Today was supposed to be a good day for Polygon (Matic) holders, but things seem to be going in the opposite direction, as the price of Ethereum Layer 2 protocol tokens is trading lower on the day.
Today marks a historic milestone as Polygon 's long-awaited zkEVM protocol goes live, a breakthrough that will make significant progress to the next era of L2 outfits.
The zkEVM product development process was very expensive; of which, a total of about 1 billion dollars has been invested so far. The protocol was first announced in the middle of last year, but this testnet was not released until the end of October 2022.
Today, the Mainnet beta of zkEVM is ready to go, bringing the fastest, cheapest and most promising transaction layer to the Ethereum Blockchain.
Polygon is designed as a major improvement on Ethereum in general; meanwhile, zkEVM is designed as a major improvement on Polygon. According to details shared by Web3.0 educator Bickersteth Emmanuel, the proof time for transactions made on the zkEVM protocol is under two minutes for a 10M gas lot.
Key features of Polygon zkEVM Mainnet
EVM compatible; Polygon aims to build a faster Ethereum, same feel as Ethereum but faster and cheaper
Speed: For a batch of 10M gas, the proof time is under 2 minutes on Polygon zkEVM
— Bickersteth Emmanuel (️,️) (@Bicky_12) March 27, 2023
With zkEVM, any Ethereum-compatible protocol can be easily operated or linked with Polygon's new engine.
Gloomy day
Usually, with the launch of such a major innovation, the excitement of the community is enough to rock the price of Matic. However, at the time of writing, the token is down nearly 2% and is trading at $1.07. On the weekly timeframe, Matic is currently losing 8%.
Source: TradingView
The reason for the drop in Matic seems to be the correlation with Bitcoin (BTC) and the widespread negative sentiment in the market at the moment.
This situation is sure to change once zkEVM goes live and many are anticipating sustained growth in the future thanks to this launch and Polygon positioning as a blockchain for Web2.0 companies. official.
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