Understanding how zkEVM’s latest achievement can help MATIC in long run

Polygon’s zkEVM reached a brand new milestone, which was an optimistic signal for the community.
In reality, Polygon revealed a number of new deliberate updates for the long run.

Sandeep Nailwal, the co-founder of Polygon [MATIC], just lately posted an replace on Twitter relating to Polygon’s newest zkEVM. Based on the tweet, the zkEVM reached a brand new milestone because it handed 99.5% of Ethereum check vectors, placing Polygon zkEVM at extraordinarily excessive EVM equivalence.

Sandeep talked about that this replace was clearly mirrored within the developer expertise the place hundreds of Solidity sensible contracts have been deployed on zkEVM with none adjustments.

Precisely, over three thousand sensible contracts have been deployed by customers on the open testnet with none problem or transformation.

#zkEVM passing 99.5% of Ethereum check vectors placing @0xPolygon #zkEVM at extraordinarily excessive EVM-Equivalence.

That is additionally mirrored within the Dev expertise the place 1000s of solidity sensible contracts have been deployed on zkEVM with none adjustments by any means.

🏃‍♂️in direction of mainnet quickly! https://t.co/U4ZRCtgWn1

— Sandeep | Polygon 💜🔝3️⃣ (@sandeepnailwal) December 7, 2022

Learn Polygon’s [MATIC] Worth Prediction 2023-24

Extra updates are coming

Not solely the zkEVM, however Polygon just lately introduced a number of new updates which can be within the works and will likely be launched quickly.

Take into account this- Polygon revealed that very quickly the parallel EVM engine will enhance fuel throughput by as much as two occasions on the principle chain. Moreover, researchers and builders have been testing new methods to extend the efficiency of Polygon’s PoS chain to make it even quicker.

FAST CAN BE FASTER ⏫ due to researchers of the Polygon PoS chain 👩🏿‍💻

The parallel EVM engine will INCREASE fuel throughput by as much as 2X on the principle chain 🎉

We’re concentrating on a rollout of the parallel engine for late subsequent 12 months – wish to study extra? 👇🏽https://t.co/z79pGAJS63 pic.twitter.com/6dwrpijq8t

— Polygon – MATIC 💜 (@0xPolygon) December 7, 2022

In an effort to enhance the velocity of the community, the builders have provide you with an idea known as “parallel execution.” The objective of a parallelizing engine is the power to course of a number of transactions on the identical time, which makes it completely different from conventional serial execution techniques.

In the meantime, Polygon’s NFT house additionally got here into the limelight just lately as Rarible, a preferred NFT market, announced that it might launch on the Polygon community.

Can this assist MATIC?

Although these developments regarded fairly promising for MATIC, issues didn’t but replicate on the value chart. The alt’s value was down almost 4% within the final seven days. As per CoinMarketCap, at press time, MATIC was trading at $0.8903 with a market capitalization of greater than $7.7 billion.

Let’s verify MATIC’s on-chain metrics to raised perceive the token’s trajectory.

CryptoQuant’s knowledge revealed that MATIC’s change reserve and web deposits on exchanges had been low, suggesting decrease promoting strain. Its MVRV Ratio was additionally significantly down, which could be indicating a potential market backside.

Furthermore, MATIC managed to stay fairly in style within the crypto neighborhood as its social quantity registered a spike. Nonetheless, MATIC’s community development decreased during the last week, which could trigger bother for MATIC within the coming days.