🔗🔒 Breaking Blockchain Interoperability Barriers with Polyhedra Network 🔒🔗
🚀 Let's dive into key features and potential of #ZK in this captivating thread! 🧵👇
1️⃣ Introduction and Overview: Polyhedra Network leads the way in blockchain interoperability, using ZK-Proof tech for secure cross-chain communication. With zkBridge, it ensures efficient data and value transfer without compromising Bitcoin security!
2️⃣ Technology and Feature: Leveraging zero-knowledge proofs, Polyhedra enables secure cross-chain asset transfers through zkBridge. It's a game-changer for blockchain interoperability, fostering efficient data-sharing between Web2 and Web3 systems!
3️⃣ Whitepaper Analysis:Polyhedra’s fundamentals shine through. With a focus on blockchain interoperability, advanced ZK-Proof tech, and strategic partnerships, it's poised for success!
4️⃣ Use Case: Polyhedra Network aims to create a secure infrastructure for interactions across blockchains and Web2 systems. Its native token, ZK, powers transactions within the ecosystem, ensuring seamless value transfer!
5️⃣ Team and Leadership: Backed by a stellar team of engineers and researchers from renowned institutions, Polyhedra boasts leadership from industry veterans. With Co-Founders Tiancheng Xie and James Zhang leading the charge, success is inevitable!
6️⃣ Partnerships: Polyhedra has forged strategic alliances with industry giants like Binance, OKEx, and Huobi, securing investments from top players in the crypto space. These partnerships strengthen its ecosystem and pave the way for growth!
7️⃣ Security and Audits: With zero-knowledge proofs at its core, Polyhedra ensures heightened security and scalability. Audits by reputable firms validate zkBridge's security and functionality, instilling trust in users and investors alike!
8️⃣ Tokenomics: The initial circulation supply of ZK is 91 million, Polyhedra's total token supply stands at 1 billion. The tokenomics aim to support a thriving ecosystem with fair distribution!
9️⃣ Exchanges: Trade ZK tokens on centralized exchanges like Bybit, KuCoin, Gate.io, OKX, and many more, ensuring liquidity and accessibility for users worldwide. OKX remains a popular choice for trading Polyhedra Network tokens!
🔟 Recent Developments: Polyhedra Network secures a monumental $20 million investment, pushing its valuation to $1 billion! With notable venture capitalists backing the project, Polyhedra is set to soar to new heights of success!
1️⃣1️⃣ Conclusion: Polyhedra Network shines bright in the blockchain space, offering innovative solutions for interoperability and scalability. With a focus on security, privacy, and strategic partnerships, it's poised to lead the way in cross-chain communication! 🌐💡
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#CryptoSimbhaGems🏹 #zkEVM #polyhedra #Web3Wallet #Bitcoin❗️ $ETH $BTC $BNB

In a recent development, the zkSync Era network has experienced an unprecedented surge in transaction fees on its launch day.

As reported by AZCoin News, zkSync Era deployed the zkEVM mainnet on March 24th, becoming the first zkEVM network to do so. The network operates on zero-knowledge technology and is compatible with the Ethereum virtual machine. The launch day saw a rush of users interacting with the network, causing an unusual spike in transaction fees.

@azcoinnews

With users flocking to the layer 2 network, the transaction fees for zkSync skyrocketed, reaching a peak of $3 for swaps, which is comparable to Ethereum’s transaction fees at the time. However, on March 25th, the transaction fees dropped significantly to $0.2 for ETH transfers and $1 for transactions. Despite the decrease, the fees are still higher when compared to other layer 2 networks like Arbitrum and Optimism.

Transaction Fees on Layer 2 Network | Source: L2fee.info | @azcoinnews

Although zkSync has only recently launched its mainnet, it has already garnered significant attention from the community. Much of this attention is due to the hopes of receiving an airdrop from the network. Other expanding projects like Arbitrum and Optimism have already airdropped hundreds of millions of dollars to users after a period of usage.

However, Alex Gluchowski, the CEO of zkSync, emphasized that the network will not have a token at present. He believes that the project needs to decentralize its sequencer for about a year.

“After the network components are reinforced and stable, we will introduce a decentralized sequencer mechanism through staking,” Alex stated.

Despite the surge in transaction fees, the launch of zkSync Era is an important development in the evolution of the layer 2 scaling solutions. The compatibility of the zkEVM network with the Ethereum virtual machine is expected to provide faster and more affordable transactions, which could benefit Ethereum users in the long run.

#zkEVM #zkSync #Ethereum #ETH #azcoinnews

This article was republished from azcoinnews.com

According to CoinDesk, Scroll, a layer 2 scaling solution for the Ethereum blockchain, seems to have launched its main network. Led by co-founder Sandy Peng, Scroll has been developing a ZK rollup, a layer-2 network using zero-knowledge cryptography, compatible with the Ethereum Virtual Machine (EVM) computing environment. This compatibility allows developers to easily redeploy applications built for Ethereum onto the new 'zkEVM' network. Scroll's debut increases competition among rival zkEVM providers, such as Polygon and Matter Labs.

Etherscan, a blockchain explorer tool, displayed the main Ethereum blockchain interacting with the 'Scroll: L1 Gateway Router Proxy' over the past few days, following a 'Contract creation.' A dashboard was launched on Dune Analytics, a blockchain analysis platform, to track the new Scroll zkEVM. As of Thursday, around 370 ETH ($565,000 worth) had been bridged to the network, according to the dashboard.

Scroll's launch comes after two years of research and approximately seven months after Polygon and Matter Labs released their own zkEVMs. Scroll's zkEVM initially went live on a test network in February. Scroll has not confirmed whether they will be releasing their own token, and a spokesperson declined to comment on the blockchain transactions. The blockchain data was first reported by The Block.

Immutable announced a pioneering advancement in the gaming blockchain sector with the introduction of Immutable zkEVM.

Developed in collaboration with Polygon Labs, the company asserts that the next-gen zero-knowledge (ZK) proof-based scaling platform aims to streamline user experiences by eliminating transaction fees, addressing a significant obstacle to the widespread adoption of decentralized gaming.Gas fees has primarily been a user friction point. According to Immutable, these fees — essential for incentivizing blockchain security, have posed challenges for mass adoption, particularly for players transitioning from traditional gaming communities.

“If players don’t need to pay fees to play your game, more people will play your game. But I would argue that the impact to the user experience is even more impactful than the cost element. Immutable zkEVM will enable game studios to completely remove the concept of gas fees from the player experience,” Michael Powell, Head of Product Marketing at Immutable told Metaverse Post. “Traditional gamers aren’t used to paying fees for in-game actions (crafting, transacting, etc.) and, with Immutable zkEVM and Immutable Passport, they will get an experience they are familiar with,” he added.

Addressing Gas Fee Challenges to Ease Decentralized Gaming

Immutable asserts that gas fees not only complicates user experiences but also necessitate players to navigate various steps, from bridging to swapping — to ensure sufficient funds in the right wallet.

Immutable zkEVM has been designed for gaming with compatibility with the Ethereum Virtual Machine, scalability and enterprise-grade security, that promises to eradicate the concept of gas fees, enhancing affordability and accessibility for players exploring new games.The company said game developers leveraging Immutable zkEVM can sponsor gas fees for Immutable Passport users, streamlining onboarding processes and boosting transaction conversion rates. The imminent mainnet launch of zkEVM in early 2024 will witness Immutable sponsoring gas fees across its gaming ecosystem for a limited time, ensuring a easy transition for users.

“Players sign transactions via their wallets to perform on-chain actions involving assets they own. If the transaction was signed from a Passport wallet, Immutable will validate the transaction against the application’s sponsorship configuration,” Immutable’s Powell told Metaverse Post. “If the 3rd party chooses to sponsor the transaction, Immutable will submit the transaction (gas free for the player) and recoup the cost from counterparty – be it a game studio, marketplace or Immutable themselves.”

Powell further added that in order to make their games gas free for players, games can create an account for gas fees through Immutable’s Developer Hub, which can be maintained through a variety of funding methods. If the player’s transaction is sponsored, the gas costs will be debited from this account.

Paving the Way for Monetization Innovation

Immutable’s efforts to optimize gas efficiency in zkEVM translate to negligible costs for game studios – approximately $500-$1,000 for every 100,000 users. With a well-designed game economy, the company believes that gas sponsorship will not only enhance player adoption and conversion but also generate substantial revenue, surpassing the incurred costs.

“Our belief is that games should treat the cost of this sponsorship like their traditional server costs. Just as you wouldn’t expect players to cover their own AWS costs, games should sponsor gas fees to remove this friction and convert users into profitable customers through other forms of monetization. With proper game economy design, gas sponsorship can increase player adoption, conversion, and overall revenue for a game studio,” explained Immutable’s Powell. Treating gas sponsorship as conventional server or infrastructure costs, developers can introduce digital asset ownership models that mutually benefit players and game studios. The company’s forthcoming mainnet launch aims to be a game-changer, fostering a more inclusive and seamless gaming ecosystem.

“Balancing monetization with player satisfaction is the single greatest challenge facing the gaming industry. Only 5% of players make in-game purchases, and over 60% of those players regret spending money in the game. When blockchain technology and digital asset ownership are introduced, we’ve seen higher player engagement, an increase in average revenue per user, and reduced churn,” Immutable’s Powell told Metaverse Post. “By shifting a game’s audience from “user” to “owner”, game studios introduce a new revenue stream and players get to share in the success of the game.”

The post Immutable’s zkEVM Blockchain Eliminates Gas Fees to Improve Web3 Player Experience appeared first on Metaverse Post.

The #zkEVM Race is here

zkSync Era has attracted $141M asset bridged, and Polygon zkEVM has $2.63M

Let's dive into the data and see what is going on there 🧙‍♂️

Number of New Depositing Addresses are Slowing Down

The bridging activities are slowing down for both zkSync Era and #Polygon zkEVM.

zkSync is leading in the number of unique depositing addresses with 292.62K

Addresses, while Polygon zkEVM only has 11.68K.

zkSync Era has 280K more depositing addresses than Polygon zkEVM. How Many Are Airdrop Farmers?

We will try to analyze 3 main areas:

Have they used #Optimism /Arbitrum Before?

Wallet Age

Are they DEX/NFT Traders?



36.8% of the zkSync Era Depositors have not used Arbitrum/Optimism Before

Comparing it to Polygon zkEVM, only 11.4% of the depositors there have not used

Arbitrum/Optimism and over 75.8% of them used both.

Over 36.5% of the depositing Addresses are created after the launch of zkSync Era

It could potentially mean that people are creating multiple wallets in order to farm

the potential airdrops.

62% of the Depositors have not used a DEX/Bought any NFT Before

Compared to Polygon zkEVM, only 29% of the depositors have not used a DEX/trade

any #NFTs

Top 100 Depositors for zkSync Era and Polygon zkEVM