The Polygon team introduced the first EVM-equivalence zero knowledge Layer 2 scaling solution, zkEVM. It allows building on Polygon the same way as on Ethereum.
Through zkEVM, developers can deploy smart contracts and use all the tools that operate on Ethereum. A blog post by Polygon says the solution provides all the functions that work on Ethereum for reduced costs and at higher speeds. Devs need to verify operations on Ethereum using a ZK (zero knowledge) validity proof. ZK rollups are Layer 2 protocols that combine a large number of transactions and proves them to Ethereum with a zero knowledge validity proof.
This technique is considered to have a high potential to increase network efficiency, reduce fees, etc.
Polygon developed zkEVM to offer a solution that is more compatible and cost-efficient. The testnet will go live soon. After that, developers and the community members will be able to use the network and make improvements.
According to DeFi Llama, Polygon is the sixth largest chain by TVL with over $1.8 billion. Its native token MATIC currently trades at around $0.8. In the last 7 days, the price increased by around 40%.