Polyhedra Network, which launched in the previous issue of OKX Jumpstart, is a cross-chain interoperability solution that utilizes zero-knowledge proofs (ZKP) technology. With a current valuation of $1 billion, Polyhedra Network aims to provide efficient cross-chain communication solutions.
In terms of infrastructure development, the blockchain industry focuses on two main themes: improving infrastructure and scaling up applications. Public chains serve as the foundation of the infrastructure, often referred to as the operating system of Web2. After the bullish market in 2017, the industry realized the limitations of Ethereum’s performance and began to explore new public chains that can achieve higher TPS and lower gas fees. EOS emerged as a star during that time, claiming to achieve over a million TPS, but it eventually declined. Fortunately, the bull market in 2021 brought forth excellent public chains such as Solana, BNB Chain, Avalanche, and Fantom.
As the industry grows, the demand for cross-chain solutions has also increased exponentially. Polyhedra Network aims to build the next generation of Web3 interoperability and scalable infrastructure, relying on advanced zero-knowledge proof (ZKP) technology. They provide trusted and efficient interoperability solutions by minimizing trust and offering various innovative ZKP-based products. One of their core products is zkBridge, which supports cross-chain asset and data interoperability and connects over 25 blockchain networks.
Polyhedra Network’s engineering team has developed a series of foundational algorithms and zero-knowledge protocols, including Libra, Virgo, deVirgo, Pianist, Marlin, Gemini, and Orion. These protocols have set new standards in the industry, providing the fastest prover time, significantly reduced proof size, and minimal on-chain verification costs. These foundational technologies support the scalability, security, and interoperability of blockchain systems, addressing urgent challenges in the digital infrastructure field.
Here are some core statistics of Polyhedra Network:
– Over 20 million cross-chain transfers
– Verification of 40 million proofs
– Connectivity with over 25 public chains
– Fastest zero-knowledge proof (ZK) algorithm
– Fastest consensus proof
– Inventor of zkBridge
– Inventor of 7 zero-knowledge algorithms
– Participants in OKX activity: 141 million, received 500K Polyhedra Network tokens
– Participants in Binance Web3 Wallet activity: received 556K, 1 million Polyhedra Network tokens
– 964.3K followers on X platform
– 545K followers on Discord platform
zkBridge, as the core product of Polyhedra Network, is a trustless cross-chain bridge designed to enable efficient communication between different chains. It uses zkSNARK to allow verifiers to confirm state transitions on the sender chain without trusting the receiver chain. zkBridge consists of a block header relay network and update contracts, and its modular design enables useful functionalities such as messaging, token transfers, and other computation logic for state changes on different chains.
zkBridge ensures strong security without additional trust assumptions. With concise proofs, it guarantees correctness and significantly reduces on-chain verification costs. Its workload speed is several orders of magnitude faster than existing solutions, providing a trusted and efficient cross-chain infrastructure for interoperability between layer1 and layer2. It addresses the practical challenges of connecting different blockchain networks.
Another product of Polyhedra Network is zkLightClient, a cross-chain protocol for LayerZero. It provides secure and efficient cross-chain infrastructure for interoperability between layer1 and layer2. zkLightClient fully integrates LayerZero’s messaging protocol, allowing developers to easily develop cross-chain protocols using zero-knowledge proof technology. zkLightClient has securely transmitted over 4.5 million pieces of information. LayerZero now uses zkBridge as a default decentralized verification network (DVN) for many paths.
Recently, there has been a growing demand for cross-chain messaging with the Bitcoin chain. The flourishing Bitcoin ecosystem and the emergence of Bitcoin layer2 have led to an increased demand for BTC cross-chain solutions. However, Bitcoin is a unique public chain, requiring new solutions to achieve cross-chain messaging. zkBridge has introduced the Bitcoin messaging protocol to significantly improve Bitcoin’s interoperability. This initiative aims to enable the Bitcoin network to interact with other layer2 and layer2 networks.
When Bitcoin is the sender chain, it is fully compatible with the current zkBridge framework. zkBridge can verify Bitcoin’s consensus on the receiving chain (e.g., Ethereum) through update contracts and verify each transaction on Bitcoin through Merkle proofs. This compatibility ensures comprehensive protection for consensus proofs and transaction Merkle proofs on Bitcoin.
If Bitcoin is the receiving chain, it is not compatible with the zkBridge framework as Bitcoin does not have smart contracts. In this case, a proof-of-stake (POS) mechanism is adopted, where validators stake the native tokens of the sender chain. For example, if the sender chain is Ethereum, verification requires staking ETH. Authorized parties write data on the Bitcoin network, and multi-party computation (MPC) protocols ensure consensus on the transmitted correct information.
The messaging with the Bitcoin chain now supports Ordinals, BRC-20, and Atomicals. Projects using Polyhedra include Atomicals Market, Babylon, Bitmap, B2Network, and Eigenlayer, among others.
Polyhedra Network has gone through four rounds of financing, including:
– First round financing in February 2023, led by Binance Lab and Polychain with $10 million.
– Pre-A round financing of $15 million led by Polychain in April 2023.
– Series A round financing led by OKX Ventures in January 2024 (amount undisclosed).
– In March 2024, Polyhedra Network reached a valuation of $1 billion in the latest private financing round, attracting investors including Polychain, Binance Labs, OKX Ventures, Animoca Brands, Hashkey, and UOB Ventures.
Polyhedra’s token is called ZK, with a total supply of 1 billion tokens. According to public information on OKX:
– 32% is for ecosystem incentives
– 28% is for early investors and contributors
– 15% is for community marketing and airdrops
– 15% is for the foundation
– 10% is for core contributors
The specific release rules have not been announced. However, zk conducted an airdrop for users before the launch, and users with less than 20 tokens can choose to receive an additional 10% compensation in the new mainnet tokens. ERC20 token holders can also receive an additional 10% compensation.
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