Polygon Announces Launch of the Bridge for the ZkEVM

In a statement, Polygon said that Polygon Bridge for Polygon zkEVM is now available. The update occurs one month after the zero-knowledge rollup was made available on Mainnet Beta.

Vitalik Buterin, a co-founder of Ethereum, made the symbolic first transaction on the Polygon zkEVM Mainnet Beta. The Polygon zkEVM Mainnet Beta is intended to be a general-purpose scaling protocol for Ethereum that gives developers the ability to build on it with functionality that is similar to Ethereum’s without changing languages or tooling.

The official blog post states that Polygon Bridge for zkEVM will include several enhancements that take into account community feedback, such as a more noticeable progress bar, transaction history, a recent transaction panel with color-coded completion status, time estimates for pending transactions, and the ability to filter.

Zero-knowledge technology powers Polygon Bridge for zkEVM, which means that it is regulated by smart contracts, one on Ethereum and one on Polygon zkEVM. Additionally, users will have 30 to 60 minutes to withdraw money from the Ethereum main net. Support will also be given for the enhanced functionality of ERC-777 tokens as well as ERC-20 tokens.

The demand for mapping, which can take hours or even days, is eliminated with the introduction of Polygon zkEVM. As a result, as soon as a user initiates a bridging transaction, the bridged token will instantly be mapped. In contrast to previous chains, which need users to map tokens before bridging, this is hailed as a “major UX improvement.”

ZkEVM from Polygon has brought in $5.4 million in TVL since its introduction last month. The request to allow Polygon Labs to deploy the DEX protocol to zkEVM was approved by Uniswap earlier this month with no objections, which gave Polygon’s zero-knowledge rollup another boost.

Deposits of polygon zkEVM have also significantly risen. Both Quickswap, the top DEX on the Polygon PoS Chain, and Sushi, a long-time competitor of Uniswap, are operational on the network.

When seen in the broadest sense, Polygon has had substantial expansion this year in terms of the number of developers and the recruitment of several large institutions. Despite this, Polygon Labs, the firm responsible for the layer 2 blockchain’s development, said in February of this year that it would be cutting 20% of its staff.

I am Vishal. I post articles about the cryptocurrency markets. I'm pursuing a BBA degree. My home is in Navi Mumbai, Maharashtra.I'm constantly interested in new advancements in this industry and I learn something new about it every day. I would love to share such information with you all.

Leave a Comment