Polygon Rises By 7% Ahead Of zkEVM Beta Mainnet Launch

Polygon Labs has revealed the launch date for its much-awaited zkEVM Ethereum scaling solution. The mainnet beta version is set to be released on March 27 after undergoing six months of battle testing on open testnets.

Along the way to Mainnet Beta, the network has also reached other milestones including the creation of over 84k wallets, 300k blocks, and 5k smart contracts being deployed.

Developers can utilize code that is compatible with Ethereum and build on Polygon zkEVM without changing a thing, which is referred to as “frictionless scaling,” as all Ethereum tooling is compatible with Polygon zkEVM.

Further, the blog stated that producing proof for a sizable batch of transactions only costs around $0.06.

Its native token MATIC soared 7% overnight to $1.24, as per coinmarketcap data, while the broader crypto market cap held steady above the key $1 trillion mark.

With the launch of the zkEVM Beta in mainnet, the Layer-2 protocol on Ethereum aims to unlock mass adoption and the full potential of Web3.

Tom Dunleavy, an analyst at Messari, has outlined a number of characteristics that place Polygon (MATIC) as the preferred Layer-2 protocol for mid-to long-term success.

Dunleavy cited active addresses count which was up by roughly 90% year-on-year [YoY]as proof of its positive and robust fundamentals.

The expert then emphasized the even distribution of the MATIC token, with 90% or more of the virtual currency having been unlocked or distributed.

Another crucial feature highlighted by Dunleavy was the site’s substantial and expanding developer base. With 150 full-time developers, there are currently over 500 active monthly developers, he said.

That said, Polygon has been one of the crypto assets that big investors have accumulated the most, according to last week’s WhaleStats report.

Polygon Remains Whales’ Favourite

MATIC has not only undergone enormous accumulation but also a period of big whale transactions, and it has developed into one of the top assets held by the top 500 Ethereum investors.

Per the Whale Alert Twitter account, one anonymous whale moved around $50 million in MATIC.

With recent collaborations with Doritos to develop non-fungible tokens [NFTs] for Doritos Triangle Studios, a virtual performance venue, Polygon has managed to stand out among its peers.

The Layer-2 platform also underwent a hard fork in January that improved the performance of its network, making the gas fee system more refined.