Polyhedra Network announced the launch of ZK technology on OKX Jumpstart through social media on March 12, and completed a crucial snapshot at 16:00 on the same day. This snapshot not only concerns zkBridge trading users, Pandra King NFT holders, and zkBridge loyalty points users on Galxe, but also includes users who participated in the Binance Web3 Wallet airdrop, OKX Cryptopedia Season 11, and BNB Chain airdrop marathon, qualifying them for the ZK airdrop.
On the same day, OKX Jumpstart announced support for the new project ZK (Polyhedra Network). Starting from 6:00 AM UTC on March 15, users can obtain ZK tokens by staking BTC and ETH. However, with the release of this news, Pandra King NFT experienced drastic price fluctuations within a short three-hour period, first plummeting and then rebounding, followed by another drop, causing the floor price to plummet from 0.78 BNB to 0.26 BNB, a decrease of nearly 67%.
The market's interpretation of this fluctuation varies. Some speculate that certain individuals had prior knowledge of the news and sold NFTs in the price range of 0.6 BNB to 0.8 BNB. However, as the snapshot time approached, a large amount of purchasing behavior drove the price of Pandra King to above 0.6 BNB, reaching a peak of 0.8 BNB in the last three minutes before the snapshot. After the snapshot, the price quickly dropped, with the floor price plummeting to 0.15 BNB within 10 minutes, almost halving.
Amidst the chaos, let's delve into the story of the Polyhedra Network project itself.
From a technical perspective, how does zkBridge achieve cost reduction and efficiency improvement for Polyhedra Network?
By introducing zkBridge and utilizing zero-knowledge proof (ZKP) technology, Polyhedra Network has made a significant breakthrough in addressing the existing challenges of cross-chain interaction performance and security. In the critical field of blockchain interoperability, zkBridge not only represents an important contribution of Polyhedra Network to the construction of Web3 infrastructure, but also demonstrates a new direction for cross-chain technology.
The following is a detailed analysis of its main technical features:
Core technology application: zkBridge utilizes zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge), an advanced encryption technology, to achieve the security and efficiency of cross-chain data verification. This technology enables the verifier to confirm the authenticity of an operation or transaction without revealing any actual information.
System components: The core components include the block header relay network and the updater contract. The former is responsible for capturing block header data from the source chain and generating the corresponding validity proof. This process ensures the authenticity and integrity of the data, providing a reliable data source for cross-chain interaction. The latter is deployed on the target chain to receive and verify the block headers and validity proofs from the source chain. Upon successful verification, the updater contract updates its internal state to reflect the latest state changes of the source chain.
Optimized verification process: zkBridge optimizes the performance of cross-chain verification through zk-SNARKs technology, significantly reducing computational complexity and resource consumption. This not only enhances the efficiency of cross-chain interaction but also reduces operational costs.
Concise data transmission: Another advantage of zk-SNARKs is the extremely concise nature of the generated proofs, which greatly reduces the amount of data required for inter-chain transmission. This feature is crucial for improving the speed of cross-chain communication and reducing bandwidth consumption.
Extensive interoperability: zkBridge is designed to support various cross-chain operations, including asset transfers and smart contract invocations, greatly expanding the possibilities of applications in the Web3 ecosystem. By providing a secure and efficient cross-chain infrastructure, Polyhedra Network paves the way for seamless interaction between different blockchains.
In summary, Polyhedra Network's zkBridge, through the introduction of zk-SNARKs technology, not only provides innovative solutions for the security and efficiency of cross-chain interoperability but also lays a solid foundation for building an open and interconnected blockchain ecosystem.
As the Ethereum Cancun upgrade approaches, Polyhedra upgrades zkBridge technology to achieve interoperability between Bitcoin and Ethereum assets
With the rapid expansion of the Bitcoin ecosystem, especially since the introduction of the Ordinals protocol, there is an urgent need for a solution that can seamlessly interact within the Bitcoin and its layer 2 network, while also facilitating interoperability with other blockchain ecosystems such as Ethereum. Polyhedra Network applies its original zkBridge technology to build the most widely interoperable Bitcoin ecosystem, aiming to expand the potential of Bitcoin and enable seamless interaction with multiple layer 1 and layer 2 blockchain networks, including Ethereum.
The introduction of zkBridge technology is a key initiative by Polyhedra Network to further develop the Bitcoin ecosystem. This interoperability protocol provides a trustless and efficient cross-chain communication solution through zero-knowledge proof (ZKP) technology. zkBridge enables Bitcoin to not only achieve seamless interoperability within its own ecosystem but also efficiently exchange data and assets with external blockchain networks.
The Bitcoin message protocol of zkBridge expands the functionality of Bitcoin by securely transmitting current and historical Bitcoin data to over 20 different networks, including Bitcoin's layer 2 networks, Ethereum, and its layer 2 extensions, through zero-knowledge proof. This innovation is not only compatible with the latest Bitcoin innovations such as Ordinals, BRC-20, and Atomicals but also allows smart contracts on other blockchain networks to access Bitcoin data and protocols without trust, enabling various computational logic to be executed.
To address the limitation of Bitcoin's lack of smart contract functionality, Polyhedra Network has adopted a proof-of-stake mechanism, allowing validators to obtain tokens from the sending chain and write data on Bitcoin to ensure the security of cross-chain transactions. Through collaborations with EigenLayer and Babylon, carefully designed mechanisms for cryptographic economic security have been introduced, further enhancing the security and efficiency of this solution.
Polyhedra Network has collaborated with major builders of infrastructure, wallets, layer 2 networks, DeFi protocols, and tools within the Bitcoin ecosystem to launch the largest interoperable Bitcoin ecosystem supported by zkBridge. This not only provides strong technical support for builders of the Bitcoin ecosystem but also lays a solid foundation for unlocking the full potential of Bitcoin, ushering in a new era of interoperability.
In the face of the upcoming Cancun-Deneb (referred to as "Dencun") upgrade in Ethereum, Polyhedra Network has implemented key technical updates to ensure continued compatibility and interoperability with the Ethereum ecosystem. The Dencun upgrade, by introducing Blob transactions, aims to improve data availability without increasing computational load, laying the foundation for Ethereum's future sharding technology. Specifically, zkBridge technology has made the following two updates.
First is the adjustment of the block update circuit. The core changes brought by the Dencun upgrade include adding BlobKzgCommitments in BeaconBlockBody, and adding fields such as BlobGasUsed and ExcessBlobGas to ExecutionPayload. To adapt to these changes, zkBridge has adjusted its block update circuit, which includes a comprehensive review and modification of the circuit and related smart contract logic. Since the change in the block data structure directly affects the calculation formula of the block hash, zkBridge uses the data from the latest module version as the input for the circuit to adapt to this upgrade.
Next is the upgrade of Merkle Patricia Trie (MPT) proof generation. With the introduction of the BlobTxType transaction type in the Dencun upgrade, zkBridge must upgrade its dependency on the go-ethereum library to the latest version to support the new transaction format. This update ensures that zkBridge can generate MPT proofs compatible with the new transaction type.
These technical updates ensure that zkBridge can continue to provide efficient and secure cross-chain interaction services after the Ethereum Dencun upgrade. The adjustment of the block update circuit enables zkBridge to accurately reflect the state changes in the Ethereum network, while the upgrade of MPT proof generation ensures the accuracy and reliability of zkBridge when handling new transaction types.
As Polyhedra Network completed the crucial snapshot on March 12, targeting zkBridge trading users and Pandra King NFT holders for the ZK airdrop activity, it signifies its further expansion and opportunities in the Web3 field. Through this snapshot and the launch of the new project ZK in collaboration with OKX Jumpstart, offering users the opportunity to stake BTC and ETH in exchange for ZK tokens, Polyhedra Network has not only made adaptive adjustments to its financial model but also foreshadowed positive changes in market supply and liquidity.
Challenges and risks remain severe, and the future of Polyhedra Network will not be smooth sailing solely due to technical upgrades
In summary, Polyhedra Network has made crucial updates to its zkBridge technology to adapt to the upcoming Ethereum Dencun network upgrade, undoubtedly enhancing its competitiveness as a cross-chain solution. By adjusting the block update circuit and Merkle Patricia Trie proof generation, Polyhedra Network ensures seamless interoperability with the Ethereum ecosystem, further expanding its application scope in decentralized finance (DeFi).
However, in the face of recent security attacks, Polyhedra Network responded promptly and emphasized that the event was unrelated to bridge security, demonstrating its ability to address technical challenges and its commitment to the security of user assets. Despite the technical and legal challenges brought about by the attack due to key leakage, Polyhedra Network's transparent handling and swift response further solidified its trust within the crypto community.
The token airdrop and partnership events have brought new liquidity and market attention to Polyhedra Network, but at the same time, they have tested its market stability and its ability to absorb new liquidity.
In conclusion, Polyhedra Network is in a critical development period, full of potential and facing challenges. The combination of technical updates, continued ecosystem expansion, and effective response to security attacks has shaped its core position in the Web3 and cross-chain interoperability field. In the future, how Polyhedra Network balances technological innovation with market demand and ensures the stability and security of the ecosystem will be crucial to its success. For community members, this is both an opportunity for observation and evaluation, as well as a test of their continued commitment and belief in Polyhedra Network.
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