Bitrabo Editorial
Polygon, an Ethereum sidechain, recently revealed intentions to develop Polygon 2.0, a network that employs zero-knowledge-powered layer-2 solutions. In a statement issued on June 12, the platform disclosed that Polygon 2.0 would connect numerous off-chain networks, primarily ones built on Ethereum, with secure and instant cross-chain interoperability. The proposed solution aims to eliminate the need for additional trust assumptions by using the zero-knowledge concept while also facilitating secure cross-chain interactions. Once developed fully, the network would become “the value layer of the internet.”
As more chains are created to solve scalability issues, liquidity fragmentation may arise, affecting capital efficiency. To address these issues, the platform plans to model blockchains like Cosmos and Polkadot to help build an independent network of interconnected layer-2 ZK-based networks. Polygon 2.0 allows the scaling platform to expand on its software stack, SuperNets, which partners with projects such as Aavegotchi and Immutable. SuperNets is scalable and customizable, designed for projects seeking to scale without compromising decentralization or security.
Emphasis on Scalability and Privacy
Polygon recently launched Polygon zkEVM, a zero-knowledge roll-up solution that uses off-chain computations on a secondary layer to provide scalable solutions for faster, more cost-effective transactions. It is permissionless for developers to freely build solutions using pre-existing Ethereum developer tools such as Remix and interact with the network using standard wallets like MetaMask. The platform’s ZK-Rollups anchor on Ethereum for security.
Despite these developments, the United States Securities and Exchange Commission (SEC) filed lawsuits against Coinbase and Binance, citing MATIC, the currency of the Polygon Network, and other coins like ADA and ALGO as examples of unregistered securities. Consequently, MATIC prices have dropped 60% in the last four months and are at their lowest since 2023.
Feature Image From Canva, Chart From TradingView