Polygon Launches ‘Type 1 Prover,’ a Game-Changer for Ethereum

• Polygon Labs has this week unveiled a “Type 1 prover,” allowing any Ethereum EVM-compatible blockchain to become a layer-2 network powered by zero-knowledge proofs.
• This comes in an effort for Polygon to rebrand into Plygon 2.0 with a focus on becoming more interconnected.

On Thursday, Polygon Labs, the developer behind the Polygon network, unveiled a “Type 1 prover,” allowing any Ethereum EVM-compatible blockchain to become a layer-2 network powered by zero-knowledge proofs. This is a major breakthrough for both Polygon and Ethereum, being lauded by Ethereum co-founder Vitalik Buterin himself.

According to a blog post, this breakthrough will lead to lower costs, lower latency, and a better user experience for all chains built with Polygon CDK. Launched with an open-source license, the Type 1 zkEVM prover is a public good for the benefit and scalability of Ethereum.

The team reveals that the Type 1 will be combined with a new kind of scaling paradigm: aggregation, launched last month. The team continues to explain:

Taken together with the AggLayer, the Type 1 upgrade to the Polygon zkEVM prover enables something unique: It allows you to take an existing EVM chain, without modifications, and then connect that chain—along with all of its users and TVL—directly to the AggLayer, and then to all of the liquidity and value on Ethereum itself.‍

Brendan Farmer, a co-founder of Polygon, celebrated the new feature, praising Polygon for its technological savvy, he told a leading media outlet:

Polygon has again demonstrated that it leads the industry in the development of ZK technology by delivering a Type 1 zkEVM that is insanely efficient.

The team reveals that multiple projects are interested in this feature, including Immutable zkEVM, Manta Network, and Canto.

These developments are in line with the project’s roadmap to upgrade to Polygon 2.0. As CNF reported, the Polygon 2.0 upgrade introduces seamless multi-chain interactions and scalability solutions for the Ethereum network. The upgrade includes the pioneering zkEVM technology, enhancing transaction efficiency while keeping costs low.

Polygon’s MATIC Eyes 10x Gains

Following the news, Polygon’s native token, MATIC, has enjoyed a 1.5% surge in the last 24 hours. This is further combined with a 12% trading volume surge at the same time, solidifying its move. On the weekly chart, MATIC is up by nearly 6%.

While MATIC’s price has barely moved in the last month, its on-chain metrics have been soaring, hitting 400 million unique addresses with 15.2 million new users in January.

Experts foresee MATIC being one of the best performers in the upcoming bull runs, possibly retesting its all-time high. Crypto analyst Crypto Rover has told his 668,000 X followers that he expects MATIC to gain by 5x-10x.

I think that $MATIC will be a safe 5-10x for the next bull run.

I’m holdings lots of it. pic.twitter.com/7q4h99OaMN

— Crypto Rover (@rovercrc) February 6, 2024

Fueled by the launch of the rebrand to Polygon 2.0 and the switch to the POL token, the altcoin could revisit its all-time high of $2.92 this year.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.