zkSync is a Layer 2 scaling solution, designed by Matter Labs, to address the scalability and high gas fees associated with the Ethereum blockchain.
It is faster and cheaper than the Ethereum network while maintaining its security and decentralization. By leveraging zero-knowledge proofs and zkRollups, zkSync significantly enhances throughput, reduces transaction costs, and provides near-instant transaction confirmations.
A ZK Rollup makes use of zero-knowledge proofs (ZK-SNARK & ZK-STARK) to verify transactions without revealing the private details.
This allows for enhanced privacy and security, as information such as token amounts participating in the transaction remain undisclosed. Furthermore, because only the compressed transaction data is stored on-chain, it results in lower gas fees when compared to traditional layer two solutions. Additionally, due to the cryptographic proof, assured data integrity can be maintained - guaranteeing records are accurate and reducing chances of double spending.
Because of this potential combination of advantages one may find great utility from ZK rollup in DeFi applications requiring a large amount of throughput and space efficiency while still offering high security standards.
zkSync is a Layer 2 scaling solution to address the scalability and high gas on Ethereum.
There will be two different versions of zkSync Layer 2: zkSync Lite and zkSync Era.
A functional ZK rollup and currently ranks as the seventh-largest Layer 2 scaling solution in Ethereum. Although it's not the final solution for zkSync, it will continue to operate.
However, its future popularity is uncertain, especially with the upcoming release of zkSync Era, which will provide more advanced smart contract capabilities.
An exciting development that brings an Ethereum-like user experience to developers and users.
What sets it apart are its instant transaction confirmations and remarkably low transaction fees.
Unlike traditional ZK rollups that are limited to basic transactions like transfers, swaps, and mints, zkSync Era is compatible with the Ethereum Virtual Machine (EVM), enabling more advanced and flexible smart contract capabilities.
ZkSync’s L2 protocol is based on the ZK Rollup architecture, which stands for Zero-Knowledge Rollup. This layer 2 solution operates outside of the main Ethereum network, referred to as layer 1.
It works by bundling hundreds of transactions off-chain and then generates a cryptographic proof known as a SNARK (succinct non-interactive argument of knowledge).
This proof is then posted back onto the layer 1 chain so that all users and miners can verify it against the original transaction data. The security of this process relies on both the availability and validity of data.
The benefits from using zkSync are twofold:
1. Since they aren't operating on the main layer 1 chain, they don't need full miners paying to process each transaction, meaning fees are much lower than traditional Ethereum transactions.
2. Additionally, due to their commitment to data reliability and availability, zkSync claims that their system can handle around 2000 times more transactions per second than Ethereum's current speeds.
This could drastically reduce wait times for payments and transfers on their platform compared to if it operated directly on the Ethereum main chain.
zkSync doesn't have a native token yet, but its roadmap confirms plans for the introduction of a token. As zkSync aims to decentralize its operations, a token is expected to play a crucial role in achieving this goal within the crypto community.
Curve is an exchange liquidity pool on Ethereum. Curve is designed for extremely efficient stablecoin trading and low risk, supplemental fee income for liquidity providers, without an opportunity cost.
A decentralised order book exchange powered by zk rollups. Highly-efficient order book model allows our users to receive the best possible price quotes for their assets. 0% maker fee, 0.05% taker fee.
Yearn is a decentralized suite of products helping individuals, DAOs, and other protocols earn yield on their digital assets.
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OT is a new DeFi protocol allows single token liquidity pools (instead of pool pairs). This is made possible by grouping deposited tokens into a virtual pair with the native OSD stablecoin. Single token liquidity pools are more capital-efficient, resulting in a more optimized experience for all participants including traders, liquidity providers and 3rd party projects.
SpaceFi is a cross-chain web3 platform on Evmos and zkSync, with DEX+NFT+Starter+Spacebase as initial product. Its ultimate vision is to connect Cosmos and Ethereum Layer2 ecosystem, exploring assets cross-chain and interoperability solutions.
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Powered by zero-knowledge technology, SyncSwap brings more people easy-to-use and low-cost DeFi with complete Ethereum security.
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