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Polygon Expanded Collaborations with Disney, Meta, Starbucks, and More in Q2 2023

Accordint to a report released by Messari, Polygon ($MATIC), a suite of Ethereum-based scaling solutions, unveiled key insights and recent developments in its ecosystem for the second quarter of 2023. Among the key highlights, Polygon Labs introduced Polygon 2.0, a network of zero-knowledge Layer-2 blockchains. This new development aims to become the “Value Layer of the Internet,” bringing significant updates to protocol architecture, tokenomics, and governance.

The Polygon zkEVM, a Zero-Knowledge (ZK) Layer-2 rollup protocol for Ethereum, showed steady growth, achieving 200,000 unique addresses by the end of Q2. This notable achievement was marked by collaborations and integrations with various industry players. An important aspect of the report was MATIC’s inclusion in the SEC’s complaints against Binance and Coinbase. However, the document emphasizes that Polygon’s network fundamentals were unaffected by this news.

Further, the report indicates that Polygon has expanded its partnerships with prominent legacy companies and institutions such as Franklin Templeton, Securitize, Mastercard, and Warner Music Group. These new additions join existing partners including Adobe, Adidas, Disney, Meta, Nike, Reddit, Robinhood, and Starbucks.

Other exciting developments include the launch of the Polygon zkEVM Mainnet Beta on March 27, 2023, aimed at enabling secure, quick, and cheap transactions. Additionally, the report provides insights into Polygon Miden, an upcoming ZK Layer-2 rollup protocol designed for Ethereum, utilizing the Miden Virtual Machine (MVM) written in Rust. An app-chain-focused scaling solution for Polygon PoS, known as Polygon Supernets, is currently in testnet. Finally, Polygon ID, a privacy-preserving identification service for Web3 users, uses ZK-proofs to verify user credentials privately.

Polygon’s Q2 report underscores the platform’s ongoing commitment to innovation, collaboration, and growth. These initiatives place Polygon at the forefront of the blockchain industry, reinforcing its position as a leading provider of Ethereum-based scaling solutions.

RISC Zero Announces Open Sourcing of Key Technological Innovations

RISC Zero, a Seattle-based pioneer in zero-knowledge (ZK) virtual machine technology, has announced a groundbreaking initiative. Through a series of tweets, the company revealed its plan to open source three major technological innovations: High-Speed Recursion, Proof Composition, and a STARK-to-SNARK Wrapper. These contributions, earmarked for release under the Apache2 licensing structure, represent a major commitment to transparency, agency, and integrity within the tech community.

Detailed Breakdown of RISC Zero’s Innovations

High-Speed Recursion: This technology aims to redefine the capabilities of private computing systems. It enables the creation of fast, scalable systems with the unique feature of sub-second proof recursion. This can significantly enhance the performance and scalability of blockchain and cryptographic applications.

Proof Composition: A novel approach to verifying one zkVM proof within another, this innovation is set to improve the reliability and security of zkVM applications. It allows for more complex and interconnected cryptographic operations, enhancing the overall utility of ZK systems.

STARK-to-SNARK Wrapper: Focused on onchain applications, this tool addresses the challenge of proof size and efficiency. By shrinking proofs, it facilitates smoother and more efficient integration of applications onto blockchain platforms.

Implications and Impact of Open Sourcing

By open-sourcing these technologies, RISC Zero not only contributes valuable tools to the developer community but also reinforces its position as a leader in OSS contributions. This move is expected to accelerate innovation in zero-knowledge cryptography, a field critical for ensuring privacy and security in decentralized computing and blockchain systems.

It’s important to contextualize this announcement with RISC Zero’s previous achievement of securing $40 million in a Series A funding round in July 2023. This investment, led by prominent players like Blockchain Capital, has enabled RISC Zero to push the boundaries in ZK technology development, culminating in these latest open-source offerings. The funding has been pivotal in advancing RISC Zero’s mission and enhancing its technological capabilities.

RISC Zero’s mission revolves around empowering developers and infrastructure providers with cutting-edge cryptographic tools. These tools are critical for building trustless, scalable, and decentralized computation solutions, both on and off chain. The company’s innovative zkVM technology, enabling the use of conventional programming languages like Rust and C++ for building ZK applications, signifies a breakthrough in blockchain technology.

RISC Zero’s latest announcement is more than just a contribution of tools; it’s a reinforcement of the company’s dedication to the ethos of open-source development and a testament to its vision of a more secure and efficient digital world. These innovations are set to transform the landscape of zero-knowledge cryptography and blockchain technology, enabling developers to create solutions that were once thought impossible.

OKX Ventures Invests in Orbiter Finance's Decentralized Layer 2 Protocol

OKX Ventures, the investment arm of the prominent crypto exchange and Web3 technology company OKX, has recently announced a strategic investment in Orbiter Finance, a decentralized cross-Layer 2 (L2) protocol. This marks a significant step in the evolution of blockchain infrastructure and decentralization efforts.

Orbiter Finance, known for its transformative product enhancements, is currently developing a zero-knowledge (ZK) technology-based, omni-chain rollup on Ethereum. This initiative is expected to redefine Orbiter Finance’s vision, elevating it beyond its original role as an asset cross-rollup bridge. In the past two years, Orbiter Finance has impressively processed over 12 million transactions, with a total transaction volume exceeding US$7.8 billion. The protocol has garnered a substantial user base of over three million and a community of more than 700,000 users and fans.

In 2024, Orbiter Finance is set to bring considerable changes to the blockchain space, establishing itself as a ZK-tech-based, instant omni-chain rollup on Ethereum. A notable feature of the protocol is the integration of ZK Simplified Payment Verification (SPV) to authenticate L2 transactions on the mainnet and to address fraudulent re-layers via the Ethereum Virtual Machine (EVM). This development introduces a secure, efficient, low-cost, and quick communication mechanism for Ethereum. The fund security provided by ZK-SPV enables Orbiter Finance to extend complete access to the ‘Maker’ role, thereby achieving a critical milestone in blockchain infrastructure—decentralization.

Dora Yue, the Founder of OKX Ventures, expressed excitement about leading the strategic investment in Orbiter Finance. She highlighted the protocol’s ability to overcome traditional bridge limitations, such as speed, and its role in enhancing the efficiency of cross-chaining between various L2s and the Ethereum mainnet. Orbiter Finance currently supports over 19 L2 rollups and numerous native Ethereum assets, positioning it as a crucial infrastructure component for the L2 ecosystem. Yue commended the team’s continuous product upgrades and their commitment to ensuring a more decentralized and trustless support for the L2 ecosystem’s growth in 2024.

OKX Ventures, with an initial capital commitment of USD 100 million, focuses on exploring the best blockchain projects globally, supporting cutting-edge blockchain technology innovation, and investing in long-term structural value. Through its support for entrepreneurs contributing to the blockchain industry, OKX Ventures aims to build innovative companies and provide global resources and historical experience to blockchain projects.

Axiom Secures $20 Million in Series A Funding for Blockchain Data Access Innovation

Axiom, a smart contract platform, has successfully secured $20 million in a Series A funding round, according to official blog. The funding round was led by prominent crypto-focused venture firms Paradigm and Standard Crypto, with additional investments from Robot Ventures and Ethereal Ventures. This milestone marks a crucial step in Axiom’s mission to revolutionize the accessibility of authenticated data on blockchain networks.

At the core of Axiom’s strategy lies the innovative use of zero-knowledge cryptography. Unlike traditional consensus mechanisms that require all nodes to agree on a state of data, zero-knowledge technology enables a verification mechanism that does not reveal the data involved in the computation. This approach allows users to prove the accuracy of a statement without disclosing any underlying information, enhancing privacy and reducing costs associated with data management.

The funding will be instrumental in accelerating the development of Axiom’s first product, focusing on giving smart contract developers enhanced access to more on-chain data. The startup aims to address the challenges posed by the high costs of data in on-chain applications, which often lead to feature removal or complex contract designs to optimize data usage. By leveraging zero-knowledge proofs, Axiom intends to enable more efficient and privacy-preserving data handling, allowing on-chain applications to manage larger volumes of data at lower costs.

Axiom’s commitment to this technology was exemplified by the launch of its mainnet in 2023. This launch provided developers with unprecedented access to historical Ethereum data, enabling off-chain computations backed by zero-knowledge proofs. The application of zero-knowledge proofs extends beyond the realm of cryptocurrency, with potential uses in sectors such as banking, healthcare, energy, and voting systems.

Axiom’s successful funding round and technological advancements position the firm at the forefront of a potential industry shift towards more private and efficient blockchain data management. The implications of this technology are vast, with Axiom set to play a pivotal role in shaping the future of smart contract development and blockchain data accessibility.