Polygon zkEVM is an open-source ZK-Rollup that provides EVM equivalence for a frictionless user experience and the security of Ethereum.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 that Synapse deploy a bridge to connect Polygon zkEVM Mainnet Beta to the rest of the EVM chains it interconnects. Synapse enables this connection by launching two pools: one for ETH and the other for USDC. Assuming a passed proposal and successful integration, there will be ways to further integrate Synapse into the Polygon zkEVM ecosystem.
Deploying early on Polygon zkEVM Mainnet Beta will solidify Synapse's position as a leader in the multi-chain EVM ecosystem. Increased users and assets will help accelerate Polygon zkEVM's growth, introducing Synapse's unique user base to the new blockchain ecosystem. In tandem, increased volume through Synapse grows the protocol and expands Synapse to a new suite of ZK enthusiasts.
Given the community and user uptake experienced on Polygon PoS, it is only natural to make Synapse's deployment on Polygon zkEVM Mainnet Beta a priority. This will help grow a large list of projects that can be built on Synapse.
Synapse can connect the ecosystem to the remainder of the multi-chain EVM ecosystem, enabling users to bridge assets that exist on chains like Arbitrum, Optimism, Avalanche, and more. Increased users and assets will help accelerate Polygon zkEVM's growth, introducing Synapse's unique user base to the new blockchain ecosystem. In tandem, increased volume through Synapse grows the protocol and expands Synapse to a new suite of ZK enthusiasts.
To connect Polygon zkEVM with other blockchains, this proposal calls for deploying Synapse on Polygon zkEVM Mainnet Beta, the DAO to enable deposits of ETH from other EVMs, hence enabling a pool of nETH and ETH. Additionally it is to deploy a new liquidity pool on the Polygon zkEVM Mainnet Beta comprised of nUSD and USDC.
The target TVL for the two pools will be 250,000 USD. They will be split into ETH and USDC.
In order to achieve this, the proposal requests the Synapse DAO incentivize this new pool with 800 SYN per week, split for both pool, to target 15% APR
The fee structure for the new pool will be 5bps for bridge and 1bps for swap.
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 Synapse's legal entities, including Synapse, SYN tokens, nor investments of Synapse.
Deploying on Polygon zkEVM should pose minimal risks, relative to deploying on alternate blockchains. As an Ethereum Layer Two, 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 Synapse can expect reputable Oracle providers to be available as data providers from Day One. 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 here: https://wiki.polygon.technology/docs/zkEVM/