and more are coming in the future. Polygon has also been actively expanding its ecosystem by joining forces with various projects and protocols.

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Exploring the Rapid Growth of Polygon zkEVM and its key Metrics

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Polygon zkEVM Prover: Enabling Blockchain

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Let\’s take a look at Polygon\’s zkEVM, which is a layer-2 scaling solution that allows smart contracts on the Polygon network to be run in a way that is both fast and scalable. How does it do this, though? Using zero-knowledge proofs (ZKPs) and a trustless mechanism, the zkEVM Prover is a key part of generating and checking ZKPs to show that smart contract execution was done correctly. In this blog, we\’ll look more closely at how the zkEVM Prover is made and what it can do. How it lets developers build scalable, trustless, and decentralized apps on the Polygon network while reducing the costs and complexity of on-chain computation. So, buckle up and let\’s go!

Understanding Polygon\’s zkEVM Prover

Polygon\’s zkEVM Prover is an important part of the Polygon network. It lets smart contracts on its layer-2 scaling solution run quickly and on a large scale. The Prover uses a mix of cryptographic methods to focus on speed and scalability. It also uses off-chain processing to reduce the amount of work that needs to be done. It uses parallel computing to speed up the process of ZKP creation. It\’s an important part of the system that lets creators build things that can grow. On the Polygon network, developers can also make trustless decentralized apps.

First of all, the most important part of the Polygon zkEVM device is the zkEVM Prover. It makes and checks ZKPs to show that the execution of smart contracts is correct. This method lets developers make dApps that are highly scalable and can\’t be hacked without the high cost of computation that comes with on-chain computation. In other words, the zkEVM Prover makes it possible to carry out complicated smart contracts without spending a lot of money.

The Process of the Prover

The Prover can generate proofs at the same time as other Provers, and network load can be controlled by adding more Provers to computers or taking them offline when network load goes down. When enough batches are put together and added up, the parts of the Chain are made. Using the design principle of recursion, one can make a tree of proofs where the root proves a full section of the chain. Once the proofs of proofs add up, it\’s time to send a proof of validity back to Ethereum using an FFLONK proof that combines all of the proofs before it into a SNARK. This last proof is short and saves the rollup state on-chain, so users can get their money back. By using a SNARK in the final proof to post a state change on-chain, the system has been optimized to lower gas costs by a large amount.

The Components of Polygon\’s zkEVM System

How does the zkEVM Prover manage to be both efficient and able to grow? The answer lies in a mix of cryptography and computing that happens outside of the blockchain. Recursive proof construction is used by the Prover to make it easy to check complex smart contracts. It also uses parallel computing to speed up the process of ZKP creation. This means that a single proof can be used to prove thousands of deals, which lowers costs and makes the system more scalable.

The Polygon zkEVM system is made up of more than just the zkEVM Prover. In addition to the zkEVM Prover, the Polygon zkEVM Mainnet Beta also has the Sequencer and the Aggregator, which are also very important parts. Both the Sequencer and the Aggregator are very important. The Sequencer handles the order of transactions, the spread of nodes, and the availability of data. The Aggregator, on the other hand, verifies transactions, groups them together, and sends the confirmation back to Ethereum L1.

Benefits of Using Polygon\’s zkEVM Prover

One of the best things about the zkEVM Prover is that it is open source. Also, it makes it possible for openness, peer review, and input from the community. The Polygon Labs blog and social media outlets share news about Polygon\’s ecosystem. If you are interested in Zero Knowledge, you can follow @0xPolygon, which is Polygon\’s ZK name, or you can go to the ZK forum.

The Polygon zkEVM Prover has been made better so that it uses much less gas. By using a SNARK in the final proof to post a state change on-chain, the method aims to be fast and cheap. This last proof is short and saves the rollup state on-chain, so users can get their money back.

The Polygon zkEVM Mainnet Beta is a ZK rollup that increases Ethereum\’s blockspace to make it more scalable and cheaper for users by moving expensive computations off-chain without losing security. EVM-equivalent means that all of the opcodes and smart contracts of the EVM can be used easily right out of the box.

The Future of Blockchain Infrastructure with Polygon\’s zkEVM

Overall, the Polygon zkEVM Prover is an important step toward the goal of building a blockchain system that can be scaled up and is safe. The zkEVM Prover uses a mix of cryptographic methods and off-chain computation to make it easy and fast for developers to make complex smart contracts. Polygon zkEVM cuts down on the costs and complexity of on-chain computation by using ZKPs to show the correct execution of smart contracts. Because of this, it is an important tool for making the next version of blockchain apps.

So, if you trade or use cryptocurrency and are interested in the world of WEB3 and Coinbase, take a better look at Polygon\’s zkEVM. Its design is efficient and scalable, and its open-source nature and lower gas costs make it an important tool for building the next generation of decentralized apps.

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Polygon zkEVM Prover: Enabling Blockchain

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