Key Points:
- Polygon zkEVM achieves a significant milestone with the Dragonfruit Upgrade.
- MATIC token experiences notable gains but faces resistance at key levels.
- The importance of compatibility and scalability in Ethereum scaling solutions.
Polygon (MATIC) zkEVM, a groundbreaking zero-knowledge scaling solution designed to seamlessly integrate with the Ethereum Virtual Machine (EVM), has achieved a significant milestone with the successful completion of its inaugural upgrade, known as the Dragonfruit Upgrade. This achievement marks a substantial step forward for Polygon zkEVM, which launched on the mainnet beta in March 2023.
Enhancements in Polygon zkEVM
Functioning as an EVM-equivalent ZK rollup scaling solution, Polygon zkEVM prioritizes compatibility with existing smart contracts, developer tools, and wallets, ensuring a smooth transition and continuous operation without disrupting the ecosystem. Developers can harness the power of Polygon zkEVM’s zero-knowledge proofs, particularly validity proofs, to reduce transaction costs and enhance transaction throughput while upholding the robust security provided by the Ethereum base layer.
The successful execution of the Polygon zkEVM Mainnet Beta upgrade, including bridge operations, stands as a noteworthy accomplishment, as stated in the protocol’s announcement on September 20. With the upgrade now completed, the system has fully resumed operations, delivering improved functionality and enhanced scalability to users.
Dragonfruit upgrade: Polygon zkEVM Mainnet Beta
Date: Wed, 20th Sept 2023
Time: 7:30AM UTC / 09:30AM CEST
Duration: ~2 hoursOnce Dragon Fruit is implemented, Polygon zkEVM Mainnet Beta will be up to date with the latest version of Solidity, maintaining the rollup’s equivalence…
— Polygon (@0xPolygon) September 18, 2023
Moreover, the inclusion of support for the PUSH0 opcode in Polygon zkEVM Mainnet Beta places it in the ranks of EVM networks supporting this opcode, alongside Ethereum itself. This highlights its compatibility with existing Ethereum-based networks and broadens the choices available to developers.
This first major upgrade of Polygon zkEVM signifies a significant advancement in zero-knowledge scaling solutions. By amalgamating the advantages of zero-knowledge proofs, reduced transaction costs, increased throughput, and Ethereum’s base-layer security, Polygon zkEVM aims to create an efficient and secure environment for decentralized applications and blockchain development.
With a successful upgrade and an unwavering commitment to compatibility and scalability, Polygon zkEVM solidifies its position as a vital scaling solution within the broader Ethereum ecosystem. Developers and users alike can leverage the capabilities of Polygon zkEVM to build and interact with decentralized applications, all while reaping the benefits of heightened efficiency and reduced costs.
MATIC Displays Modest Gains After Significant Seven-Day Rise
Despite ongoing developments within the Polygon ecosystem, MATIC, the native token of the protocol, has exhibited range-bound behavior over the past two days, failing to test upper resistance levels. Presently, the token is trading within the range of $0.536 and $0.5472, with its current value at $0.5426. It has maintained relative stability for over 24 hours, registering a modest gain of 0.5% during this period.
Nevertheless, MATIC has secured substantial gains over the past week, boasting a 5.9% increase. This resurgence allowed the token to reclaim the $0.500 threshold after a dip to $0.419 on September 11, aligning with the overall market trend and marking the year’s lowest point for MATIC.
MATIC faces resistance at two pivotal levels, specifically $0.5587 and $0.5930, which pose challenges to its recovery and upward trajectory. Overcoming these hurdles in the short term is essential for MATIC to reclaim the $0.600 mark.
On a cautious note, MATIC only finds support at a one-year low of $0.4614. Bullish sentiment must defend this level to prevent a significant downtrend leading to new yearly lows. However, MATIC could break free from this lower lows zone if market conditions become more favorable for altcoins, potentially resulting in a surge in its price.
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