News Report
October 24, 2023

Polygon zkEVM Surpasses $60 Million in Total Value Locked

In Brief

Polygon zkEVM’s Total Value Locked (TVL) soars beyond $60 million, marking a milestone in its continuous growth trajectory.

Polygon zkEVM Sees Record-Breaking $60 Million Total Locked Volume

The decentralized Ethereum Layer 2 scalability solution, Polygon zkEVM, is making waves as its total value locked (TVL) hit $60.25 million, according to data from L2Beat. The growth marks a 14.54% increase in just the past 24 hours, and is a new high for the platform.

Polygon zkEVM stands out in the crowded crypto space for its unique use of cryptographic zero-knowledge proofs, commonly termed as ZK-Rollup. This technology grants it the capability to quickly finalize off-chain transaction computations. It’s not just about speed; it’s also about transparency and compatibility.

Polygon zkEVM executes smart contracts using zero-knowledge validity proofs, ensuring its compatibility with the Ethereum Virtual Machine (EVM).

Delving deeper into its architecture, several sub-components play crucial roles in achieving its targets. One standout is the zero-knowledge Prover (zkProver) that utilizes State Machines. The zkEVM Bridge smart contract, paired with special tools, also makes it easier for users to engage with Polygon zkEVM’s ecosystem, be it on the Testnet or building on the Mainnet.

For developers and crypto enthusiasts looking for a thorough guide on navigating through Polygon zkEVM, the platform offers extensive documentation. This resource dives into the details, offering insights on everything from the zkEVM’s design approach to its advanced toolings.

Polygon zkEVM has been consistently growing. Coupled with its user-centric approach, it is taking strides forward. It is now positioning itself prominently within the Ethereum Layer 2 solutions.

Meanwhile, the crypto community is closely watching. They are keenly observing these developments. It becomes clear when looking at these trends. Layer 2 solutions, especially like zkEVM, are crucial. They will significantly influence the direction of decentralized finance in the future.

Disclaimer

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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