Polygon PoS Upgrade To A zkEVM Validium

Quick Take

• Polygon PoS transition to zkEVM Validium.
• Paradigm releases an alpha version of Reth.
• Vitalik proposes solutions for cross-L2 wallets.
• EDX Markets launches institutional crypto exchange.

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Polygon PoS Upgrading To zkEVM Validium

Polygon co-founder Mihailo Bjelic proposed upgrading the Polygon PoS chain into a zkEVM Validium. The upgrade aims to boost security and scalability, eliminate block reorgs, reduce transaction confirmation times, and enable compatibility with Polygon 2.0, the next iteration of Polygon featuring a unified network of ZK-powered chains.

Validium is a class of scaling solutions that uses validity proofs to verify the validity of transactions and stores data off-chain. The proposal also suggests using Polygon’s validator set for sequencing and guaranteeing data availability. The Validium would also co-exist with the Polygon zkEVM rollup. If approved, the upgrade could go live as soon as Q1 2024.

Reth v0.1.0 Alpha Release

Paradigm released Reth v0.1.0, an alpha version of its Ethereum execution archival node written in Rust. The release features scalable JSON-RPC APIs and an SDK for building EVM-centric infrastructure. Reth enhances Ethereum stability, improves client diversity, and helps lower the barrier to entry for contributors.

Paradigm also released a ​​Reth Book for developers, which includes documentation and instructions for installing Reth, connecting to Ethereum, and interacting with the JSON-RPC. Reth can also sync from Genesis in 50 hours, compared to days for other clients. Reth is a new implementation inspired by Geth, Erigon, and Akula.

Vitalik On Cross-L2 Wallet Mechanisms

Vitalik Buterin wrote a post diving into L1 and cross-L2 support for wallets. Vitalik notes the need for counterfactual addresses, which are addresses that can receive funds without having to be registered. EOAs, for example, are counterfactual, whereas smart contract wallets are not by default because they must be deployed.

Vitalik proposes using cross-chain proofs and a Keystore for creating wallets that can be recovered across chains. The Keystore, which is an encrypted file of a private key, should reside on L1 or on an L2 ZK-rollup. Wallets could then access and read the Keystore from multiple locations. Cross-chain proofs could be generated using either ZK-SNARKs, Verkle proofs or a custom-built KZG solution.

TradFi Institutions Launch Crypto Exchange

Traditional finance institutions Charles Schwab, Fidelity, and Citadel backed the launch of a crypto exchange called EDX Markets. The exchange is also backed by crypto VC firms Paradign and Sequoia Capital. The exchange targets institutional investors and features initial trading for bitcoin, ether, litecoin, and bitcoin cash.

The exchange is also non-custodial and aims to offer competitive prices and high liquidity. EDX plans to launch EDX Clearing, a clearinghouse for facilitating trade settlement. The launch comes after the conclusion of a recent funding round and despite the aggressive regulatory environment set forth by the SEC.

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