Polygon zkEVM’s Crucial Upgrade Imminent

• Polygon (MATIC) zkEVM upgrade is reported to take off on November 23 at 13:00 UTC. 

• In response, the price of MATIC has surged by 2.8 percent in the last 24 hours. 

The latest report from Polygon discloses that its zkEVM upgrade is imminent. According to the report, the update would occur on November 23 at 13:00 UTC and would last for 30 minutes. To calm all nerves, the team has assured that there will be no interruptions during the upgrade on the Polygon network.

However, interruptions might be recorded after the update is completed. According to the report, the sequencer will take approximately 2 minutes to restart. It is also important to note that end-users are not required to perform any action before and after the upgrade. 

For developers, they are required to upgrade their node, prover, and bridge to the latest version. This could enable them to unlock the full potential of the network while they continue to build Decentralized Applications (DApps) on the Ethereum blockchain. 

The Polygon zkEVM Beta version was unveiled earlier this year after $1 billion was raised in a funding round. Internal audits involving 26 researchers and two audits conducted by third parties have been engaged. According to Sandeep Nailwal, Polygon’s co-founder, zkEVM introduces additional innovation to the deployment of DApps. 

With zkEVM, you will be able to deploy any Ethereum application without any modifications, using existing Ethereum developer tools like Remix, and interact with the network using standard wallets like Metamask.

Changes to be Caused by the Polygon Upgrade

The expected upgrade would introduce significant features and changes, and would be very crucial in the “zkEVM node, bridge, and prover infrastructure.” According to the report, the likes of “RPC, sequencer, synchronizer, and databases,” would undergo some significant changes. The update would also introduce Websocket improvements. 

It is important to note that several updates have been introduced to the layer-2 scaling solution including the addition of Polygon PoS Bridge to the Polygon zkEVM in April. 

In September, it was reported that Polygon 2.0 has proposed an upgrade to reimagine all aspects of the ecosystem. Three Polygon Improvement Proposals (PIPs) were released and began taking place in Q4 2023. The proposals mentioned the upgrading of the native gas token on Polygon POS from MATIC to POL. 

The native token on Polygon PoS will change from being a claim on the Bridge’s MATIC to a claim on the Bridge’s POL.

This upgrade will not change any of the contracts on Polygon PoS and the native token’s properties will remain unchanged. All contracts on Polygon PoS will function as currently designed. Contracts on Ethereum expecting MATIC from the native MATIC Bridge may be affected by this upgrade.

The current announcement has triggered a price surge of MATIC to trade at $0.78135. In the last 24 hours, the asset has surged by 2.8 percent. MATIC has a bullish market sentiment with a score of 62/100. However, its weekly gain has declined by 13.71 according to market data.

A market prediction platform has predicted that MATIC could finish the year at a minimum price of $0.93762, and an average price of $1.17. At its best, the asset could trade as high as $1.41 before the year ends. 

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