polygon [MATIC] has made progress in scaling Ethereum [ETH] since the day it was launched with improved speeds and significantly lower costs. Challenges are a part of every journey. The challenge of ZK rolling up smart contracts that restrict users as these contracts are often slow, expensive and incompatible with the ETH code is a major problem.
However, Polygon plans to solve this problem with the new ZKEVM.
Polygon Makes ZK Ethereum Compatible
Polygon ZKEVM makes it Ethereum compatible and allows developers to build on Polygon ZKEVM. This is the same as on Ethereum itself. Any Ethereum smart contract and tooling compatible with Ethereum can also be used on Polygon ZKEVM. In this way, one can leverage the capabilities of the Ethereum network for much lower costs and much higher speed. While this is Polygon’s original game plan, the real question is around the impact of this development. Would users benefit from the increased demand ZKEVM might bring? Let’s find out…
Polygon is one of the leaders when it comes to transacting quickly and cheaply, and even with transactions currently costing over 260 Gwei, they are much cheaper than Ethereum. This is because the fee base is in MATIC and not ETH, and with the altcoin trading at $0.86, fees will remain low.
Right now, MATIC is in a hot phase of recovery, rising 117% from its lows a few days ago. While the altcoin has seen a 9% drop in the past week, it was solely due to the excessive buying pressure that led to MATIC being overbought.
The Relative Strength Index (RSI) verifies this with the indicator crossing the 80.0 thresholds. As the altcoin cools, it may bounce off the USD 0.742 support and rise towards USD 1.
Currently, MATIC is in its best state in nearly three months, with over $40.77 million worth of tokens moving at a profit. As more details about Polygon’s efforts are revealed, this momentum should be beneficial to the investors.
This post Can polygon [MATIC] take his winning streak to new heights as ZK becomes ETH compliant?
was published first on https://ambcrypto.com/can-polygon-matic-take-its-winning-streak-to-new-highs-as-zk-becomes-eth-compatible/