Polygon (MATIC) zkEVM, a zero-knowledge scaling solution designed to be compatible with the Ethereum Virtual Machine (EVM), has achieved a major milestone by delivering its first upgrade.
The upgrade, known as the Dragonfruit Upgrade, marks a significant step forward for Polygon zkEVM since its launch in mainnet beta in March 2023.
Polygon zkEVM implements major improvements
As an EVM-equivalent ZK rollup scaling solution, Polygon zkEVM aims to provide seamless compatibility with existing smart contracts, developer tools and wallets. This compatibility ensures a “smooth transition” and continued operation without disrupting the ecosystem.
Developers can take advantage of Polygon zkEVM’s zero-knowledge proofs, especially validity proofs, to reduce transaction costs and increase transaction throughput while maintaining the robust security of the Ethereum base layer.
The successful completion of the Polygon zkEVM Mainnet Beta upgrade, including bridge operations, marks a remarkable achievement, according to the protocol’s announcement on September 20.
Dragonfruit Upgrade: Successful
Polygon zkEVM Mainnet Beta upgrade + bridge operations completed successfully. The system resumes full activity.
Developers, the list of EVM networks that support PUSH0 opcode:
1) Ethereum
2) Polygon zkEVM Mainnet Beta https://t.co/YEjDhHDD6w— Polygon (@0xPolygon) September 20, 2023
With the completion of the upgrade, the system has resumed full activity, providing users with enhanced functionality and improved scalability.
Regarding PUSH0 opcode support, Polygon zkEVM Mainnet Beta is now included in the list of EVM networks that support this opcode.
Including Polygon zkEVM Mainnet Beta alongside Ethereum demonstrates its compatibility with existing Ethereum-based networks and further expands the options available to developers.
Completing the first major upgrade for Polygon zkEVM represents a remarkable advancement in zero-knowledge scaling solutions.
By combining the benefits of zero-knowledge proofs, lower transaction fees, increased throughput, and Ethereum’s base layer security, Polygon zkEVM aims to provide an efficient and secure environment for decentralized applications and blockchain development.
With the successful upgrade and continued commitment to compatibility and scalability, Polygon zkEVM strengthens its position as a scaling solution within the broader Ethereum ecosystem.
Both developers and users can leverage the capabilities of Polygon zkEVM to build and interact with decentralized applications while reaping the benefits of improved efficiency and lower costs.
MATIC sees modest gains, with a significant seven-day increase
Despite ongoing developments within the Polygon ecosystem, the protocol’s native token, MATIC, has remained range locked over the past two days, leaving higher resistance levels untested.
Currently, the token is consolidating between the price range of $0.536 and $0.5472, trading at $0.5426. It has maintained relative stability for more than 24 hours, with a slight gain of 0.5% during this period.
However, MATIC has still made significant gains over the past seven days, rising 5.9%. This allowed the token to regain the $0.500 level after losing it and experiencing a drop to $0.419 on September 11, following the general market trend. This was the lowest point of the year for MATIC.
MATIC is facing resistance at two key levels at USD 0.5587 and USD 0.5930. These walls of resistance pose a challenge to the token’s recovery and upward momentum. MATIC must overcome these short-term obstacles before it can regain the $0.600 mark.
On the other hand, it is a worrying factor that MATIC only has a support level at the one-year low of $0.4614. Taurus must defend this threshold to prevent a significant downtrend from leading to new yearly lows.
However, MATIC could break away from the lower lows if market conditions become more favorable for altcoins, potentially leading to a price increase.
Featured image from iStock, chart from TradingView.com