Polygon Launches Ethereum Scaling Solution Based on zk Miden, Advancing the Layer 2 War
Polygon (MATIC), the largest Ethereum scaling solution on the market, announced on Monday the launch of zero-knowledge (zero-know or zk) proof-of-concept “Miden,” a scaling engine scale to enhance the capabilities of the Ethereum blockchain.
zk-rollup is a type of Layer 2 scaling solution that performs the computation and state of the network off-chain. A compilation that stores Layer 1 on-chain transaction data, in this case on Ethereum. Simply put, by offloading Layer 1 on-chain computation, aggregation reduces user transaction time and costs.
Polygon's Miden is in the testnet phase
Polygon has launched the alpha testnet of Miden, a zk-rollup solution. The protocol announced the development in a tweet on X.
The protocol says Miden will reduce the burden on the Ethereum blockchain, improving privacy and scalability for users while expanding the chain's capabilities. Developers may start testing zk-rollup as competition to scale Ethereum intensifies.
Various Layer 2 chains, including Base, Optimism, Arbitrum, zkSync, Scroll, Linea attempt to scale Ethereum, the following chart shows the predominant usage of the solutions.
The rollup verifies data without revealing its contents to the rest of the network, respecting user privacy and supporting local proof generation for client-side transactions. These steps help ease the burden on the Ethereum blockchain.
Keom Research, a project researching zk solutions for DeFi, is testing use cases on Polygon's Miden, according to a recent tweet on X.
MATIC price is trading at 0.7 USD at the time of writing. Polygon's native token lost nearly 1% of its value on the day, showing no significant reaction from MATIC holders following the announcement.
