- The new ZK-powered layer two network will become the Fuse’s native network and will tap on the FUSE token for a gas fee.
- The transition from the Fuse layer one to Layer two is expected to take place in several stages for the next twelve months.
Fuse (FUSE) network, an EVM-compatible layer one blockchain with about $1.54 million in Total Value Locked (TVL), has announced that it has embarked on a journey to transition to an Ethereum-based zero-knowledge (ZK) layer two network through the use of Polygon Chain Development kit (CDK).
According to the announcement, the new layer two networks will focus on scaling web3 payments with the help of Polygon and Ethereum’s established blockchain features. As a result, the FUSE token will automatically become the native token for the new zk-layer two network.
“At Fuse, we’re pioneering the future of Web3 payments by building an ecosystem for businesses that prioritizes the needs of our users and partners. Our vision includes low transaction costs, instant clearing and finality, high throughput, and a decentralized validator set. In our quest to achieve these goals, we’ve conducted extensive research and found that using the Polygon CDK perfectly fits our ecosystem,” Mark Smargon, CEO and co-founder of Fuse Network, noted.
Fuse Transition Process from L1 to L2
According to the announcement, the need to enhance web3 scalability has inspired the Fuse team to tap into the Ethereum network. Moreover, the Fuse network promises to catalyze mass adoption of blockchain with reliable web3 ecosystems.
Notably, the Fuse migration process to a zk-L1 is expected to take at least twelve months in a bid to ensure a gradual launch of the network. To begin with, the team intends to deploy the ZK rollup on the existing Fuse layer one network with a mock prover in a bid to test and evaluate the associated costs and performance.
The next step will involve the integration of layer one and layer two communications to enable seamless movement of assets between the two networks. The third step will involve network migration to zk validium with several partners including Zeeve, Gateway, and Avail, among others.
“Looking ahead, with features like zkEVM to boost our network’s TPS, enhanced user experiences through ZK instant transfers, a decentralized validator set for security, improved bridging, and valuable partnerships with ecosystem players like Zeave and Gateway, we’re confident in our ability to revolutionize Web3 payments,” Smargon added.
After the migration is complete, the Fuse network will be in a position to guarantee enhanced security in token offerings and scalable transactions through the Polygon CDK.
FUSE Market Outlook and Price Action
The FUSE token has grown to a $34 million crypto project with an average daily traded volume of about $1 million. Amid the ongoing altcoin awakening, FUSE price has rallied more than 44 percent in the past four weeks to around $0.074 at the time of this report. Having established itself since the 2021 crypto bull rally, FUSE price is well positioned to rally beyond its all-time high of around $2 during the next 24 months.
