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Google Cloud and Polygon Labs partner for Ethereum scaling

At the Consensus 2023 conference, Polygon Labs and Google Cloud made the announcement of a multi-year partnership with the intention of developing and improving the tools and infrastructure associated with the Ethereum scaling protocol. As part of the cooperation, Google Cloud will make a framework and developer tools available to Polygon in order to facilitate the creation of Web3 products and decentralized apps (DApps) on Polygon.

The deployment of Google Cloud’s architecture and development tools is expected to be beneficial to Polygon’s key protocols, such as Polygon proof-of-stake (PoS), Polygon zkEVM, and Polygon Supernets. Through this partnership, we hope to simplify the process of integrating developers, which will in turn make it simpler to construct, launch, and grow DApps on Polygon.

Additionally, it is anticipated that the partnership with Google Cloud will accelerate the development of Polygon’s zero-knowledge system. In comparison to the currently available infrastructure, it has been revealed that the testing of Polygon zkEVM’s zero-knowledge proofs on Google Cloud has resulted in transactions that are both quicker and less expensive.

An Ethereum Virtual Machine (EVM) scaling solution known as Polygon zkEVM beta was released to the mainnet in March of 2023. This technology is intended to enable decreased transaction costs and higher throughput in the implementation of smart contracts. The Polygon ecosystem intends to do away with the need that Polygon developers install and operate Polygon PoS nodes with the support of the Blockchain Node Engine that is offered by Google Cloud. This will assist with operations that are labor-intensive and need a lot of time, as well as the expensive overheads of purchasing, maintaining, and running specialized blockchain nodes.

In conclusion, the cooperation between Google Cloud and Polygon Labs aims to advance the tools and infrastructure of the Ethereum scaling protocol, as well as to ease developer integration in order to construct, launch, and expand Web3 products and DApps on Polygon. The integration of Google Cloud’s framework and development tools is predicted to be beneficial to Polygon’s fundamental protocols. Additionally, the testing of Polygon zkEVM’s zero-knowledge proofs on Google Cloud is anticipated to result in transactions that are both quicker and less expensive.

Polygon Labs Critiques SEC Proposed Rulemaking That Threatens Permissionless Blockchain Networks

Polygon Labs, the leading blockchain technology firm, issued a response today to a proposed rule from the Securities and Exchange Commission (SEC) that redefines the term “exchange.” The company argues that the proposed rule could pose a severe risk to the existence of permissionless blockchain networks and decentralized finance (DeFi) protocols within the United States.

The SEC’s reopening release suggests that not only DeFi software protocols enabling specific transactions on a permissionless, distributed ledger would have to register as a national securities exchange (NSE) or an alternative trading system (ATS), but also, the underlying ledgers or networks. Further, individuals or entities running or maintaining such systems would also need to register.

Polygon Labs has pointed out that the new rule would be logistically unworkable, given the structure of blockchain technology. They highlight that the numerous independent validators of blockchain transactions cannot practically coordinate to register as an exchange, and these validators, by design, don’t control DeFi protocols.

The blockchain technology firm also criticizes the SEC’s proposal for its technological bias. It asserts that the rules are inconsistent, treating blockchain technology differently from other technological infrastructures such as cloud-based systems. The SEC’s release proposes that any part of a blockchain-based system, including validators, must register, compared to only requiring the deployers of apps on cloud systems to do so. This approach, according to Polygon Labs, embodies a clear technological bias.

In its response, Polygon Labs maintains that implementing the proposed rule would effectively ban all permissionless blockchain networks in the U.S., as well as many software protocols built atop such networks, including DeFi protocols. The company’s critique underscores the high stakes at hand, drawing attention to the potential impact of the SEC’s proposed rule on the future of blockchain technology within the country.

The SEC has yet to respond to Polygon Labs’ critique, but this latest exchange underscores the increasing tension between regulatory bodies and the blockchain industry, as each navigates the complexities of new technologies and their implications for financial systems.

Polygon Co-Founder Proposes zk-Powered ApeChain

On October 11, a proposal titled “AIP Idea: ApeChain – A zk-Powered Polygon Layer-2 to Support ApeCoin Growth” was presented by Sandeep Nailwal, Co-Founder of Polygon Labs, to the ApeCoin DAO community. The proposition entails the creation of a zero-knowledge powered Layer-2 (zk-L2) network, termed “ApeChain,” employing Polygon’s Chain Development Kit (CDK) to bolster ApeCoin ecosystem’s expansion. The endeavor would encompass a dedicated ApeChain constructed and sustained by an Implementation Partner, alongside collaborative efforts with Polygon Labs and a development fund from ApeCoin DAO to nurture the progress of ApeCoin-integrated ventures and ApeChain-related public assets.

The ApeCoin community has recognized the necessity for ApeCoin to transition to its own chain for enhanced scalability, a sentiment echoed by Yuga Labs around 18 months prior. While an ApeCoin-specific chain’s deliberation continues, this proposal steps in to recommend a dedicated ApeChain using Polygon CDK, which facilitates developers in launching their Ethereum-based zk-powered L2 networks effortlessly with a focus on modularity.

ApeChain aims to provide a dedicated, cost-effective, and ultra-premium blockspace for ApeCoin DAO and its members, potentially offering sequencer fees and staking rewards to network validators, thereby addressing the scalability issue. Chains developed using Polygon CDK have witnessed significant adoption due to its flexibility in scaling Ethereum while ensuring maximal decentralization and security.

With an extensive network of decentralized applications (dApps) and millions of daily transactions, Polygon’s architecture stands as a robust and stable Ethereum L2 scaling solution. The proposal suggests that ApeChain will provide an efficient, secure, and decentralized execution environment for ApeCoin DAO projects, propelling the ApeCoin ecosystem towards remarkable growth.

The estimated cost for developing, deploying, and maintaining ApeChain is projected at approximately $200,000 annually from ApeCoin DAO. The proposal underscores the critical juncture ApeCoin DAO is at, and by deploying ApeChain using Polygon CDK, it continues to stride towards its mission of evolving into a decentralized protocol layer for community-led initiatives advancing culture into the metaverse.

NEAR and Polygon Partner to Launch zkWASM

The NEAR Foundation and Polygon Labs have announced a collaborative effort to develop a zero-knowledge (ZK) prover for Web Assembly (WASM) blockchains. This initiative, termed “zkWASM,” is poised to bridge the gap between WASM-based chains and the Ethereum ecosystem, as revealed in a joint announcement on November 8, 2023.

zkWASM stands as a revolutionary prover in the realm of blockchain technology. It aims to enable WASM-based networks to integrate seamlessly into the Polygon ecosystem, marking their first-ever participation. The primary motivation behind the creation of WASM, a binary instruction format, was web browsers. However, its utility has expanded to potentially serve as a compute engine for blockchain networks, offering an alternative to the Ethereum Virtual Machine (EVM).

The integration of zkWASM into Polygon’s Chain Development Kit (CDK) is a pivotal aspect of this collaboration. The CDK empowers developers with tools to create customized blockchain networks based on their specific needs. With the inclusion of zkWASM, developers will gain the capability to design WASM networks and incorporate them into the broader Polygon ecosystem, which includes the Ethereum mainnet itself.

This partnership signifies a major step for NEAR in its integration with the Ethereum network. Illia Polosukhin, co-founder of NEAR Protocol, emphasized that “NEAR is integrating more with Ethereum by innovating in new research frontiers, and the shared expertise of NEAR and Polygon will expand the ZK landscape and defragment liquidity across chains.” This approach is expected to improve liquidity for users and enhance the overall efficiency of the NEAR network.

One of the most significant advantages of the zkWASM prover is its impact on NEAR validators. By employing the zero-knowledge proof method, the computational overhead involved in confirming a shard is significantly reduced. This reduction in computational demand is projected to lead to “better scalability and increased decentralization” for the NEAR network, according to the joint statement.

Polygon is concurrently working on developing a multichain ecosystem, known as “Polygon 2.0.” This new system will feature bridges operating on zero-knowledge proof-based transition mechanisms, facilitating the transfer of assets across different chains.

The development and expected launch of zkWASM next year marks a significant leap towards creating a more secure, interoperable, and scalable Web3 ecosystem. This partnership between NEAR and Polygon exemplifies the collaborative spirit in the blockchain community, driving innovation and integration across different platforms and technologies.

Polygon Labs Announces Downsizing, Cuts 19% of Workforce

Polygon Labs, the development team behind the innovative layer-2 blockchain network Polygon, recently announced a significant reduction in its workforce. The company decided to lay off 60 employees, which constitutes approximately 19% of its team. This decision was highlighted as a strategic move aimed at enhancing performance and efficiency within the organization, rather than being motivated by financial constraints.

CEO Marc Boiron emphasized that the layoffs were a difficult but necessary step to ensure the team’s focus, diligence, efficiency, and agility. Boiron pointed out that the rapid growth experienced during the recent bull market diluted these essential qualities, prompting the need for a more streamlined operation. This approach aligns with the company’s ambition to maintain a competitive edge and continue delivering innovative solutions in the fast-paced world of blockchain technology.

In addition to the workforce reduction, Polygon Labs announced compensation adjustments for the remaining employees. This includes a minimum 15% increase in total compensation and the elimination of geo-pay models, demonstrating a commitment to its workforce amidst organizational changes. Furthermore, the company revealed plans for the spin-off of Polygon ID, a move that signifies a strategic restructuring to focus on core protocol development consistent with its mission.

This series of layoffs is not a first for Polygon Labs; a similar reduction occurred in February 2023, when the company reduced its staff by 20% during an internal restructuring effort. Despite these changes, Polygon continues to push forward with its initiatives, including an event in partnership with Layer 3 aimed at boosting DeFi projects on the Polygon zkEVM, coupled with a $50,000 prize pool. This initiative is part of a broader strategy to attract new projects and users to the platform, indicating Polygon’s ongoing efforts to adapt and thrive in the evolving crypto landscape.

The restructuring and strategic downsizing reflect a broader trend in the tech industry, where companies are seeking to adapt to market demands and operational efficiencies. As Polygon Labs moves forward with a newly streamlined team and a clear vision, the company remains focused on innovation and its role in shaping the future of the blockchain space.