Magpie & Polygon zkEVM
A Nest-level Experience
The Ethereum network has revolutionized the world of DeFi, dApps, and smart contracts. However, as its popularity grows, so do the challenges it faces, particularly in terms of scalability. To help combat these issues, various solutions have emerged, but one of the newest and most promising ones is zkEVM (Zero-knowledge Ethereum Virtual Machine).
If you’re unfamiliar with what scaling solutions are, or what zero-knowledge means in this context, you can read a more in depth description in a previous blog post of ours here, but we’ll give a short and sweet description for you all in this article as well.
We’re incredibly excited to announce that Magpie will be the first aggregator on Polygon zkEVM.
If you’re looking for the best price and tired of expensive and slow transactions on other chains, ruffle those feathers no more — Polygon zkEVM & Magpie are here to help you fly through Ethereum with ease. 🦅
Today we’re going to explore zkEVM and how it combines the best features of different Ethereum rollup types to enhance scalability, privacy, security, and interoperability.
First, a quick rundown.
To better understand what a zkEVM is, we’ll start by explaining the Ethereum Virtual Machine (EVM). The EVM acts as a decentralized virtual computer, or runtime environment, facilitating interactions between smart contracts and dApps on the Ethereum blockchain and without it, we wouldn’t have dApps or smart contracts.
Even with the EVM, the blockchain is still limited to it’s maximum of 30 transactions per second, which isn’t anywhere close to enough for how many people want to utilize DeFi. Scaling Ethereum is the goal of increasing transaction speed and throughput (transactions per second), without sacrificing the inherent security of the Ethereum chain.
Two prominent rollup types are Optimistic Rollups and zk-Rollups. Optimistic Rollups are compatible with the EVM but have raised concerns about fraud and security. While zk-Rollups offer improved security, they historically lack EVM compatibility, which has limited adoption. This created a demand for a rollup solution that combines the strengths of both types, resulting in zkEVM.
What is a zero-knowledge proof?
In short, a zero-knowledge proof is a way of proving the validity of a statement without revealing the statement itself. Generally, the verification process in proving and verifying statements to the blockchain involves knowing what information is being verified, with zk-proofs (ZKPs), that is no longer necessary.
Zk-proofs eliminate the need to reveal any information to prove whether it’s valid or not, they just need to know that the statement is valid. This change provides more privacy to users, as the underlying information is not shared with those verifying it. 🔐
What’s zkEVM?
👉 Scalability.
Scalability solutions have seen amazing growth in DeFi, but with zkEVM, the chain can keep the privacy and security that comes with zero-knowledge rollups. By fusing ZKPs with an EVM-compatible environment, zkEVM offers the best of both worlds, allowing for exponential improvements in throughput and scalability. zkEVMs are verified on Ethereum just like other rollups, so they largely have the same level of security as the native Ethereum blockchain protocol.
👉 Enhanced Interoperability.
As zkEVMs utilize EVMs, existing smart contracts and dApps can seamlessly migrate to zkEVM without requiring any coding changes, allowing for developers such as your friendly birds to easily build a new nesting ground on the protocol.
👉 Speed.
Can support 2000 transactions per second and more, splitting the cost of one Ethereum transaction between the entire batch. Using Polygon Zero Technology, zkEVM has the fastest Zk proofs in the world.
Look up in the sky, is that a bird? A plane? Superman? Nope, it’s a bird! 🐦
The birds here at Magpie have decided to help build a new nesting ground for our flock over on Polygon’s zkEVM.
Magpie will be the first to aggregate liquidity on zkEVM, so fly on over using Magpie and let your DeFi dreams take flight.
Fly high over the high gas fees and wait times of the past, and into some secure and cheep cheep transactions! 💰
