Polygon Labs announces Plonky3 as open-source toolkit for customizable zKEVMs

Polygon Weekly Overview - July 19, 2024

Welcome back to the Polygon Weekly Overview. The best place for Polygon community members to get up to speed on the chain’s latest updates, metrics, releases, insights, ecosystem developments and more. All in one place. 

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By The Numbers

• Polygon daily active users: 1.53M (+15.8%)

• Polygon daily txns: 3.77M (+5.9%)

• Polygon Total Volume Locked (TVL): $884.48M (+4.25%) 

• NFT weekly sales volume: $19.65M (+19.38%)

• Top 3 NFT collections by sales volume: 

  • MojoMojo: $1.54M

  • Buggos: $1.53M

  • Oldies: $1.40M

The percentages and metrics are based on a 7-day timeframe, unless noted otherwise.

Polygon Spotlight

🟪What happened: Polygon Labs announced Polygon Plonky3, an open-source tool kit designed for developers to create zero-knowledge virtual machines (zkVMs) and ZK Ethereum Virtual Machines (zkEVMs) for use case-specific needs.

🟪Why does it matter: Plonky3 is designed to enable developers to create custom zkVMs and zkEVMs that tailor to novel situations. 

This new system builds upon the release of Plonky2, which was released in 2022 and known through the community for its speed and efficiency. Plonky3 hopes to offer developers more flexibility in applications such as speed, cost efficiency and proof size in comparison to the previous model.

The AggLayer plans to incorporate Plonky3 to ensure liquidity and security across multiple chains, emphasizing its strategic importance. In general, a number of ZK-related technologies will be integrated into Polygon chains

🟪The big picture: This integration hopes to enhance interoperability, reduce costs, and provide faster transaction speeds. In turn, it can streamline proof aggregation and offer developers tools to build more innovative decentralized apps.

Forging the Ecosystem

• Wirex, an onchain payment chain connected to the AggLayer, partnered with Visa to power crypto payments

• The Sink released its whitepaper focused on its L2 connecting to the AggLayer and designed to provide yield in a more transparent, scalable manner

• Privado ID, a self-sovereign identity solution using ZK proofs, introduced proof of credentials on its app

• Michael Mann, director of the film Ferrari, released an all-access pass powered by Polygon PoS to showcase his work behind the scenes

Highlighting the community

• Thrive Polygon selected recipients for its $800K in MATIC consumer crypto grants program for builders on Polygon

• X user 0xRouss went into detail about DeCash, a social finance platform built using Polygon CDK that allows users to send money through QR codes 

• Dabl Club created a thread on X that provided an overview of Privado ID and its use cases

• ICYMI: Co-founder of Polygon Labs, Sandeep Nailwal, spoke at AltLayer Rollup Day in Brussels

Featured headlines

You might have seen these Polygon-related headlines recently…

• Polygon Will Migrate MATIC Tokens to POL During September Upgrade (Decrypt)

• Polygon Spearheads Next-Gen Loyalty Programs in Collaboration with Google Cloud and Accenture (The Defiant)

• Polygon Labs says its ZK proving system Plonky3 is production-ready, set to integrate into AggLayer (The Block)

Join in the fun

Want to dive into the Polygon ecosystem full-time? Find the latest job postings here. 

• Attend the Polygon Labs’ hosted Aggregation Summit in Bangkok, Thailand from November 10-11

• Apply for funding to build on Polygon through Dabl Club’s Polygon community grants program

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This product was built by Token Relations. 

This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.