Polygons Main Network: No Separate Token Required
It is reported that Polygon has updated its official document on matters related to the main network of Polygon zkEVM. The article points out that the main network of Polygon zkEVM
It is reported that Polygon has updated its official document on matters related to the main network of Polygon zkEVM. The article points out that the main network of Polygon zkEVM will not issue a separate token, and ETH will be used to pay network gas fees. It is expected that in the future, MATIC will be used for pledge and governance in Polygon zkEVM. In addition, since Polygon zkEVM supports account abstraction through ERC-4337, this will allow users to use any token to pay fees.
Polygon: It is expected that MATIC will be used for pledge and governance in Polygon zkEVM in the future
Introduction
Polygon’s zkEVM is a layer 2 scaling solution for Ethereum. It reduces the high transaction fees and slow speeds associated with the Ethereum network. The scaling solution has been gaining popularity since its launch, attracting users and developers alike. In a recent official document update, Polygon announced that its main network, Polygon zkEVM, will not issue a separate token, but rather rely on ETH for network gas fees.
Why No Separate Token?
Polygon’s zkEVM is based on ZK-rollups technology, which enables layer 2 scaling without compromising security or decentralization. However, issuing a separate token raises many challenges, including regulatory compliance, liquidity, and adoption. Therefore, relying on ETH for network gas fees is a logical choice to overcome these challenges while leveraging the network effect of Ethereum.
Use of MATIC for Pledge and Governance
Although ETH will be used for network gas fees, Polygon intends to use its native token, MATIC, for pledge and governance in zkEVM. MATIC is used as collateral for validators and stakers in the network, ensuring security and incentivizing participation. Governance refers to decision-making and voting rights concerning network upgrades, proposals, and asset listing. The use of MATIC for pledge and governance further strengthens the Polygon ecosystem and incentivizes community involvement.
Account Abstraction with ERC-4337
Polygon’s zkEVM supports account abstraction through ERC-4337, allowing users to use any token to pay fees. Account abstraction enables seamless transfers between wallets, dApps, and other tokens without the need to hold a specific token for each transaction. This feature is a significant step towards making Ethereum more user-friendly and accessible to everyone.
Conclusion
Polygon’s decision not to issue a separate token for zkEVM is a strategic move, leveraging the network effect of Ethereum while avoiding the challenges associated with issuing a new token. The use of MATIC for pledge and governance adds value and incentivizes community involvement, while account abstraction through ERC-4337 enables seamless transfers and usage of any token. The future looks bright for Polygon’s zkEVM, and with the right infrastructure, it can continue to attract more users and developers.
FAQs
1. What is Polygon’s zkEVM?
Polygon’s zkEVM is a layer 2 scaling solution for Ethereum that reduces transaction fees and improves speeds.
2. Why isn’t Polygon issuing a separate token for zkEVM?
Issuing a separate token raises many challenges, including regulatory compliance, liquidity, and adoption. Therefore, relying on ETH for network gas fees is a logical choice to overcome these challenges while leveraging the network effect of Ethereum.
3. What is the use of MATIC for pledge and governance?
MATIC is used as collateral for validators and stakers in the network, ensuring security and incentivizing participation. Governance refers to decision-making and voting rights concerning network upgrades, proposals, and asset listing. The use of MATIC for pledge and governance further strengthens the Polygon ecosystem and incentivizes community involvement.
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