Amid record-breaking spike in Polygon (MATIC) fees, platform approaches release of its scalability solution
Polygon (MATIC), a well-known smart contracts platform compatible with Ethereum Virtual Machine, unveils the date of its most crucial upgrade of 2022.
ZK-EVM Hermez approaches mainnet release: Save the date
According to the announcement shared by Sanket Shah, head of strategy at Polygon (MATIC), the product is on its way to a major update.
— sourcex.nft 💜 (@sourcex44) January 9, 2022
Polygon Hermez is going to see its mainnet version rolled out as soon as Q2, 2022. Its first mainnet version will only be suitable for value transfer and will not be EVM-compatible.
One hundred percent EVM compatibility will be added to Polygon’s Hermez in v2.
ConsenSys investor and Polygon growth advisor John Lilic stresses the importance of the upcoming release for Ethereum’s scaling ecosystem:
The race to scale #Ethereum going up a notch @0xPolygon $matic
No more exorbitant fees?
Polygon Hermez is an open-source ZK-Rollup and advanced scalability instrument for Ethereum and Ethereum-like networks. It was acquired by Polygon in 2021.
As covered by U.Today previously, for the first time in its history, the Polygon (MATIC) network suffered from a rapid transaction fee spike.
Polygon fees skyrocketed due to the increased activity of Sunflower Farmers, a play-to-earn ecosystem based on Polygon. With Hermez launched in mainnet, Polygon’s fee mechanisms will be more resource-efficient.