Polygon Announces zkEVM, ZipMEX Halts Withdrawals, Why Is ETH Pumping?

Written by Lindi Miti

July 21, 2022

Polygon Announces zkEVM

Polygon, a layer 2 Ethereum scaling network, has launched its Zero-Knowledge Ethereum Virtual Machine (zkEVM). Zero-Knowledge proof technology processes more transactions faster while maintaining low fees. Polygon is the first blockchain to implement ZK technology compatible with the Ethereum blockchain. 

“We are proud to announce a giant leap forward for Ethereum scaling and ZK innovation. Introducing, Polygon #zkEVM, the first EVM-equivalent ZK L2. Today we’re releasing a complete implementation, fully open-source, and we’re just getting started,” announced Polygon on Twitter.

Polygon believes that the zkEVM scaling solution will solve the issues of decentralization, scalability, and security. In addition, by solving these issues, Polygon will help promote the adoption of Web3 technology.

Zipmex Halts Withdrawals

Zipmex, a Singaporean cryptocurrency exchange, has halted withdrawals until further notice. The company cited a combination of volatile market conditions and the illiquidity of their business partners. The cryptocurrency exchange mainly operates in Singapore, Australia, Indonesia, and Thailand.

“Due to a combination of circumstances beyond our control, including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice,” announced Zipmex on Twitter.

Zipmex joins the likes of Celsius and Voyager Digital, who also halted customer withdrawals due to the downturn in the cryptocurrency markets. The company was founded in 2018 by Akalarp Yimwilai and Marcus Lim.

Why Is ETH Pumping?

Ethereum has pumped 60% in the past two weeks. The cryptocurrency shot up from below $1000 to a high of $1600. This is due to Tim Beiko, the leading Ethereum developer, proposing September 19 as the tentative target date for the merger. The merger is a highly anticipated event, where Ethereum will move from being a proof of work (POW) blockchain to a proof of stake (POS) blockchain. 

By transitioning from a proof of work to a proof of stake protocol, Ethereum transactions will be cheaper and faster. 

Written by Lindi Miti © Crypto University 2022  

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