Succinct’s new zkVM aims to help devs build on the AggLayer and other chains
Polygon Weekly Overview - August 9, 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: 971.46K (+25.66%)
Polygon daily txns: 3.40M (+7.94%)
Polygon Total Volume Locked (TVL): $811.81M (-9.01%)
NFT weekly sales volume: $9.20M (+9.07%)
Top 3 NFT collections by sales volume:
Courtyard: $1.3M
Angel Girl: $726.1K
Matr1x Fire Weapon: $615.1K
The percentages and metrics are based on a 7-day timeframe, unless noted otherwise.
Polygon Spotlight
🟪What happened: Succinct deployed Succinct Processor 1 (SP1), a zero-knowledge virtual machine (zkVM) on mainnet.
🟪Why does it matter: The SP1 aims to help enable developers to create real-world ZK proof (ZKP) applications through the Rust coding language. It can help teams across a number of use cases like ZK-rollups, cross-chain interoperability, bridging, proof aggregation, and Bitcoin L2s, Uma Roy, Succinct co-founder and CEO, shared in a blog post.
SP1 has secured over $1 billion in TVL and validated over 10,000 ZKPs to date, Roy said. “SP1 will enable ZKPs to become mainstream, ushering in a new era of verifiability for all of blockchain infrastructure and beyond.”
Polygon Labs previously collaborated with Succinct to utilize its SP1 zkVM as a component of the AggLayer. SP1's integration into the AggLayer enabled Polygon to create ZKPs with enhanced efficiency and speed up to 10x, while maintaining performance and security. SP1 has additionally partnered with other crypto entities like Celestia, Avail, and Hyperlane, to name a few.
SP1 also integrates with Plonky3, an open-source toolkit developed by Polygon Labs for customizable zkEVMs that launched last month. The integration aims to offer greater performance and security to the AggLayer. It can simplify the development process for applications, reducing the time from potentially months to weeks.
In the past, challenges around scalability and trustless interoperability have affected blockchains growth. SP1 aims to combat this issue with fast finality and permissionless participation for any rollup ecosystem.
🟪The big picture: The integration of SP1 into the AggLayer demonstrates the potential for widespread adoption of zkVMs across the ecosystem as ZKPs becomes more established within blockchain networks.
As SP1 continues to be adopted by a number of crypto projects, it can act as a powerful tool for developers to enable faster and more secure deployments of ZKP across various blockchain-based applications.
This release, alongside future innovations, can potentially accelerate the growth of AggLayer and showcase the benefits from leveraging zkVMs for enhanced interoperability.
Forging the Ecosystem
Data Ownership Protocol launched its network on Polygon PoS
WOWMAX deployed its decentralized exchange aggregation protocol to the Polygon network
21BJ announced it will release its game on Immutable zkEVM, a network powered by Polygon technology
Highlighting the community
X user Everstake_Masha created a thread outlining how the AggLayer can help unify chains and improve crypto transactions
Want to learn more about the Ronin-based web3 game Wild Forest? Watch X user Dabudda17’s video
Binance Square user GuvenerZoe wrote a piece about Movement Labs and how it will connect to the AggLayer
Check out X user Aulijk’s thread on X to showcase emerging games on Immutable
Featured headlines
You might have seen these Polygon-related headlines recently…
Chain Abstraction Educate: What is AggLayer and How Is Seamless Crosschain UX Achieved? (Encode Club on YouTube)
Wirex Pay Launches Exclusive Whitelist Node Sale (PR Newswire)
Join in the fun
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Listen to the Immutable team talk about onchain gaming and updates surrounding its network
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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.