Polygon launched a new cryptographic method to cut costs by approximately 90% on the Ethereum layer-1 network. The Polygon zkEVM (zero-knowledge Ethereum Virtual Machine) is a zero-knowledge scaling solution that aims to be faster than Visa's transaction throughput. More: - Mihailo Bjelic, the co-founder of Polygon, says, "The holy grail of Web3 infrastructure should have three major properties: scalability, security, and Ethereum compatibility," and Polygon zkEVM achieves this.
- The zkEVM is a cryptographic method that uses zero-knowledge proofs and is designed to work with all existing smart contracts, developer tools, and wallets, eliminating the need to re-implement code.
- Polygon is an interoperability and scaling protocol that is used to launch Ethereum-compatible blockchains.
- The team is estimating a 90% cut in costs and 1,700 transactions per second on average.
- It will be launched later this summer, with a mainnet launch for early 2023.
- The upcoming Ethereum merge is unlikely to reduce transaction costs; however, the zkEVM stands to reduce network fees by 90% or more.
Decrypt 
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Zipmex, a Thailand-based crypto exchange, has suspended withdrawals on its platform. CEO Marcus Lim of Zipmex has denied that the firm could be in trouble and dismissed statements to the contrary as "rumors." More: - In Q1 2022, Coinbase offered to acquire Zipmex; however, the acquisition fell through. Instead, Coinbase invested in Zipmex for an undisclosed amount.
- Lim, CEO of Zipmex, explained that Coinbase is an exciting partner, but "an investor makes more sense at this stage."
- Zipmex suspended withdrawals on Wednesday, citing a "combination of circumstances" beyond its control.
- The suspension came soon after Lim denied a Cointelegraph report that the company is having financial difficulties.
Cointelegraph
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21Shares is releasing new products to limit the volatility of Bitcoin and Ether within a bear market. The fund aims to replicate S&P Dow Jones indices' benchmarks that control risks in the same manner. More: - 21Shares is a crypto-focused fund that issues ETPs and is launching new products for investors to navigate cryptocurrency bear market conditions.
- The company will release index-tracking products to allocate more assets to USD when Bitcoin and Ethereum volatility rises.
- 21Shares has been working on developing crypto indexing capabilities for two years in an effort to promote more transparency and facilitate access to emerging technology-driven asset classes.
- Hany Rashwan, a member of the executive team at 21Shares, explains, " Although Bitcoin and Ethereum are two of the best performing asset classes of the decade, risk-averse investors are often wary of its price fluctuations."
- 21Shares aims to lower the volatility of BTC and ETH to make them more accessible to investors so they can enter the "asset class more comfortably and give investors a smoother ride," says Rashwan.
Blockworks
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Gary Gensler, the U.S SEC chairman, has outlined what to expect from the SEC on crypto regulation. He explained that "Bitcoin is a non-security token," and in June, he categorized Bitcoin as a commodity. More: - Gensler, in an interview with Yahoo Finance, said that investor protection around various service providers, including the exchanges, lending platforms, and broker-dealers, is a priority for the SEC, which has authority from Congress to modify some rules to better protect investors.
- The securities watchdog is talking with various industry participants about compliance measures and has asked crypto service providers to "Come in, talk to us."
- In terms of regulations, the SEC is "looking at tokens, the stablecoins, and the non-stablecoins. Separately, we do have discussions with the bank regulators and with our friends and colleagues at the CFTC," he adds.
- There will be a "one rule book" for regulating crypto tokens, and the SEC is currently working with the CFTC to write a memorandum of understanding.
Bitcoin.com
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Edward Dowd, former managing director at BlackRock, predicts that Bitcoin will become a better financial instrument than gold, and everyone will have it in their portfolio. More: - Edward Dowd thinks that Bitcoin will become a more stable asset after the bear markets, and everyone will hold it in their portfolio in the future.
- He believes that "robust" cryptocurrencies will survive during the crypto winter, and less valuable projects will disappear, similar to the dot.com era.
- The technology underlying Bitcoin is built on transparency and offers freedom that will help the asset overcome the current challenges and likely surpass the value of gold.
Crypto Potato
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Bitcoin rose 8% to $23,800 Wednesday as economists predict a less aggressive hike from the Federal Reserve. The U.S central bank is expected to hike rates again; however, economists are forecasting a less aggressive increase this time, which is giving Bitcoin a period of relief. More: - The current trading volumes for Bitcoin were last seen in June, trading at $23,330.80.
- Traders saw some relief from a tighter monetary policy from the U.S central bank, which weighs heavily on risky assets like stocks and crypto.
- Antoni Trenchev, CEO of crypto lender Nexo, says, "This isn't necessarily the end of the crypto bear market, but a relief rally for Bitcoin is long overdue." The popular digital asset is 50% lower from the start of Q1 2022.
- The short-term outlook for Bitcoin is bullish, and it could go as high as $29,000 this week, according to Yuya Hasegawa, a crypto market analyst at Bitbank.
CNBC
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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