Polygon's ZK-rollup Ethereum Scaler 'Miden' Enters Testnet

Polygon, a prominent Ethereum layer-2 developer, has introduced an alpha version testnet of its new zero-knowledge rollup (ZK-rollup) solution named Miden amidst intensifying competition in Ethereum's scaling ecosystem. This move marks a significant step in Polygon's efforts to enhance Ethereum's scalability and efficiency.

Polygon Miden Alpha Testnet is Live

On May 6, in a post on X, Polygon announced the launch of the Polygon Miden Alpha Testnet, inviting developers to start testing this zero-knowledge rollup (ZK-rollup). Miden aims to expand Ethereum's functionalities by leveraging advanced cryptography techniques.

Similar to other ZK-rollup solutions, Polygon's Miden utilizes a form of cryptography that enables data verification or "proof" without disclosing the underlying data to the wider network. This innovation enhances privacy and scalability on the Ethereum blockchain.

Miden also incorporates client-side proving, allowing users to generate proofs for their own state transitions locally without exposing the state to the network, Polygon explained. This approach is designed to reduce network load while enhancing privacy and scalability.

Miden introduces additional functionality, such as private accounts that support private tokens and transactions, storing only the hash of the account on-chain for enhanced privacy.

Moreover, Miden implements parallel transaction execution, allowing for concurrent processing of transactions. This feature significantly boosts throughput compared to the Ethereum mainnet and mitigates blockchain node state bloat.

Planned key features of Miden also include customizable smart contracts and the ability for users to write custom node scripts using the Miden virtual machine (VM) and programming languages like Rust.

According to the Miden roadmap, a builders testnet is slated for release in September. However, there is currently no specified timeframe for the mainnet launch.

Miden has entered a competitive market alongside StarkWare's layer-2 scaling network and rollup technology StarkNet, as well as other alternatives like Matter Labs' zkSync Era. This entrance intensifies the race for efficient Ethereum scaling solutions.

Additionally, Polygon is developing zkEVM, a scaling solution similar to the Ethereum Virtual Machine (EVM). This compatibility ensures that existing smart contracts, tools, and wallets can seamlessly transition to layer-2 solutions, potentially accelerating mainstream adoption and expanding Ethereum's capabilities.

How has the Polygon Price Moved Recently?

As of today, the price of Polygon (MATIC) stands at $0.712106, with a 24-hour trading volume of $761.35 million. The market capitalization of Polygon is $5.70 billion, and its market dominance is 0.24%. Over the past 24 hours, the MATIC price has decreased by -7.45%.

Polygon achieved its highest price on December 27, 2021, reaching an all-time high of $2.91. Conversely, its lowest recorded price occurred on May 9, 2019, at an all-time low of $0.003049. Since its all-time high (ATH), the lowest price observed was $0.322074 (cycle low), and the highest MATIC price since the last cycle low was $1.559350 (cycle high).

Regarding market sentiment, the current Polygon price prediction sentiment is bearish, accompanied by a Fear & Greed Index reading of 68 (indicative of greed).

The circulating supply of Polygon is currently 8.01 billion MATIC tokens out of a maximum supply of 10.00 billion MATIC tokens.

The performance of MATIC over the past year has been marked by a notable decline, with the price dropping by approximately -24%. This decline reflects a challenging period for the asset within the crypto market. MATIC has also underperformed compared to 97% of the top 100 cryptocurrencies over this one-year timeframe, indicating significant headwinds faced by the project amidst broader market trends.

In addition, MATIC has lagged behind both Bitcoin and Ethereum in terms of performance, further highlighting the challenges it has encountered. The asset is currently trading below its 200-day simple moving average (SMA), which is often considered a key technical indicator signaling a bearish trend.

Looking at recent trading patterns, MATIC has experienced only 14 green (positive) days out of the last 30 days, accounting for approximately 47% of the observed period. This frequency of positive trading days suggests a lack of sustained bullish momentum in the short term.

Moreover, MATIC is currently down approximately -76% from its all-time high (ATH), indicating a substantial retracement from previous peak levels. This significant decline underscores the current struggle for recovery faced by MATIC in regaining its previous price levels.

Based on these metrics, the outlook for MATIC appears challenging in the near term, given the persistent downward trend and underperformance relative to other major cryptocurrencies. Investors and traders may approach MATIC cautiously, considering the ongoing bearish sentiment and technical indicators signaling a lack of good buying interest.