RedStone Powers Polygon zkEVM
RedStone Finance has announced that Ethereum Layer-2 blockchain Polygon zkEVM is now RedStone Powered!
Redstone Finance will launch on Polygon zkEVM from day one of the Ethereum L2's mainnet beta.
Polygon zkEVM
Polygon is known as one of the leading Ethereum Layer-2 blockchains around today, and their token, MATIC, holds the 9th spot in the top 100 tokens by market cap on CoinGecko at roughly $10.5B (at time of writing). And Polygon zkEVM is their leading ZK scaling solution.
Essentially, Polygon zkEVM is a cutting-edge, decentralised Ethereum Layer 2 scaling solution that employs zero-knowledge proofs (ZK-Rollups) to deliver fast, secure off-chain transaction processing. As the first zero-knowledge scaling solution that is fully compatible with the Ethereum Virtual Machine, Polygon zkEVM enables seamless integration with existing smart contracts, developer tools, and wallets. It utilises the power of ZK proofs to dramatically reduce transaction costs and increase throughput, all while maintaining the security of the Ethereum network.
So what makes Polygon zkEVM stand out?
Polygon zkEVM boasts several key advantages:
Ethereum-equivalence: Compatibility with existing Ethereum code, tools, and applications.
Ethereum security: Inherits the security features of the Ethereum network.
ZKP-powered scalability: Leverages zero-knowledge proofs for enhanced scaling capabilities.
As a Layer 2 scaling solution, Polygon zkEVM offers higher throughput and lower fees while preserving Ethereum compatibility. Developers can deploy existing contracts to zkEVM, and users can deposit assets from Ethereum for off-chain transactions. By grouping transactions into batches with zero-knowledge proof validation, Polygon zkEVM ensures the security and validity of each transaction, effectively inheriting the security of the Ethereum network.
zkRollups are a clever way to speed up blockchain networks like Ethereum, which can sometimes get overwhelmed by the number of transaction requests it receives, by handling many transactions at once off-chain. They do so using zero-knowledge proofs which do not give away any private information, but simply process all transactions off-chain and submit a summary of them to the parent L1, providing a digital certificate of sorts in the process. Therefore the parent L1 doesn't need to know all the information, but simply trusts the L2 and its certificate - hence the term "zero knowledge".
RedStone Integration
RedStone Finance provides cross-chain oracle solutions that provide decentralised applications (dApps) and smart contracts with reliable and verified data. This partnership will allow Polygon zkEVM users and developers to benefit from real-time price feeds.
Being powered by RedStone Finance oracles means that Polygon zkEVM will now have access to fully customisable data feeds for over 1,100 assets, including cryptocurrencies, stocks, commodities, on-chain reputation, and more.
A Look at QiDAO
One of the developers that will be able to benefit from this new integration is Manhattan.finance by QiDAO. QiDAO is RedSone's latest partner.
QiDAO is an over-collateralised stablecoin protocol that allows users to mint stablecoins (MAI) using decentralised token collateral. All loans are denominated in MAI stablecoins, with 0% interest and a 0.5% repayment fee. MAI has a target peg of 1% with the US Dollar. As a community-driven and governed protocol, QiDAO is powered by proposals and voting from governance token (Qi) holders.
Manhattan.finance is the front end connected to QiDAO that enables fixed-rate lending. With isolated lending markets, each loan features one lender and one borrower. Lender protocols can deposit and withdraw tokens as needed.
