Polygon ZkEVM Proving Costs Estimated by Co-Founder Sandeep Nailwal

The worldwide crypto community is paying close attention to ZkEVMs, or EVM-equivalent Ethereum (ETH) scaling networks on zero-knowledge proofs (ZKPs), since they have the potential to completely alter the game of programmable blockchains. Polygon zkEVM, which debuted in March 2023, is now the most sophisticated network of its kind.

Polygon zkEVM brings “negligible” proving costs and five minute exit time, co-founder Nailwal says

For a total charge of just $0.000058, Polygon zkEVM may validate the validity of one transaction. Because of this, the costs of its ecosystem are almost nonexistent for dApps and their consumers. Sandeep Nailwal, a (MATIC) Polygon employee, posted these estimates on Twitter.

What it means is proving cost per txn on @0xPolygon is now $ 0.000058. This makes zk proving costs almost negligible

So you now have extremely cheap cost txns with <5mins exit times to L1, no need to wait for 7 days. Its hard to ignore why @0xPolygon #zkEVM is going to be the… https://t.co/K0HPPJgXcM

— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) June 10, 2023

Additionally, Polygon zkEVM reduces the “exit time,” or the amount of time needed to go from L2 to L1, to five minutes. When it comes to L1/L2 compatibility, this is a quantum leap.

To put things in perspective, L2 scalers from the previous generation would typically take seven days or longer to transfer value between two layers (for example, Optimism, which is responsible for $1.5 billion in TVL).

David Silverman, the Tech Product Manager at Polygon, estimated that $1,300 would be sufficient to authenticate every single piece of material published by users of the Lens decentralised network, including comments and financial data, in order to better understand the implications of Polygon zkEVM.

Despite being in its early stages, Polygon zkEVM is now the L2 network with the quickest growth. Despite today’s significant decline on altcoin marketplaces, its TVL passed the $30 million threshold.

All eyes on L2 rollups

To join the exclusive club, Polygon zkEVM must overcome the Rhino.fi-based network, which is now ranked number 10 among L2 networks by TVL.

according to U.Earlier today, Vitalik Buterin referred to platforms that package transactions and broadcast them compressedly to the mainnet as one of the pillars of Ethereum’s (ETH) road plan.

L2 rollups, together with account abstraction (“smart wallets”) and programmable privacy of operations, are to blame for Ethereum’s (ETH) development into a “mature tech stack,” according to Buterin’s most recent blog post.