Polygon, a leading layer 2 scaling solution for Ethereum, has announced the launch of its Polygon Bridge for its Zero-Knowledge Rollup (zkEVM). This development comes just a month after the launch of the zero-knowledge rollup on Mainnet Beta. The Polygon Bridge for zkEVM is designed to offer an all-purpose Ethereum scaling protocol, providing developers with a means to build on it similar to Ethereum without the need for modifying languages or tooling.

To demonstrate the potential of Polygon zkEVM, Ethereum co-founder Vitalik Buterin performed the symbolic first transaction on the Mainnet Beta. Powered by zero-knowledge technology, the bridge is governed entirely by smart contracts, one on Ethereum and one on Polygon zkEVM. Users can withdraw funds from the Ethereum mainnet within 30-60 minutes, and it supports ERC-20 tokens and the extended features of ERC-777 tokens.

Polygon Bridge for zkEVM: Improved User Experience

According to the official blog post, the Polygon Bridge for zkEVM will feature several improvements incorporating community feedback. These improvements include a more visible progress bar, transaction history, and recent transaction panel with color-coded completion status, time estimates for pending transactions, and the ability to filter.

The launch of Polygon zkEVM eliminates the mapping requirement, a process that can take hours or even days. The token being bridged will automatically be mapped once a user triggers the bridging transaction, making it a major user experience improvement compared to other chains that require users to map tokens before bridging.

Since its launch last month, Polygon’s zkEVM has attracted $5.4 million in total value locked (TVL). Polygon’s zero-knowledge rollup also got a boost from Uniswap earlier this month as the proposal to authorize Polygon Labs to deploy the DEX protocol to zkEVM was passed with zero opposition. Deposits to Polygon zkEVM have also increased considerably, with Quickswap, the leading DEX on the Polygon PoS Chain, and long-time Uniswap rival, Sushi, going live on the network.

Polygon has shown significant growth this year in terms of developer count and attracting major institutions. The platform has an impressive array of teams building on the Mainnet Beta, including premier dApps such as Lens and Balancer, blue-chip gaming projects such as Midnight Society and Oath of Peak, and trusted infrastructure providers such as ANKR, Alchemy, Sequence, and The Graph. Despite this, the company behind the development of the layer 2 blockchain, Polygon Labs, announced a workforce reduction of 20% in February 2023.

Final Thoughts

The launch of Polygon Bridge for zkEVM represents a significant milestone in Ethereum’s scaling journey. It eliminates the mapping requirement and simplifies the bridging process for users, providing a more user-friendly experience. With significant growth in developer count and major institutions joining the platform, Polygon’s future looks bright as it continues to offer solutions to some of the scalability challenges that Ethereum is facing.

The post Polygon Announces Polygon Bridge for its Zero-Knowledge Rollup appeared first on Crypto Academy.

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Filed under: Bitcoin - @ April 28, 2023 8:13 pm