ZkEVM: The Future of Web3 Development
Today we’re proud to share a demonstration of migrating GMX from Arbitrum Blockchain to Polygon ZkEVM. Our developers were able to complete this migration using the ARC Reactor in less than 20 minutes! This ability to migrate EVM-based projects to ZkEVMs quickly and effectively will be massively beneficial for Web3 developers around the world.
Web3 developers have a new tool at their disposal with the release of ZkEVM (Zero Knowledge Ethereum Virtual Machine). This innovative technology is a layer 2 solution that applies the concept of ZK Rollups to the Ethereum Virtual Machine (EVM), allowing developers to retain all the benefits of rollups without sacrificing any of the functionality of the EVM.
What Are ZK Rollups?
You may still be wondering what exactly a ZK Rollup is and why it is so important. Simply put, a ZK Rollup is a blockchain scalability solution that allows for increased transaction speed and reduced costs, without sacrificing security. By computing transactions off-chain and only committing proof of these transactions to the blockchain, ZK Rollups can handle a much larger volume of transactions without causing network congestion or skyrocketing gas fees.
What is the ZkEVM?
This is where the ZkEVM comes in. It allows developers to port their existing EVM code over to the ZkEVM platform, giving them access to the scalability benefits of ZK Rollups without losing any of the features or functions of their smart contracts. In fact, ZkEVM can increase transaction speed even further, with estimates indicating that it can handle up to 40,000 transactions per second — a massive improvement over Ethereum’s current limit of 20 transactions per second.
But the benefits of ZkEVM don’t stop there. It can also dramatically reduce the costs of transactions, with estimates suggesting that it can lower gas fees by as much as 99% compared to regular Ethereum transactions. And for developers and users who value privacy, ZkEVM has an added bonus. By computing transactions off-chain and only committing proof of these transactions to the blockchain, ZkEVM transactions remain anonymous, as they are compressed down to just one on-chain transaction.
How does the ARC Reactor integrate with ZkEVMs?
Enter ARC’s Web3 IDE, the ARC Reactor. The ARC Reactor is a comprehensive toolkit for blockchain development, including a range of features that make it an ideal home for developers working with ZkEVM. With the ARC Virtual Machine, EVM technology has been fully integrated, and now zkEVM’s. As Polygon’s ZkEVM prepares to launch on the mainnet in early 2023, ARC is proud to offer the first EVM-to-ZkEVM end-to-end solution.
In addition to the ability to move existing EVM code to ZkEVM, the ARC Reactor now offers the ability for developers to build and deploy new smart contracts on Polygon ZkEVM. This means that the ARC Reactor is now officially integrated with ZK Rollups and allows development on ZK Rollups to be a seamless process through the ARC Reactor. This means that developers can leverage all the advantages of ZkEVMs to build projects that are 90% faster and more cost-effective. Developers can access these tools in addition to all the other competitive offerings our Reactor provides.
The ARC Reactor isn’t just for ZkEVM development — it also includes code-to-diagram technology and a market-leading auto-compiler, making it an intuitive platform for developers working on any type of Web3 project.
So if you’re a developer looking to take your projects to the next level with the power of ZkEVM, the ARC Reactor is a perfect choice. With the ARC Reactor, developers can not only take advantage of this technology but build on top of this in the most efficient Web3 Developer Suite.
For a full breakdown of all the contracts we deployed in our demonstration video, please see this link.
This is a breakdown of the contracts that have been deployed alongside their corresponding addresses:
WETH (WETH): 0xE9CC37904875B459Fa5D0FE37680d36F1ED55e38
GMX : 0x7207359635174EA1b24838e4C97844bb32C9c64E
Vault : 0x25dCc18F620Cf897a41757ab6efD4155D29280dD
USDG : 0x7adE2450Ebf3cfF815F2686d38096D9e6F56C3C6
_depositFee (uint256): 30
_minExecutionFee (uint256): 20000000000000000
OrderBook: - 0x70CEa19EFC89B3586A19F00044bd690F2b947252
OrderBookReader: - 0xe654790B6eA6911bc8CD1525943bcaF19eEa08d6
Reader: - 0xEb786a7eBBa150eE531a1c54444DfA2333853Af5
RewardTracker ===> deploy 3 times, for:
Staked + Bonus + Fee GMX
Fee + Staked GLP
_cooldownDuration (uint256): 900
RewardRouterV2: - 0xFbf62dFb7F228EA1121c70142cfD79A45a665167