Astar Network and Polygon Labs Partner to Launch Astar zkEVM
Astar Network and Polygon Labs Collaboration
Astar Network, a leading Layer 1 smart contract platform, has partnered with Ethereum scaling developer Polygon Labs to launch Astar zkEVM. This innovative Layer 2 solution aims to significantly enhance Ethereum's scalability, revolutionizing the Ethereum, Polkadot, and Cosmos ecosystems. The collaboration marks a crucial step in Japan's pursuit of Web3 adoption, with a focus on attracting global entertainment and gaming projects.
Enhancing Web3 Adoption in Japan
Japan is at the forefront of embracing Web3 technologies. Astar Network, leveraging Polygon's Chain Development Kit (CDK), intends to establish a strong presence in the Japanese market. This open-source codebase facilitates the creation of zero-knowledge-powered Layer 2 chains for Ethereum, which is expected to meet the growing demand for transparent and trustless applications in the region.
The Role of Astar zkEVM
The Astar zkEVM is powered by Polygon's CDK and connects seamlessly to a shared ZK bridge, ensuring interoperability across networks. It supports the Ethereum codebase, allowing developers to utilize existing infrastructure and tools. The core component, ZK-rollups, executes off-chain computations on Layer 2, enabling faster and more cost-effective transactions while upholding Ethereum's security standards.
Japan's Positive Attitude Towards Blockchain
Japan's commitment to blockchain and cryptocurrency is evident. Prime Minister Fumio Kishida highlighted Web3's transformative potential at the WebX conference, reinforcing the country's progressive stance. Supported by industry giants like Coinbase Ventures and Binance Labs, Astar Network envisions a vital role in this digital transformation.
Astar's Broader Initiatives
Beyond its partnership with Polygon Labs, Astar has engaged with Sony in a Web3 incubation program, selecting 19 projects from over 200 applications for launch. This initiative underscores Astar's commitment to fostering innovation in the blockchain space.
Market Impact
Despite the partnership announcement, Astar's price experienced a decline, trading at $0.05342, while Polygon's price saw a minor increase, trading at $0.5155. The collaboration between Astar Network and Polygon Labs represents a strategic move to bolster Ethereum's scalability and advance Web3 adoption, particularly in the Japanese market.
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