Polygon (MATIC) Co-founder Sandeep Nailwal: zkEVM Launch A World-Changing Event
Polygon (MATIC) co-founder Sandeep Nailwal has made a significant proclamation, stating that the recent launch of the zkEVM network has forever altered the world’s trajectory towards “hyper-blockchainization.” In light of the escalating regulatory scrutiny faced by altcoins from the U.S. Securities and Exchange Commission (SEC), Nailwal aims to clarify the role of Polygon and its zkEVM development in driving progress within the Web3 ecosystem.
Nailwal emphasizes that the impact of the zkEVM rollout cannot be reversed, setting the stage for exponential adoption of blockchain solutions in the upcoming cycle. This milestone achievement signifies a pivotal moment for Polygon (MATIC) enthusiasts, as the network’s first version was activated on the mainnet on March 27, 2023.
Polygon’s zkEVM Revolutionizes Transaction Fees While SEC Targets Altcoins
The zkEVM network built by Polygon allows the largest Ethereum Virtual Machine (EVM) blockchain to transition from EVM-compatibility to EVM-equivalence, resulting in a significant reduction in transaction fees without compromising decentralization and throughput. According to Polygon zkEVM core developer Eduardo Antuña, the network is projected to process 10,000 transactions for just $1 in gas fees.
However, Nailwal’s proclamation comes amidst a heightened assault by the U.S. SEC on prominent altcoins. Notably, Binance and Coinbase were recently sued by the SEC for engaging in unregistered securities offerings. In an unprecedented move, Polygon (MATIC) assets were classified as securities, joining the ranks of other blue-chip altcoins like Cardano’s ADA and Solana’s SOL.
The SEC’s actions raise questions about the relevance of securities status in the rapidly evolving realm of technology. In November 2022, Polkadot’s DOT became the first altcoin to shed its security status, as confirmed by the SEC.
Nailwal’s declaration serves as a reminder that despite regulatory challenges faced by the industry, groundbreaking technological advancements such as the zkEVM launch on the Polygon network continue to propel the world towards a future defined by blockchain innovation.
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