Ethereum Layer 2 scaling solution Polygon’s zero-knowledge Ethereum Virtual Machine (zkEVM) mainnet beta is scheduled to go live in a few weeks.
In a Tuesday blog post, Polygon said the beta of its zkEVM solution would be on the main network by March. 27.
Polygon zkEVM mainnet will be launched on March 27th! 🔥
After more than a year of intense and inspiring research, development and testing, we are incredibly proud to launch the FIRST EVER zkEVM mainnet!
Join us on this day to celebrate the future of scaling! 💫
— Mihailo Bjelic (@MihailoBjelic) February 14, 2023
zkEVMs are a rollup scaling solution that processes transactions faster on a Layer 2 blockchain by moving computation and state-storage off-chain and then sending summary data back to the Ethereum mainnet. Essentially, it packages different off-chain transactions into one on-chain transaction.
The rollups use zero-knowledge “proofs” which relay that a transaction has not been altered by sharing a small piece of information from that particular transaction.
Polygon has been “battle-testing” this solution on various public testnets for six months and put it through a series of audits. During this time, 75,000 zk proofs have been created and 5,000 smart contracts have been deployed.
The solution is also said to have passed 100% of Ethereum test vectors that apply to a zkEVM, and the proof of generation time is down to nearly two minutes. Perhaps, most impressive is the cost of generating proofs for a large batch of transactions, which stands around $0.06, according to the Polygon team.
When zkEVM hits the mainnet, there won’t be a separate token created to pay fees or for governance. Gas fees will instead be paid out in ETH, while Polygon’s native token MATIC will be used for staking and governance purposes in the Polygon zkEVM ecosystem.
“Polygon zkEVM Mainnet is set to be the first fully EVM equivalent ZK rollup to reach mainnet, this represents a huge step towards scaling Ethereum and bringing Web3 to the masses,” said Sandeep Nailwal, a co-founder of Polygon, to CoinDesk.