Bittime - Good news for crypto users! Polygon zkEVM, Polygon's flagship scaling solution, has returned to normal operations after experiencing a major outage for more than 24 hours.
What is Polygon zkEVM?
Polygon zkEVM is an exciting new breakthrough in the world of Ethereum-compatible blockchains. It combines two advanced technologies: zero-knowledge proofs (zk-proofs) and the Ethereum Virtual Machine (EVM), to create a highly scalable and secure blockchain solution.
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Skalabel
zkEVM was designed to address the scalability issues facing the Ethereum blockchain. zk-proofs technology allows the network to process more transactions per second without compromising security.
Security
Despite processing transactions outside the main Ethereum blockchain, zkEVM maintains high security thanks to the use of zk-proofs. This technology allows the network to verify the validity of a transaction without needing to reveal all the details of the transaction.
Compatible with Ethereum
zkEVM is built on EVM, a virtual machine that runs smart contracts on the Ethereum blockchain. This means developers already familiar with Ethereum can easily use zkEVM to build their decentralized applications (dApps).
In short, Polygon zkEVM is an innovative solution that aims to improve the scalability and security of the Ethereum blockchain, while maintaining compatibility with existing platforms.
Also read: What is the Ethereum Virtual Machine (EVM)?
Polygon zkEVM Network Issues
The Polygon zkEVM network reportedly experienced problems on Saturday evening. This outage was caused by an error in the sequencer following an update in Layer 1. The Polygon team emphasized that this issue only occurred with zkEVM and did not affect the rest of the Polygon network.
After 27 hours, the Polygon team announced that zkEVM had returned to normal operations thanks to the actions of their Emergency Board. Once the network exits emergency state, any subsequent system updates will go through a locking process for 10 days before being activated.
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According to CoinGecko, despite the disruption, Polygon's MATIC token actually rose 5% in the last 24 hours, following the positive trend of the crypto market in general.
The initial launch of Polygon zkEVM in March 2023 was slow. The network's throughput (ability to process transactions) and total asset value locked (TVL) still lag behind other competitors in the field of zero-knowledge rollup technology. Apart from that, transaction costs are still relatively high.
Polygon zkEVM's highest daily throughput record only reached 1.41 transactions per second (TPS) last August. This figure places zkEVM in 23rd place out of 35 Layer 2 networks according to L2beat. Far behind zkSync Era, the leader in zero-knowledge rollup technology, which is capable of processing 62 TPS per day.
Despite low throughput, Polygon zkEVM transaction fees were consistently higher than zkSync Era, Starknet, and Linea throughout March.
Polygon zkEVM transaction fees have not dropped like other Layer 2 networks following the launch of the Dencun hard fork on Ethereum two weeks ago. This is because the Polygon network does not yet support EIP-4844. Support for EIP-4844 itself is planned to be launched by Polygon next month.
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The TVL growth of the Polygon zkEVM network is also relatively slow, possibly due to the absence of a program for early users (airdrop). Currently, zkEVM is ranked 14th with total locked assets of $157 million. Far behind Starknet ($1.53 billion), zkSync Era ($765 million), and Linea ($424 million).
Also read: Polygon Bridge: What is it, and how to use it?
However, last June, Polygon announced plans to combine zkEVM with their PoS sidechain in the future. Currently, the PoS sidechain has a DeFi ecosystem with a total locked asset value of $1.18 billion according to DeFi Llama.
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Also read:
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Polygon (MATIC) Price Prediction According to Crypto Academy
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