Polygon zkEVM is an open-source ZK-Rollup that provides EVM equivalence for a frictionless user experience and to benefit from the security of Ethereum. Essentially all existing smart contracts, developer tools, and wallets work seamlessly. The zkEVM harnesses the power of ZK proofs to reduce transaction costs and massively increase throughput, all while inheriting the security of Ethereum. The mainnet beta was launched on March 27, 2023.
This proposal recommends to support agEUR on Polygon zkEVM Mainnet Beta to the rest of the EVM chains it interconnects through the Angle Bridge Infrastructure. Assuming a passed proposal and successful integration, there will be ways to further integrate Angle Protocol into the Polygon zkEVM ecosystem.
Deploying early on Polygon zkEVM Mainnet Beta will solidify Angle’s position as a leader in the multi-chain EVM ecosystem. Increased users and assets will help accelerate Polygon zkEVM’s growth, introducing Angle’s unique user base to the new blockchain ecosystem. In tandem, increased volume through Angle grows the protocol and expands Angle to a new chain focusing on maximum security and accessibility for all.
Given the community and user uptake experienced on Polygon PoS, it is only natural to make Angle’s deployment on Polygon zkEVM Mainnet Beta a priority. This will help grow a large list of projects that can be built on Angle. Additionally as the first Euro-stable on zkEVM Angle will have first mover advantage entrenching itself in the ecosystem.
Angle can connect zkEVMto the remainder of the multi-chain EVM ecosystem, enabling users to bridge agEUR that exist on chains like Arbitrum, Optimism, Avalanche, and more. Increased users and assets will help accelerate Polygon zkEVM’s growth, introducing Angle’s unique user base to the new blockchain ecosystem. In tandem, increased volume through Angle grows the protocol and expands Angle to a new users.
agEUR contracts on Polygon zkEVM Chain are yet to be deployed. Layerzero has already been live on Polygon zkEVM Mainnet Beta. Link here
Admin on each of these chains will be the same as on all other chains: there is one governor and one guardian multisig on each of the chains, with the same signers as their equivalent on mainnet.
The goal of this proposal is to allow both ways of bridging and we propose an initial set of conservative limits with a 10k bridging hourly limit and a 100k global limit.
This proposal is being made by Jack Melnick, Senior Manager, Growth BD, an employee of Polygon Labs. Polygon Labs is a legal entity focused on the ecosystem growth and maintenance of the suite of Polygon networks.
The legal entity that is supporting this proposal is Polygon Labs Services (Switzerland) AG, a Swiss corporation known as “Polygon Labs”.
Conflict of Interest Declaration
There are no existing financial or contractual relationships between Polygon Labs and any of Angle’s legal entities, including Angle, Angle tokens, nor investments of Angle.
Deploying on Polygon zkEVM should pose minimal risks, relative to deploying on alternate blockchains. As an Ethereum Layer 2 Solution, it uses Zero Knowledge proofs to inherit Ethereum’s core safety, while allowing developers to easily deploy existing EVM codebases. The bridge has been disintermediated, and Angle can expect reputable Oracle providers to be available as data providers from day 1. Polygon’s zkEVM testnet has been running for the past six months. Additionally, the deployment has been audited multiple times, by auditors including Spearbit and Hexens. Risks are outlined in detail in our first party docs here: https://wiki.polygon.technology/docs/zkEVM/
Please address the following questions if you’re proposing a cross-chain deployment:
Does the bridge support arbitrary message passing? Yes
Is the bridge secured by a trusted entity, by a multi sig, or a protocol/set of incentivized nodes? No trusted entity, multi-sig, or a protocol/set of incentivized nodes, only L1 and L2 security. Pure smart contract interactions only. Multisig can upgrade the system after 10 day delay or immediately with consent of the security council consisting of well known reputable Ethereum researchers.
Does the bridge leverage the security of the source chain (e.g. Ethereum L1) or destination chain, or is security provided by another third party entity? All based on L1 and L2. L2 security is based on the L1.
Is it possible for a fraudulent message to be passed to the destination chain? If so, are there any recall mechanisms? There are two ways to use the bridge, which do not allow for a fraudulent message to be passed to the destination chain:
· Native supported messages: Allow only bridging of ERC-20 and ETH. There is no fraudulent message that can be passed.
· Custom Messages: Custom receiver logic on the other side of the bridge. When you send a message, the message needs to be received by a smart contract, so you have to build the receiver smart contract, which is specific to the logic of that smart contract. The security is up to the person building the receiver smart contract. These custom messages do not take custody of any funds. All that is known is that the message will pass the bridge if implemented correctly. The bridge is just the message carrier.
What are the ramifications of fraud to the malicious actor? There is no ramification to contemplate due to there being no possibility of passing a fraudulent message to the destination chain, as described above.
Has the bridge code been audited? By a third party? As part of the main zkEVM audits, the bridge code was audited.