#ZkSync Era, formerly known as zkSync 2.0, is an exciting layer-two (L2) scaling solution for Ethereum developed by Matter Labs.
It utilizes zero-knowledge (zk) rollup technology to achieve faster and more cost-effective transactions, all while maintaining the high level of security offered by the #Ethereum network.
The launch of zkSync Era is a significant milestone for the zk-rollup space, as it represents the first #zkEVM (Ethereum Virtual Machine) to hit the mainnet.
This zkEVM is a virtual machine that supports zero-knowledge proof calculations while being fully compatible with Ethereum's EVM.
The compatibility enables developers to write ZK-compatible smart contracts using familiar Ethereum programming languages like #Solidity and Vyper.
By providing EVM compatibility, zkSync Era overcomes a crucial bottleneck for developers of decentralized applications (DApps) in the ZK-rollup ecosystem.
Previously, ZK-based smart contracts were incompatible with the Ethereum framework and VM, requiring developers to choose between ZK-based applications or using the Ethereum framework.
However, with zkEVM, developers can seamlessly build ZK-based smart contracts using traditional Ethereum programming languages.
ZkSync Era also offers native account abstraction, which upgrades traditional externally owned accounts (EOAs) like MetaMask users to smart contract accounts (CAs).
This enhancement opens up new possibilities, such as batching multiple operations together and automating payments, creating a more user-friendly experience.
The foundation of zkSync Era lies in its ZK-rollup technology, which combines a natively privacy-preserving network with fast transaction processing.
Transactions are rolled up into batches and verified by the Ethereum mainnet using zero-knowledge proofs, significantly reducing gas costs and storage requirements.
Matter Labs chose SNARK as its proof-generation method due to its efficiency and compatibility with the zkEVM.
ZkSync Era has already attracted attention from various DeFi protocols, and more than 150 projects have partnered with zkSync Era to deploy on its mainnet.
Decentralized exchanges like Mute, SyncSwap, and Space.fi are already live on the mainnet, allowing users to swap tokens and provide liquidity.
The first NFT collection, zkApes, has also been launched, with other NFT marketplaces expected to follow suit.
However, with the involvement of major DeFi players like Uniswap, Balancer, 1inch, and Frax, zkSync Era is poised for further growth and adoption.
Overall, zkSync Era's combination of native account abstraction, privacy and speed of ZK-rollup, Ethereum-level security, and EVM compatibility makes it a promising solution for Ethereum scaling and ZK-based smart contract development.
As more DApps and projects deploy on the mainnet, zkSync Era is poised to play a pivotal role in the growing ecosystem of L2 scaling solutions.