Here’s How Polygon zkEVM Increases Transaction Speed And Reduces Fees By 90%

Polygon has launched the first Ethereum-equivalent scaling solution Polygon zkEVM capable of reducing fees by 90%, while also increasing transaction speeds. It is a Layer 2 scaling solution that gives both the scalability benefits of ZK proofs and compatibility with the Ethereum Virtual Machine (EVM).

With the announcement, the Ethereum (ETH) price surpassed the $1600 level, making a high of $1608 after surging 4% in the last 24 hours. However, Polygon (MATIC) price failed to show any movement, with the price trading just above $0.90 level.

Polygon Launches Zero-Knowledge Ethereum Virtual Machine

At the Ethereum Community Conference (EthCC) in Paris, France on July 20, Polygon announced its Layer 2 scaling solution Polygon zkEVM. The zkEVM is fully compatible with all existing smart contracts, developer tools, and wallets on Ethereum, using advanced cryptography called zero-knowledge proofs (ZKP).

Polygon estimates zkEVM reduces fees by 90% as compared to the Layer 1 Ethereum chain. Polygon’s new Layer 2 scaling solution uses Zero-Knowledge Rollups to batch transactions and confirm them on the Ethereum mainnet, inheriting the security and decentralization of Ethereum. It is powered by Polygon Hermez, Zero, and Miden technologies.

Polygon’s co-founder Sandeep Nailwal believes the zkEVM makes Ethereum “almost technically or theoretically infinitely scalable.”