Clearpool spreads out to Polygon zkEVM

Clearpool, which is a decentralized lending marketplace, has spread out to Polygon zkEVM. This occurrence has taken place to provide users the opportunity of carrying out swift transactions, as well as heighten funding diversity and better capital effectiveness. Incidentally, Polygon zkEVM is a zero-knowledge upgrading solution.

According to the Co-Founder and CEO of Clearpool, Robert Alcorn, the incorporation is a move towards creating an added building block to the spreading of Clearpool’s ecosystem. From the very start, Clearpool was created to play the role of a multichain protocol that is low in cost, as well as uninterrupted, and upgradable.

Fasanara and Portofino have been instrumental in starting two permissionless lending pools on the Polygon zkEVM Layer 2. This has helped Clearpool to reach out to its third blockchain solution parallel with the Ethereum mainnet and the Polygon PoS. In the opinion of the Head of DeFi Business Development at Polygon Labs, Jack Melnick, the incorporation helps boost the DeFi space on Polygon and makes it possible for them to offer varied finance-related solutions. Clearpool is associated with Idle for creating DeFi primitives on top of zkEVM pools for providing various risk return identities.

It was in March 2023 when Polygon introduced its zero knowledge-oriented rollup network. This brought in projects such as Lens and Aavegotchi. The Co-Founder of Ethereum, Vitalik Buterin, took the initiative and carried out the initial transaction on the network.

Polygon zkEVM makes available EVM opcode adaptability, through which it becomes possible for users and developers to make use of similar codes, as well as tools and applications like Ethereum. ZK-Rollups function by gathering various transactions off-chain within a sole batch. In turn, this is forwarded to the main chain in the form of a sole transaction.

Following this, zero-knowledge proofs authenticate the transactions but do not reveal the data, thus creating lesser fees and better safety. Blockchain projects like Polygon, Starknet, ZkSync, and Scroll have been engaged in the creation of a working ZK-oriented Layer 2 solution that is able to back Ethereum applications. Plans are afoot for Polygon 2.0, which is a network of zero knowledge-boosted Layer 2 blockchains.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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