zkEVM Polygon, Dubai Metaverse | 24th July ‘22 | #4
GM folks!
Welcome to Litmosis, where we lose our sleep every weekend to give you digestible insights about Web3 and early-stage projects, with alpha on what’s going on in India🇮🇳.
This week on Litmosis, we have got (it’ll be short and quick, for real!)
zkEVM by Polygon solving for Ethereum scaling
Dubai Launches its Metaverse Strategy: Impact?
Tweet of the Week 🐣
Estimated Reading Time: 2 minutes 26 seconds
Polygon announced zkEVM
What stopped things like DeFi and NFTs and other niches from crypto from achieving large-scale adoption is often high gas fees and poor user experience.
That’s where zk-Rollups come in. ZK-rollup is a scalability solution that enables blockchains to validate transactions faster and at a cheaper rate. They use Zero-Knowledge Proofs (ZKPs), a cryptographic proof method to instantly prove the validity of transactions.
While Ethereum mainnet uses on-chain activities to process transactions and validate transactions, a layer 2 blockchain introduces zk-Rollups to ensure scalability and lets blockchains validate transactions faster while also assuring that gas fees stay minimal.
Polygon’s recently announced zkEVM is "equivalent" to the Ethereum Virtual Machine (EVM), the platform that developers use to create dapps on Ethereum.
If you are still wondering, zkEVM stands for Zero-Knowledge Ethereum Virtual Machine.
Do anything you would do on Ethereum, for lower cost, and at greater speed.
Not only that, it makes building an application on it easier and also compatible with Ethereum. You can deploy any Ethereum smart contract. Any tooling that works with Ethereum would work on Polygon zkEVM.
They have open-sourced the code for Polygon zkEVM and the testnet will be live soon.
This is indeed great for the developer ecosystem and the applications that are going to be built upon it. They have stated the goal of scaling Ethereum and onboarding the next billion users. (which is ambitious, to say the least, in this bear cycle)
But as they say ‘Fortune Favours the Builders’ and most value has been generated in the bear market so it will be interesting to see things go onwards.
Dubai Launches its Metaverse Strategy: Impact?
“Dubai is seeking to break into the world’s top 10 metaverse economies and expecting 40,000 additional virtual jobs, adding $4 billion to Dubai's GDP in 5 years.”
Dubai as a jurisdiction has always been Web3-friendly and one of the top destinations for Asian startups to be incorporated on. For a fact, giants like Polygon, and Binance have already shifted their base to Dubai as Dubai has not just a crypto-friendly regulation, but also has a world-class infrastructure, and connectivity and eventually will have the highest talent Density.
Can Dubai become the Web3 capital of the world?🤔
Weekday reads: Ethereum special 🤝
The Hitchhiker's Guide to Ethereum | Great read to understand Ethereum
Know more about the state of roll-ups and the current landscape
A Reddit thread on r/ethereum talking about the merge and the discussions by the community
Tweet of the Week:

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DISCLAIMER: This newsletter is only for educational purposes and should not be considered investment advice or any recommendation to buy or sell any assets. Do your own research. None of this is financial advice and you can possibly get rekt.