EY’s key blockchain services, such as EY OpsChain and EY Blockchain Analyzer, will be linked with Polygon, to mitigate the high fees and congestion associated with transacting on the Ethereum mainnet according to an announcement made on Monday.
Polygon will provide EY’s enterprise clients with increased transaction throughput, consistent rates, and faster settlement times, according to EY.
In addition, the company said that it is collaborating with Polygon to provide permission, private optimistic rollup chains. When compared to transacting on the Ethereum mainnet, rollups are a second-layer scaling option that delivers enhanced security and efficiency. EY Global Blockchain Leader Paul Brody said:
To alleviate the scalability limits of Ethereum’s mainnet, Ernst & Young (EY), one of the “Big Four” consulting corporations, will connect its blockchain technologies to Polygon.
“Working with Polygon provides EY teams with a powerful set of tools to scale transactions for clients and offers a faster roadmap to integration on the public Ethereum mainnet.”
Sandeep Nailwal, a co-founder of Polygon, complimented EY for its dedication to the Ethereum ecosystem and open technological standards.
While EY has continued to improve its layer-two zero-knowledge proof protocol Nightfall, the business also assisted with the March 2020 launch of the open-source Baseline Protocol.
Due to the continually high fees associated with transacting on the mainnet, demand for Ethereum scaling solutions has risen in recent months.
As a result, the Polygon network’s total value locked (TVL) has risen from around $1 billion at the beginning of April to $8.5 billion today.