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It is already November, and there is not much time left until the launch of ZkSync at the end of the year. Now the popularity of ZkSync is slowly rising. What is the charm of ZkSync that makes investors like it so much, and why has it attracted a large number of interactive players? Let's analyze it step by step.
First: What is the reason for the emergence of ZkSync?
Due to the serious congestion of transactions on the Ethereum mainnet (i.e. Layer1) and the high transaction fees, developers proposed an improvement plan for Layer1, Layer2, in order to improve the performance and processing speed of the Ethereum network.
Second: What is zkSync?
ZkSync is a new approach to solving ethereum’s scaling problems. It is one of the first applications of a technology called zero-knowledge proofs, and it claims to be the first to use it in a way that is compatible with ethereum applications.
In short, zkSync hopes to provide cheaper, faster transactions on the Ethereum blockchain and become the home of many popular Ethereum applications. If successful, we could see major decentralized exchanges and DeFi protocols expand to the zkSync layer, giving cryptocurrency users access to these tools at a lower cost.
More specifically, zkSync is a layer 2 protocol. This means it is a layer built on top of Ethereum and provides scalability benefits. Ethereum's scaling plan is through a multi-layer system, with each layer built on top of Ethereum and inheriting its security. ZkSync hopes to provide an alternative to current layer 2 options such as Arbitrum and Optimism.
Third: Why is zkSync so popular?
1. Trust through math and code
zkSync is committed to applying advanced cryptography, especially zero-knowledge proofs, with the ultimate goal of eliminating all trust assumptions in the public blockchain space. Their vision is to build a foundation that relies only on verifiable elements (math and code) for trust.
2. Security
zkSync prioritizes security through a multi-dimensional approach. It relies on mathematical and cryptographic principles to guarantee 100% security, and publishes proofs to Ethereum Layer 1 for transaction verification. Compatibility with EVM reduces potential errors, and the layered design separates key components for increased security. Monitoring tools, information disclosure, bug bounties, and security audits further enhance zkSync's security measures.
3. High throughput and low cost
zkSync provides a seamless, low-cost solution for efficient token transfers and payments. It provides instant confirmation and finality for ETH and ERC20 token transfers on Layer 1, ensuring fast and secure transactions. In addition, zkSync also has extremely low transaction fees, significantly reducing costs compared to the mainnet.
4. Open source and forkable
zkSync is committed to maintaining its code completely open source using a permissive software license such as MIT/Apache 2.0. This approach allows anyone to access, inspect, modify, and fork the code.
Fourth: Comparison between zkSync 1.0 and zkSync 2.0
zkSync 1.0 — zkSync Lite was launched on the Ethereum mainnet on June 15, 2020, achieving a transaction throughput of about 300 TPS, but is not EVM compatible.
zkSync 2.0 — zkSync Era was launched on March 24, 2023. First, it enables arbitrary smart contract functionality by supporting Solidity (via zkEVM) and Zinc (rollup’s internal programming language); second, through zkPorter — a protocol that combines zkRollups and sharding, throughput grows exponentially to 20,000+ TPS.
1. Smart Contract Support: zkSync 1.0 focuses on simplified payment and asset transfer scenarios, and does not support Ethereum Virtual Machine (EVM) compatible smart contracts. In contrast, zkSync 2.0 provides full support for EVM compatible smart contracts, which means that developers can easily deploy existing Ethereum smart contracts to zkSync 2.0.
2. Composability: zkSync 1.0 only supports limited cross-contract interactions, while zkSync 2.0 improves inter-protocol interoperability by retaining key EVM features such as smart contract composability. This makes zkSync 2.0 more suitable for building complex decentralized financial (DeFi) applications.
3. Account abstraction: zkSync 2.0 introduces a new feature of account abstraction, which simplifies the interaction between users and smart contracts. Account abstraction allows users to interact with smart contracts using any signature scheme, thereby improving the user experience.
4. More powerful development tools: zkSync 2.0 comes with a complete set of development tools, including CLI (command line interface) and SDK (software development kit), making it easier for developers to build and deploy zkSync-based applications.
Fifth: Team Background
Matter labs is the company behind zkSync, a German company founded in 2018 by CEO Alex G. and has grown to over 50 employees. The team is made up of experienced developers, researchers and entrepreneurs as well as core members such as Zoe Gadsden (COO), Ankur Rakshit (CFO), Steve Newcomb (CPO) and Shazia Hasan (communications). Together, they are creating a more efficient, cost-effective and secure way to transact on Ethereum.
6. Ecosystem
More than 200 projects — including Chainlink, SushiSwap, Uniswap, Aave, Argent, 1inch, Gnosis, and Curve — have already deployed interest on zkSync Era.
Investment institutions: a16z, OKX, Coinbase, Binance Labs, etc.
Expected listing: It is expected to be listed on a first-tier exchange in the fourth quarter of 2023
Project official website: https://zksync.io/
Project Twitter: https://twitter.com/zksync
According to the team, only 30% of the tokens will be allocated to the team and investors, and the rest will be used for community and ecosystem development.
Summarize:
In my opinion, Layer 2 solutions are an important part of the blockchain ecosystem. They are not meant to replace Layer 1, but to complement and enhance them. By enabling data availability, shared sorters, and RaaS, Layer 2 can provide users and developers with faster, cheaper, and more flexible transactions. Today, the demand for Layer 2 is higher than ever, which directly leads to fierce competition among projects, and only projects with strong quality will eventually gain a foothold.
If you missed ARB (opening price 0.1U, maximum 1.8U, a total of 18 times), OP (opening price 0.5U, maximum 3U, a total of 6 times), ZKSwap (opening price 0.075, maximum 11.59, a total of 154 times), then don’t miss ZKS. The leading Ethereum Layer2 public chain project, the zkSync project, which has raised $400 million in financing, has already started!
Currently, the community is also launching:
zksync 、linea 、nxyz 、Review 、Aleo、enemy
Focus on the primary and secondary markets of the cryptocurrency circle. Dedicated to researching primary skyrocketing currencies and secondary high-quality potential currencies. V: wu354133 No threshold, no fees, no exchanges, no trading links.
