Polygon sets new record with 100K new smart contracts deployed

Polygon, a worldwide web3 infrastructure based on Ethereum, has made a new record marking over 100 new deployed smart contracts on their network.

Co-founder of Polygon (MATIC) Sandeep Nailwal just shared an update on Twitter on Polygon’s most recent zkEVM. According to the tweet, Polygon’s zkEVM has an incredibly high EVM equivalency after passing 99.5% of the Ethereum test vectors.

We are proud to announce a giant leap forward for Ethereum scaling and ZK innovation.

Introducing Polygon #zkEVM, the first EVM-equivalent ZK L2.

Today we’re releasing a complete implementation, fully open-source, and we’re just getting started.

[1/6] pic.twitter.com/P929DRCT1y

— Polygon – MATIC (@0xPolygon) July 20, 2022

Sandeep said that thousands of Solidity smart contracts have been launched on zkEVM without any adjustments, therefore this improvement was visible in the developer experience.

#zkEVM passing 99.5% of Ethereum test vectors putting @0xPolygon #zkEVM at extremely high EVM-Equivalence.

This is also reflected in the Dev experience where 1000s of solidity smart contracts have been deployed on zkEVM without any changes whatsoever.

towards mainnet soon! https://t.co/U4ZRCtgWn1

— Sandeep | Polygon Top 3 by impact (@sandeepnailwal) December 7, 2022

Polygon team also disclosed the results of the initial testnet, which saw the deployment of 2,264 smart contracts, the creation of 10,508 wallets, and 21,966 transactions. Users have precisely implemented smart contracts without any effort or modification via the open testnet.

Polygon smart contract has one of the cheapest gas fees on the market with 0.5 MATIC, equal to about 45 Gwei.

Although these developments appeared to be quite positive for MATIC, changes are yet to be recorded on the price chart. At the time of publication, according to CoinMarketCap, MATIC had a market capitalization of more than $7 billion and was trading at $0.8007.

Polygon sets new record with 100K new smart contracts deployed - 1 — MATIC/USD price chart. Source: CoinMarketCap

As of Dec. 22, the amount of daily MATIC transactions stood at close to 3 million. Still, it’s significantly less than its ATH of 9,177,310 recorded in June 2021.

More Polygon updates are expected soon

One of Polygon’s most notable steps is the compatibility of Polygon’s zero-knowledge solution with the Ethereum Virtual Machine (EVM), which enables quicker and less expensive transaction processing.

zkEVM is compatible with the contracts of the underlying network. The introduction of zkEVM is anticipated to fix the issues with the blockchain and offer ethereum additional scaling prospects.

Additionally, leading Solana-based NFTs DeGods and y00ts are leaving the blockchain in favour of ethereum and polygon.

DeGods and y00ts stated in separate announcements that they will migrate to their homes in Q1 of 2023 after testing. The NFTs are anticipated 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, indicating a lack of selling pressure. Its MVRV Ratio was also sharply lower, suggesting that the market may have reached a bottom.

Additionally, MATIC maintained a solid level of popularity in the cryptocurrency world despite a rise in its social volume. However, MATIC’s network expansion slowed over the previous week, which could pose a problem for MATIC in the days to come.