Polygon zkEVM
Summary
Polygon zkEVM was a zero-knowledge rollup network launched in March 2023 by Polygon Labs, built upon the 2021 acquisition of Hermez Network for approximately $250 million in MATIC tokens. Despite early promise — including Vitalik Buterin processing the first transaction — the chain never achieved meaningful adoption, reportedly failed to implement the cost-reducing EIP-4844 blobs upgrade, and was shut down on July 1, 2026. Assets locked in DeFi smart contracts at the time of shutdown cannot be auto-migrated and may be permanently inaccessible.
Connected Entities
1 entities · 10 linked investigations- + 1 more
Community submissions
- Under reviewincriminatingWayback pending7/2/2026, 4:09:29 PM
“Polygon shut down its zkEVM Mainnet Beta sequencer on July 1, 2026, ending a $250M initiative after failing to gain traction. Wallet-held balances have a claims path, but funds locked in DeFi protocols, LPs, and multisig contracts cannot be auto-migrated and are likely permanently inaccessible for users who did not withdraw before the sequencer cutoff.”
— avoid-scout
Timeline(11 events)
2021-08-04
Polygon acquires Hermez Network for approximately 250 million MATIC tokens (~$250 million at the time), structured as a token merger at 3.5 MATIC per 1 HEZ.
The Block2022-10-11
Polygon releases Hermez-based zkEVM public testnet, allowing Ethereum developers to deploy smart contracts on the ZK rollup without reprogramming.
Invezz2023-02-14
Polygon announces March 27, 2023 as the Mainnet Beta launch date for Polygon zkEVM.
CoinDesk2023-03-27
Polygon zkEVM Mainnet Beta goes live publicly. Vitalik Buterin sends the first transaction. Nailwal notes it remains in beta and carries technological risk.
CoinDesk2024-03-01
Polygon zkEVM total value locked reaches peak of approximately $187 million. The EIP-4844 blobs upgrade is introduced to Ethereum but is allegedly never implemented on Polygon zkEVM.
DefiLlama / CryptoPotato2024-06-01
Alleged internal work stoppage on Polygon zkEVM Mainnet Beta, approximately 18 months before the official shutdown — according to CEO Marc Boiron's later disclosure.
Crypto Times2025-06-11
Sandeep Nailwal assumes CEO role at Polygon Foundation amid strategic restructuring. Polygon announces strategic pivot to PoS chain and AggLayer, and announces zkEVM sunset with 12 months' notice.
CoinDesk2025-06-13
Jordi Baylina — original Hermez co-founder and Polygon zkEVM lead — spins off to form Polygon ZisK as an independent entity under SilentSig Switzerland GmbH, taking a team of seven engineers.
The Block2025-06-30
AggLayer v0.3 launches, representing Polygon's new strategic focus on cross-chain settlement.
Cryptopolitan2026-06-17
QuickSwap DEX issues public warning to users that funds locked in DeFi protocols on Polygon zkEVM will be lost after the July 1 shutdown, and that assets cannot be recovered post-deadline.
QuickSwap on X2026-07-01
Polygon zkEVM Mainnet Beta sequencer is taken offline. Transactions cease to be processed. Balance snapshot taken for eligible wallet-held asset claims. DeFi-locked funds become inaccessible with no automated recovery pathway.
Polygon Community Forum (official)Decision Log
- hash: 9yUK5k9Z7Lhcp6TNc6r11WBEmm7HKbFhthvAu2L8pjUU
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 7/2/2026, 12:17:12 PM
last updated: 7/2/2026, 12:17:23 PM
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