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Polygon (MATIC) Soars 26% as zkEVM Launch Date Is Announced: Details

Fri, 03/17/2023 - 14:08
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Godfrey Benjamin
Polygon will be first L2 to launch zkEVM to wade off competition fears
Polygon (MATIC) Soars 26% as zkEVM Launch Date Is Announced: Details
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Polygon (MATIC) is about to usher in a whole new era for its ecosystem as a Layer 2 protocol with the proposed launch of the much-awaited zkEVM feature. The protocol announced recently that the feature, which is a mainnet beta, is bound to go live on March 27 and has geared the community's interest to the future of the protocol, its native token, and Ethereum as a whole.

The Polygon zkEVM is the first zero-knowledge scaling solution compatible with the Ethereum Virtual Machine to integrate smart contracts and developer tools. Polygon as a Layer 2 protocol is already faster and more scalable than Ethereum; however, the launch of the zkEVM feature is bound to make it even more scalable.

The launch of the zkEVM tool is a significant milestone that is bound to push Polygon ahead in the race for dominance among the top Layer 2 protocols on the Ethereum blockchain. From Optimism to Arbitrum and much more recently, Shibarium and Base from Coinbase Exchange, Polygon will now rank as the first L2 to launch a zkEVM tool in the crypto ecosystem.

Ahead of the launch of the new tool, Polygon said it is joining forces with ETH Global and that Vitalik Buterin, Ethereum's co-founder, will be its special guest on the launch date.

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Future of MATIC

It is hard to picture the future of Polygon without picturing MATIC in it. As a native token designed to power a Layer 2 network, every adoption metric of Polygon will be reflected in the digital currency's price growth.

With the confirmation of the launch date for the zkEVM mainnet beta, MATIC is already being positively priced in. At the time of writing, the token is trading at $1.20, up 6.78%, per data from CoinMarketCap. Over the past week, it is up by more than 26%, and with the current hype among community members, it might record more ambitious price highs in the near term.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.