Polygon, a global web3 infrastructure based on Ethereum, has made a new record with more than 100 new implemented smart contracts on their network.
Co-founder of Polygon (Matic) Sandep Nailwal has just shared an update on Twitter on Polygon’s most recent ZKEVM. According to the tweet, Polygon’s ZKEVM has an incredibly high EVM equivalence after passing 99.5% of the Ethereum test vectors.
Sandep said that thousands of firmness smart contracts were launched on ZKEVM without any adjustments, which is why this improvement was visible in the developer experience.
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Polygon team also revealed the results of the initial test network, which saw the implementation of 2,264 smart contracts, creating 10,508 portfolios and 21,966 transactions. Users have accurately implemented smart contracts without any effort or adjustment via the open test network.
Polygon Smart Contract has one of the cheapest gas costs on the market with 0.5 Matic, equal to approx 45 Gwei.
Although these developments turned out to be pretty positive for Matic, changes still have to be recorded on the price chart. At the time of publication, Matic had a market capitalization of more than $ 7 billion and traded at $ 0.8007.
From December 22, the amount of the daily Matic transactions was almost 3 million. Yet it is considerably less than its ATH of 9,177.310 included in June 2021.
More polygoon updates will be expected soon
One of the most striking steps of Polygon is the compatibility of Polygons Zero-Knowledge solution with the Ethereum Virtual Machine (EVM), which makes faster and cheaper transaction processing possible.
ZKEVM is compatible with the contracts of the underlying network. The introduction of ZKEVM is expected to solve the problems with the blockchain and offer Ethereum extra scale perspectives.
In addition, leading Solana-based NFTS deGods and Y00ts de Blockchain in favor of Ethereum and Polygon.
Degods and Y00Ts stated in separate announcements that they will migrate to their houses after testing in Q1 of 2023. The NFTs are expected to release a formal plan in January 2023.
The exchange reserve and net deposits for Matic on exchanges were low, according to data from cryptoquant, which indicates a lack of sales pressure. The MVRV ratio was also highly lower, which suggests that the market may have reached a soil.
In addition, Matic enforced a solid level of popularity in the cryptocurrency world despite an increase in its social volume. However, the network expansion of Matic delayed in the past week, which could be a problem for Matic in the coming days.
