Polygon Unleashes New Proposal: Can EIP-4844 Drive Mass Adoption for MATIC?

• Polygon has unveiled the EIP-4844 proposal which promises to drive mass adoption for the network and drive MATIC prices higher.
• This proposal indicates a step towards improving the Ethereum layer two ecosystems and the intent to keep building and bringing value to the network.

Polygon is continually demonstrating its superiority in the layer two space and as the top Ethereum layer two scaling solution. In a recent interview with the Unchained podcast, Polygon co-founder Brendan Farme unveiled recent developments and goals in focus, aimed at helping grow the ecosystem. One key development is the EIP-4844 proposal which holds the potential to drive mass adoption and bolster MATIC prices.

At the end of last month,  Polygon’s zkEVM suffered an outage. This was caused by reorganization (reorg) which led to discrepancies, leading to transaction errors, and invalid nonce returns. This led to a need for resolution and increased security measures. Addressing this, Brendan Farme stated:

There were decisions that were made in the Polygon ZKM rollup, specifically around the client and using a custom client that has led to technical debt that we’re currently addressing.

The team further discussed Polygon’s AggLayer. This is a novel approach to the ongoing debate between monolithic and modular blockchains. This decentralized protocol from Polygon Labs facilitates seamless interaction between different chains.

In the discussion, Polygon Labs CEO and co-founder delved into the details of AggLayer. This protocol aims to enable secure and rapid cross-chain interactions, allowing various chains to leverage a single, unified bridge.

Polygon’s AggLayer Wants to Be a Hub for Ethereum Layer 2s. Can It Succeed?@0xPolygon's Agglayer aims to address the monolithic vs. modular blockchain debate with a decentralized protocol that allows chains to interact with one another.

Polygon Labs CEO @0xMarcB and co-founder… pic.twitter.com/PHYkrpHGzx

— Laura Shin (@laurashin) April 9, 2024

The conversation also explored the potential of Layer 2 solutions (and even Layer 3s) for scaling Ethereum, the advantages of zero-knowledge proofs, and the future roadmap of Polygon’s proof-of-stake chain.

Speaking on the EIP-4844 proposal, Polygon Labs CEO Marc Boiro went on to add:

I think in the short-term upgrading, the proving tech, moving to EIP-4844, I think that we will see between a 10 and 20x reduction in proving cost as we move away from the existing proving tech and so I think that’s something that’s really exciting.

This cost reduction could go a long way to encourage users and developers to choose the network, driving mass adoption.

At the time of writing, Polygon’s MATIC is trading for $0.8706 after a marginal negative change in the last 24 hours. The altcoin has come under bearish pressure, shedding nearly 5% in the last 7 days.

Although the 19th-ranked altcoin has come under bearish pressure, investors are looking toward the upcoming Bitcoin halving to inspire some bullish momentum.

As CNF reported at the start of the month, on-chain data showed that the altcoin was trading within a tight range, suggesting investors are enjoying an accumulation phase. Historically, this is succeeded by a bullish breakout with indicators pointing to a possible $3 target.