- Ethereum scaling solution Polygon launches zk-based Miden on the testnet.
- The zero-knowledge rollup is designed to scale the Ethereum blockchain and extend its capabilities.
- MATIC holders digest the news with no significant impact on price.
Polygon (MATIC), the largest Ethereum scaling solution, announced on Monday the launch of its zero-knowledge (zk) based “Miden”, a scaler to boost Ethereum chain’s capabilities.
A zero-knowledge rollup is a type of Layer 2 scaling solution that takes computation and the state of a network off-chain. A rollup stores transaction data on-chain on the Layer 1 chain, in this case on Ethereum. In simple terms, by reducing the computation load on the Layer 1 chain, a rollup helps reduce users’ transaction time and cost.
MATIC price is $0.70 at the time of writing, trading broadly steady on Tuesday.
Polygon’s Miden reaches testnet phase
Polygon launched an alpha version testnet of Miden, a zk-rollup solution. The protocol announced the development in a tweet on its official X account.
babe, wake up, it’s here: the Polygon Miden Alpha Testnet is live—a zk self-sovereign focused chain ready for pioneers who want to cook.
— Polygon | Aggregated (@0xPolygon) May 6, 2024
join the brand new alpha telegram to start the Miden journey rn: https://t.co/ZWOI7MQOWp
soo what can you do on this testnet anyway? pic.twitter.com/xwgg0pMTys
The protocol said that Miden will reduce the burden on the Ethereum blockchain, improving privacy and scalability for users while extending the capabilities of the chain. Developers can begin testing the zk-rollup as competition to scale Ethereum intensifies.
Different Layer 2 chains, Base, Optimism, Arbitrum, zkSync, Scroll, Linea attempt to scale Ethereum, the following chart shows the dominant usage of the solutions.
Layer 2 by dominant usage
Rollups verify data without revealing its content to the rest of the network, respecting user privacy and supporting the local generation of proofs for client-side transactions. These steps help reduce the burden on the underlying blockchain, Ethereum.
Keom Research, a project working on zk solutions for DeFi, is testing use cases on Polygon’s Miden, per a recent tweet on X.
@Keom_Research is bringing zk to DeFi with Polygon Miden -- hear it from @bobbinth https://t.co/28Dx4sGEmG
— Polygon | Aggregated (@0xPolygon) May 7, 2024
MATIC price is $0.70 on Binance at the time of writing. Polygon’s native token lost nearly 1% of its value on the day, showing no significant reaction as MATIC holders digest the announcement from the Ethereum scaling solution.
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