The partnership is a key development in Japan’s commitment to Web3 adoption. Astar aims to attract global entertainment and gaming projects to the Japanese market by leveraging the Polygon Chain Development Kit (CDK), an open-source codebase designed for initiating zero-knowledge-powered Layer 2 chains for Ethereum.
Polygon co-founder Sandeep Nailwal highlighted Asia’s progressive stance on Web3 adoption. He stated that the partnership would cater to the growing demand for transparent, trustless applications in Japan.
Astar Network’s founder, Sota Watanabe, emphasized the potential benefits for enterprises and highlighted Japan’s role as the epicenter of the web3 movement.
The Astar zkEVM mechanism is powered by the CDK and can connect seamlessly to a shared ZK bridge, ensuring interoperability. The solution supports the same codebase as Ethereum, allowing developers to leverage existing tools and infrastructure. The core component of zkEVM is ZK-rollups which execute off-chain computations on Layer 2, facilitating quicker and more cost-effective transactions while maintaining Ethereum’s security standards.
Japan has shown positive attitudes towards cryptocurrency and blockchain technology. Prime Minister Fumio Kishida emphasized the transformative potential of Web3 at the WebX conference in July. Backed by giants like Coinbase (NASDAQ:COIN) Ventures and Binance Labs, Astar envisions a pivotal role in this transformation.
In addition to its collaboration with Polygon Labs, Astar has previously partnered with Sony (NYSE:SONY) on a Web3 incubation program. Out of over 200 applications, 19 projects were chosen to launch on Astar.
Polygon Labs launched its zkEVM in March. The technology has been identified as a pivotal area for Ethereum network scaling in recent times. Several blockchain initiatives, including Polygon, Starknet, ZkSync, and Scroll, are in a race to develop a functional ZK-based Layer 2 solution that can inherently support Ethereum applications.
Despite the partnership announcement, the Astar price was down by 9.87% trading at $0.05342, and Polygon price noted a slight gain of 0.40% to trade at $0.5155.
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Source: Cryptocurrency - investing.com
