Rubic is thrilled to announce the successful integration of Polygon’s zkEVM, a cutting-edge Ethereum Layer 2 scalability solution. In this article, we will explore the exciting ecosystem of Polygon zkEVM, give an overview of Polygon’s new tokenomics, and introduce an upcoming campaign that offers the opportunity to participate in a potential airdrop from the Polygon team. Get ready to delve into the details and seize this remarkable opportunity!
The Main Question
What’s the Difference Between Polygon zkEVM and Polygon?
The original Polygon functions as a sidechain that runs parallel to the Ethereum mainnet, whereas Polygon zkEVM uses a ZK-Rollup architecture that is built on top of Ethereum. The key distinction is that Polygon is EVM-compatible but Polygon zkEVM has total EVM equivalence. The latter is focused on being a near-perfect replica of Ethereum’s execution environment, which means it uses ETH instead of MATIC for gas fees.
Why is Polygon zkEVM needed?
We have previously delved into the topic of L2 solutions in our article titled “Rubic as an Ethereum L2 Network Aggregator.” To further explore Ethereum scaling, we recommend reading that article first. However, let’s briefly highlight what Polygon zkEVM is and how it contributes to Ethereum scaling.
Scaling Ethereum with zkEVM
Given that Ethereum is subject to the DLT (distributed ledger technology) trilemma, it cannot scale beyond its transaction threshold without sacrificing decentralization or security. This is where Polygon zkEVM comes into play.
Polygon zkEVM is a decentralized Ethereum Layer 2 scalability solution that uses cryptographic zero-knowledge proofs to offer validity and quick finality to off-chain transaction computation, also known as a ZK-Rollup. The ZK-Rollup executes smart contracts transparently, by publishing zero-knowledge validity proofs, while maintaining opcode compatibility with the Ethereum Virtual Machine.
Benefits of Polygon zkEVM
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EVM equivalence
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Ethereum security
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ZKP-powered scalability
Developers can deploy their existing smart contracts to the zkEVM, and users can deposit assets from Ethereum and transact off-chain. These transactions are grouped into batches with zero-knowledge proof attesting to the validity of each transaction. This ensures that the operators of the zkEVM can’t steal user funds, so we can say that it inherits the security of Ethereum.
Polygon zkEVM offers compatibility and scalability without compromise.
It is important to note that recently, Polygon has announced Polygon 2.0, a re-launched version of the Polygon blockchain, which will eventually become a ZK-based protocol architecture.
Explore Polygon 2.0 Protocol Architecture: https://polygon.technology/blog/polygon-2-0-protocol-vision-and-architecture
Polygon 2.0: The Value Layer of the Internet: https://polygon.technology/blog/introducing-polygon-2-0-the-value-layer-of-the-internet
Polygon zkEVM Protocol Design: https://zkevm.polygon.technology/docs/protocol/protocol-components/
As you may have noticed, we’ve highlighted EVM equivalence. This is an interesting topic as there’re some differences between Polygon zkEVM, and let’s say, zkSync Era, which was the first zkEVM solution rolled out.
The problem is that EVM was not designed to be ZK-compatible, meaning some things will be difficult to generate proofs for. In short, the generated bytecode is not the same as the EVM bytecode. So contracts may not have the same addresses and a lot of existing tools and infrastructure that rely on EVM bytecode will break, limiting what can be deployed to zkSync.
The Polygon zkEVM, on the other hand, is partially bytecode-equivalent. As a result, a lot of infrastructure can be ported over and is fully compatible with most Ethereum applications.
They’re partially bytecode-equivalent because they omit operations that are hard to generate proofs for like hash functions and precompiled contract calls, but the tradeoff is that it’s fast to generate ZKPs, though not as fast as zkSync.
Polygon transforms the EVM bytecode into their own zero-knowledge Assembly language (zkASM) which is then used to generate their validity proof.
$POL: 3rd Generation Token
Recently, the Polygon team has unveiled another proposal for Polygon 2.0, a brand-new white paper devoted to $POL, a technical upgrade of the native asset of the Polygon network, $MATIC.
Here’s a short summary:
$POL White Paper Key Points:
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POL is the next-generation native token of the Polygon protocol. It is a proposed technical upgrade of the current MATIC token.
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If the community reaches a consensus to adopt POL, MATIC holders will have their tokens upgraded to POL in a 1:1 ratio.
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The initial supply of POL is 10 billion tokens. The entirety of the initial supply will be dedicated to migration, i.e. token swaps from MATIC to POL. The initial supply of POL matches the supply of MATIC, which should make the migration quite straightforward.
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The upgrade from $MATIC to $POL will be a simple action of sending $MATIC to the upgrade smart contract, which then automatically sends back the equivalent amount of tokens in $POL. Holders will be given at least 4 years to upgrade.
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POL aims to secure, align, and grow the Polygon ecosystem. The Community Treasury proposed for the Polygon ecosystem is an in-protocol, community-governed fund. It aims to provide ongoing economic support, increase decentralization, while enhancing transparency and community involvement.
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Funding for the Community Treasury is derived from a predetermined emission of the POL token, with 1% per year dedicated to this purpose (i.e. $50–100 million per year is realistic to expect).
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Average POL price of $5 is predicted during the 10-year period.
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The governance process involves Polygon Funding Proposals and consensus gathering, allowing community members to submit proposals and make decisions. POL token holders are economically incentivized to approve beneficial proposals, creating a decision-making process that benefits the ecosystem.
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Unlike Bitcoin (BTC), which does not give its holders any role in the protocol nor the incentives to perform such a role, and Ethereum (ETH), which allows holders to become validators but on a single chain, POL introduces two major improvements:
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Validators can validate multiple chains, and they normally collect transaction fees from all those chains.
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Chains can offer multiple roles and corresponding rewards to validators.
With its ambitious vision and groundbreaking features, the POL token aims to revolutionize the Polygon ecosystem. By aligning incentives, facilitating multi-chain validation, and providing a sustainable funding mechanism, POL sets the stage for Polygon’s growth as the Value Layer of the Internet.
As Polygon continues to mature and expand, the adoption of POL represents a transformative step forward in building a self-sustainable and thriving open-source protocol.
Read the full POL White Paper: https://polygon.technology/papers/pol-whitepaper
Polygon 2.0 Tokenomics: https://polygon.technology/blog/polygon-2-0-tokenomics?utm_source=twitter&utm_medium=social&utm_content=token-2.0-blog
Potential MATIC Airdrop
As with every airdrop, the main question sounds like “Is the airdrop confirmed?” As always, nobody knows. But, “There’s no rule that an existing token can’t do a massive airdrop” — Sandeep Nailwal, Co-Founder of Polygon
Step-by-step Guide
How do you increase your chances to receive the airdrop? Here’s a step-by-step guide based on experience with previous airdrops on the market.
- Add the Polygon zkEVM network to your wallet. You can easily do it here: https://wallet.polygon.technology/. .
Or you can add Polygon zkEVM network directly on MetaMask:
- Open Metamask and click the network name located at the top-right of the window
- Click the Add Network button at the bottom of the pop-up window
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Enter the following network details and click Save
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Network Name: Polygon zkEVM
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New RPC URL: https://polygonzkevm-mainnet.g.alchemy.com/v2/your-api-key
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Chain ID: 1101
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Currency Symbol: ETH
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Block Explorer URL: https://zkevm.polygonscan.com/
2. If you have funds on the Ethereum network or its Layer 2s, you can bridge ETH from Ethereum to Polygon zkEVM via the Native Bridge or other ecosystem bridges named below.
3. Usually, the more you interact with the Blockchain’s ecosystem, the more chances you get. Thus, you can additionally use other bridges to bridge ETH on Polygon zkEVM or swap some other tokens you have:
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Symbiosis: Go to http://app.symbiosis.finance and bridge tokens to Polygon zkEVM.
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XY Finance: Go to https://xy.finance/ and bridge tokens to Polygon zkEVM.
4. To raise your chances, you can interact with Polygon zkEVM dApps, for example:
- Quickswap:
Connect your wallet to Quickswap Exchange. Make sure you have switched to the network on Polygon zkEVM. Then, go to the Swap section and, firstly, swap ETH for USDC; and then swap the same amount of ETH for WETH. Afterwards, you may go to their Pool, select ETH and USDC tokens as the token pair, approve the tokens, and add liquidity.
- PancakeSwap:
Connect your wallet to PancakeSwap**. **To swap tokens on the Polygon zkEVM network, go to the Swap page. You can exchange any amount of any token. If you’re interested in providing liquidity, visit the liquidity page. You can choose from eligible pairs like USDC/WETH, USDT/WETH, WBTC/ETH, and USDC/ETH.
5. Since Rubic acts as an aggregator of cross-chain bridges, providers, and DEXs, we can simplify users’ entries into the Polygon zkEVM ecosystem. *Using Rubic will activate your wallet on zkEVM with at least 5 ecosystem protocols: XY Finance, Symbiosis, QuickSwap, PancakeSwap, and Rubic.
About Rubic
Rubic is a Cross-Chain Tech Aggregator for users and dApps.
Our vision is that Rubic’s new umbrella SDK will aggregate the best Web3 cross-chain tech — from signals and oracles, to tokens and NFT bridges, in ready-made templates for DEXs, Lending/Farms, and more. This will help developers easily make their Web3 dApps cross-chain, regardless of what their function is.
Right now, Rubic aggregates 60+ major blockchains, 90+ DEXs and bridges, and enables swapping of 15,500+ assets with the best rates, highest liquidity, and transaction speeds — in one click. Users can do it on https://app.rubic.exchange, but we also provide tools for dApps to enable cross-chain swaps (https://tools.rubic.exchange).
On top of that, Rubic’s app and our cross-chain widget provide fiat on-ramp services, making crypto easy to access and buy.
About QuickSwap
QuickSwap is the leading DEX and AMM on Polygon, Polygon zkEVM, and Dogechain, allowing users to swap, LP, farm, stake, leverage trade, and more at instant speeds with near-zero gas fees. Home of the DragonFi ecosystem, QuickSwap provides its users with other DeFi products such as a decentralized Perpetual Exchange and Gaming Hub, with more to come.
About PancakeSwap
PancakeSwap is a leading multichain decentralized exchange that operates on an automated market maker (AMM) model built on BNB Chain, Ethereum, Aptos, Polygon zkEVM and Linea. Launched in 2020, PancakeSwap is one of the most popular DEXs in the cryptocurrency industry due to its low transaction fees, high-speed trading, and user-friendly platform. PancakeSwap has over $581 billion in total trading volume and over $1.5 billion in total liquidity locked, making it the leading multichain DEX in the industry. For more information, visit https://pancakeswap.finance/.