Polyhedra Network announced through social platforms on March 12 that ZK technology was launched on OKX Jumpstart, and completed a key 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 covers users who participated in the Binance Web3 Wallet Airdrop, OKX Cryptopedia Season 11, and BNB Chain Airdrop Marathon, bringing them Here comes the qualification for ZK airdrop.
On the same day, OKX Jumpstart announced a new project supporting ZK (Polyhedra Network). Starting from 6:00 am UTC on March 15, users can obtain ZK tokens by staking BTC and ETH. However, as these news came out, Pandra King NFT experienced violent price fluctuations in just three hours. It was first smashed, then pulled, and then smashed again. The floor price fell from 0.78 BNB to 0.26 BNB, a drop of Nearly 67%.
The market has different interpretations of this fluctuation. Some people speculate that it is because some people learned the news in advance and sold NFT in the price range of 0.6 BNB-0.8 BNB. However, as the snapshot time approached, heavy buying pushed the price of Pandra King above 0.6 BNB, even reaching a peak of 0.8 BNB three minutes before the snapshot. After the snapshot, the price fell rapidly, with the floor price falling to 0.15 BNB within 10 minutes, almost halved.
Behind the chaos, let’s take a deeper look at the story of the Polyhedra Network project itself.
Polyhedra Network recently introduced zkBridge and adopted zero-knowledge proof (ZKP) technology, which marks a major breakthrough in solving cross-chain interaction performance and security challenges. zkBridge is not only an important contribution in the field of blockchain interoperability, but also opens up a new direction for cross-chain technology.
The following is a detailed analysis of its main technical features:
zkBridge utilizes zk-SNARKs (zero-knowledge succinct non-interactive knowledge proof), an advanced Encryption technology to ensure the security and efficiency of cross-chain data verification. The application of this technology enables the verification process to verify the authenticity of an operation or transaction without exposing any actual information. The core technical application of zkBridge lies in the use of zk-SNARKs technology. The introduction of this technology brings new possibilities for cross-chain data verification. Verifiers can use this technology to confirm the validity of a specific operation or transaction without revealing any sensitive information, thereby improving the security and efficiency of data verification.
The system consists of the core components block header relay network and updater contract. The block header relay network is responsible for capturing the block header data of the source chain and generating validity certificates to ensure the authenticity and integrity of the data and provide a reliable data source for cross-chain interactions. The updater contract is deployed on the target chain and verifies block headers and validity certificates from the source chain. After successful verification, the updater contract will update the internal state to reflect the latest state changes of the source chain.
3. Optimize the verification process: zkBridge uses zk-SNARKs technology to optimize the performance of cross-chain verification, greatly reducing computational complexity and resource consumption. This not only improves the efficiency of cross-chain interactions, but also reduces operating costs.
4. Concise data transmission: Another advantage of zk-SNARKs is that the generated proofs are extremely concise, which means that the amount of data required for inter-chain transmission is greatly reduced. This feature is crucial to increase the speed of cross-chain communication and reduce bandwidth consumption.
5. Extensive interoperability: zkBridge is designed to support a variety of cross-chain operations including asset transfers, smart contract calls, etc., greatly expanding the application possibilities 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 introduces zk-SNARKs technology, which not only provides innovative solutions for cross-chain interoperability in terms of security and efficiency, but also builds an open and interconnected blockchain ecosystem. The system has laid a solid foundation.
With the rapid expansion of the Bitcoin ecosystem, especially since the launch of the Ordinals protocol Since then, there has been an urgent need for a solution that enables seamless interaction within Bitcoin and its second-layer network, while facilitating its interoperability with other blockchain ecosystems such as Ethereum. Polyhedra Network applies its original zkBridge technology and is committed to building the broadest interoperable Bitcoin ecosystem, aiming to expand the potential of Bitcoin to enable it to interoperate with multiple first- and second-level blocks, including Ethereum. Chain network interacts seamlessly.
The introduction of zkBridge technology is Polyhedra Network’s key move to promote the further development of 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 enable efficient data and asset exchange with external blockchain networks.
zkBridge’s Bitcoin messaging protocol extends Bitcoin’s capabilities to securely transmit Bitcoin’s current and historical data to over 20 different networks, including Bitcoin’s second-layer network, via zero-knowledge proofs , Ethereum and its second-layer extensions. This innovation is not only compatible with the latest Bitcoin innovations such as Ordinals, BRC-20, and Atomicals, but also enables smart contracts on other blockchain networks to access Bitcoin data and protocols without trust and execute various computational logic.
In order to solve the limitation of Bitcoin's lack of smart contract functions, Polyhedra Network adopts a proof-of-stake mechanism that allows verifiers to obtain tokens from the sending chain and write data on Bitcoin to ensure the security of cross-chain transactions. safety. Through cooperation with EigenLayer and Babylon, etc., a carefully designed crypto-economic security reduction mechanism has been introduced to further enhance the security and efficiency of the solution.
Polyhedra Network partners with key builders of infrastructure, wallets, second-layer networks, DeFi protocols and tools within the Bitcoin ecosystem to launch the largest interoperable Bitcoin ecosystem powered by zkBridge. This move not only provides strong technical support for the builders of the Bitcoin ecosystem, but also provides a solid foundation for unleashing the full potential of Bitcoin and opens a new era of interoperability.
Polyhedra Network’s zkBridge has implemented key technical updates in the face of Ethereum’s upcoming Cancun-Deneb (“Dencun”) upgrade to ensure continued compatibility and interoperability with the Ethereum ecosystem. The Dencun upgrade, by introducing Blob transactions, aims to improve data availability without increasing computing load, laying the foundation for Ethereum's future sharding technology. Specifically, zkBridge technology has made the following two updates.
The first is the block update circuit adjustment. The core changes brought about by the Dencun upgrade include adding BlobKzgCommitments to BeaconBlockBody, and adding BlobGasUsed and ExcessBlobGas fields to ExecutionPayload. To adapt to these changes, zkBridge has made adjustments to its block update circuitry, which includes a comprehensive review and modification of the circuitry and related smart contract logic. Since changes in the block data structure directly affect the calculation formula of the block hash, zkBridge uses the data of the latest module version as circuit input to adapt to this upgrade.
The second is the Merkle Patricia Trie (MPT) proof generation upgrade. With the BlobTxType transaction type introduced in the Dencun upgrade, zkBridge must upgrade its dependent go-ethereum library to the latest version to support the new transaction format. This update ensures zkBridge is able to generate MPT proofs that are compatible with new transaction types.
These technical updates ensure that zkBridge can continue to provide efficient and secure cross-chain interaction services after the Ethereum Dencun upgrade. Adjustments to the block update circuit enable zkBridge to accurately reflect state changes in the Ethereum network, while upgrades generated by MPT proofs ensure zkBridge’s accuracy and reliability when processing new transaction types.
As Polyhedra Network completes the key snapshot on March 12, the ZK airdrop activity for multiple user groups including zkBridge trading users and Pandra King NFT holders marks its further expansion in the Web3 field. and opportunities. Through this snapshot and the launch of the new project ZK in cooperation with OKX Jumpstart, providing users with the opportunity to use BTC and ETH to pledge in exchange for ZK tokens, Polyhedra Network has not only made adaptive adjustments to its financial model, but also heralded market supply and Positive changes in liquidity.
In summary, Polyhedra Network has made key updates to its zkBridge technology to adapt The upcoming Ethereum Dencun network upgrade will undoubtedly enhance its competitiveness as a cross-chain solution. By adapting the block update circuitry and Merkle Patricia Trie proof generation, Polyhedra Network ensures seamless interoperability with the Ethereum ecosystem, further expanding its scope of applications in the decentralized finance (DeFi) space.
However, in the face of the recent security attacks, Polyhedra Network responded quickly and emphasized that the incident had nothing to do with bridge security, demonstrating its ability to respond to technical challenges and its commitment to the security of user assets. Although attacks resulting from key leaks pose technical and legal challenges, Polyhedra Network's transparent handling and quick response further solidifies its trust in the crypto community.
Token airdrops and partner collaboration events also brought new liquidity and market attention to Polyhedra Network, but also tested its market stability and absorption of new Liquidity capabilities.
To sum up, Polyhedra Network is in a critical development period, full of potential and facing challenges. Technology updates, continued expansion of the ecosystem and effective response to security attacks have jointly shaped its core position in the field of Web3 and cross-chain interoperability. In the future, how Polyhedra Network balances technological innovation and market demand and ensures the stability and security of the ecosystem will be the key to its success. For community members, this is both an opportunity to observe and evaluate, and a test of the Polyhedra Network’s continued investment and belief.
The above is the detailed content of After the launch of OKX Jumpstart, the price skyrocketed and plummeted. The zkBridge that Polyhedra wrote so much about was just a gimmick?. For more information, please follow other related articles on the PHP Chinese website!
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