Tag: ZKSYNC ERA

Binance Integrates Ethereum on zkSync Era Network

by Blockchain News

Binance, one of the world’s leading cryptocurrency exchanges, announced today that it has successfully integrated Ethereum (ETH) on the zkSync Era network. As of the announcement, deposits and withdrawals of Ethereum (ETH) tokens via the zkSync Era network are available to users.

zkSync Era is a layer 2 protocol enhancing Ethereum’s security using zero-knowledge cryptography. It aims to boost crypto adoption for individual sovereignty, believing freedom today hinges on cryptography. Ethereum, as the most decentralized blockchain, offers sovereignty to billions. zkSync Era amplifies Ethereum’s core values like trustlessness, unrestricted access, censorship resistance, and community-driven decentralization.

Users looking to deposit Ethereum (ETH) on the platform can locate their specific Ethereum (ETH) deposit address on the zkSync Era network through the “Deposit Crypto” page provided by Binance. Additionally, the Ethereum (ETH) smart contract address associated with the zkSync Era network has been made accessible to users.

Users should note that, owing to the zkSync Era Finality procedures, Ethereum (ETH) deposits on the zkSync Era network will necessitate a 24-hour waiting time before reflecting in their Binance accounts.

Should there be any discrepancies between the translated versions of this announcement and the original English text, the English rendition will be considered authoritative.

The implementation of zkSync Era provides users enhanced security and privacy, addressing growing concerns in these areas. Recently, Blockchain.News highlighted a paper co-authored by Vitalik Buterin on Blockchain Privacy and Compliance, which utilizes zero-knowledge proofs. This insight was shared by one of the paper’s authors.

Image source: Shutterstock

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Klaytn Foundation and Matter Labs Collaborate to Advance Layer 2 Technology Integration

by Blockchain News

Klaytn Foundation, the organization behind South Korea’s prominent Layer 1 blockchain Klaytn (symbol: KLAY), has entered into a memorandum of understanding (MOU) with Matter Labs, the team responsible for developing Ethereum Layer 2 scaling solution zkSync Era. This collaboration aims to advance the integration of zkSync Era’s Hyperchain implementations on Klaytn, marking a significant technological endeavor to incorporate a Hyperchain Layer powered by ZK-Rollups on a blockchain outside of Ethereum. The partnership will focus on the following areas of exploration:

  • Research and development efforts to enhance the connectivity between the Klaytn mainnet and Matter Labs’ zkSync Era Layer 2 blockchain, which leverages Zero-Knowledge Proof technology.

  • Development of new Layer 2 blockchain technology for Klaytn based on zkSync Era.

  • Establishing Klaytn as a Hyperchain infrastructure through the implementation of Matter Labs’ ZK Stack.

By establishing this partnership, Klaytn Foundation and Matter Labs are paving the way for technical cooperation. The collaboration is poised to accelerate the growth of the Klaytn ecosystem infrastructure, as both entities work together to develop Layer 2 and Layer 3 implementations.

Matter Labs has been at the forefront of Zero-Knowledge Proof rollup technology, having deployed zkSync version 1 in 2021. Recently, the company introduced zkSync Era, the second version of their platform that supports EVM compatibility. It is noteworthy as the first zkEVM to launch on the mainnet and is accessible to the public. On June 26th, Matter Labs announced the release of the ZK Stack, a modular and open-source framework enabling the construction of custom ZK-powered L2s and L3s, also known as Hyperchains. These advancements contribute to the scalable throughput, trustless security, and resilience offered by zkSync Era, characteristics that both Klaytn Foundation and Matter Labs deem essential for Layer 2 and 3 protocols.

Dr. Sam Seo, the Representative Director of Klaytn Foundation, acknowledged the scalability challenges that lie ahead with the mass adoption of Klaytn. He expressed optimism about the partnership with Matter Labs, stating that it will expedite the development of Zero-Knowledge Layer 2 technology for the Klaytn mainnet. Dr. Seo emphasized the importance of maximizing scalability on Klaytn, a blockchain already known for its fast transaction processing time and low gas fees.

Marco Cora, the senior vice president of business and ecosystem at Matter Labs, highlighted the significance of working with Klaytn Foundation to explore Hyperchain use cases. He described ZK rollups as the future of Ethereum scaling and emphasized the need to establish the right architectural foundations from the outset. Cora stated that building on the ZK Stack will grant established Layer 1 blockchains like Klaytn two crucial features: sovereignty and seamless connectivity to the Ethereum ecosystem. This connectivity will be achieved in a trustless, fast, cost-effective, and secure manner, opening up new opportunities for builders and users.

The deployment of Layer 2 and Layer 3 hyperchains based on zkSync Era’s ZK Stack will enable Klaytn builders and ecosystem participants to enjoy lower fees and higher throughput. They can process transactions on these layers while benefiting from the full security provided by Klaytn through the submission of zero-knowledge proofs to the mainnet.

As the partnership progresses, Klaytn Foundation and Matter Labs will share their joint project plans and research and development achievements through their respective social channels and communities.

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1inch Joins Ethereum’s zkSync Era for Faster DeFi Transactions

by Blockchain News

Decentralized finance (DeFi) protocol 1inch has recently made an important move to join Ethereum’s scaling solution, the zkSync Era. By deploying its aggregation and limit order protocols on zkSync, 1inch aims to tap into faster and cheaper transactions that the layer-2 scaling solution offers.

The integration of 1inch on zkSync is expected to improve the protocol’s performance and enable users to perform more DeFi transactions with greater efficiency. With the soaring demand for DeFi solutions, 1inch seeks to ensure that its users can continue to enjoy seamless and uninterrupted services while also reducing transaction fees.

1inch is just the latest Ethereum-based platform to join the zkSync Era. Other notable DeFi protocols that have already deployed on the zero-knowledge proof (zk-proof) based scaling platform include Uniswap, SushiSwap, Maker, and Curve Finance.

The adoption of zkSync by a growing number of DeFi protocols underscores the importance of layer-2 scaling solutions in addressing the scalability issues faced by the Ethereum network. As a result of its growing popularity, zkSync has emerged as one of the most promising scaling solutions for Ethereum, offering faster and more cost-effective transactions than the Ethereum mainnet.

For those unfamiliar with zkSync, it is a scaling solution based on zk-proof technology that allows Ethereum to process transactions off-chain while still maintaining the same level of security and decentralization as the mainnet. With zkSync, users can perform transactions at a fraction of the cost and at a much faster speed than what is currently possible on the Ethereum mainnet.

By deploying on zkSync, 1inch is positioning itself to better serve its users and tap into the full potential of DeFi. With faster and cheaper transactions, 1inch aims to provide its users with a seamless and efficient experience, while also attracting more users to the platform.

In conclusion, the integration of 1inch on Ethereum’s zkSync Era represents a major milestone for the DeFi ecosystem. With the growing adoption of layer-2 scaling solutions, the future of DeFi looks promising, as more users are expected to flock to these platforms, further driving innovation and growth in the DeFi space.

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DeFi Giants Launch on Ethereum Layer 2 zkSync Era

by Blockchain News

After four years in development, the Ethereum layer 2 scaling network, zkSync Era, has opened to users in alpha, enabling faster and cheaper transactions. Between 32 to 50 projects, including some of the biggest names in decentralized finance such as Uniswap, Sushi, Maker, and Curve, are set to go live on March 24 or over the weekend.

ZkSync Era is the first Ethereum Virtual Machine compatible zk-Rollup to launch on mainnet, allowing most Ethereum DApps to simply port over with very few changes. The network can provide scaling “orders of magnitude” greater than Ethereum’s current 10 to 12 transactions per second (TPS), offering “tens of TPS” initially and scaling up as demand requires.

The project launched its “fair onboarding alpha” on Feb. 17, allowing projects to port over and test out security and optimizations. Matter Labs, the team behind zkSync Era, said it spent $3.8 million on security testing, seven independent security audits, and a bug bounty program to reduce the risk of any incidents.

Zk-Rollups, which include zkSync, Scroll, and solutions from Polygon, StarkWare, and Consensys, compute transactions away from the Ethereum blockchain while providing a tiny cryptographic proof that is written as a single transaction back on Ethereum showing that a bundle of other transactions has been carried out correctly. ZkSync also employs recursion, which generates a proof showing a batch of other proofs (each representing many transactions) have been carried out.

Zk-Rollups can enable virtually instant withdrawals, giving them an advantage over optimistic-rollup layer 2s such as Optimism, where withdrawals take a week. However, zkSync Era will impose a 24-hour waiting period initially as a security precaution.

ZkSync Era has also enabled native account abstraction, meaning every account in the network is a “smart account” that can utilize two-factor authentication (2FA), social recovery, autopay transactions, and more via smart contract wallet providers like Argent.

The network will not be fully decentralized on launch, so the team can implement fast fixes for any security or technical issues. However, a time lock will later be implemented so that the Security Council and community can sign off on decisions. Like competitor StarkWare, zkSync relies on a centralized sequencer and prover, which are faster, but provide a centralized point of failure.

Running a prover requires the purchase of expensive hardware or renting cloud capacity at $10,000 a month, which makes decentralizing that aspect of the network tricker. A new proof system is already being developed that substantially reduces hardware requirements and should be available on mainnet this year.

Overall, zkSync Era represents an important step forward for Ethereum, which has been grappling with scaling issues for years. The network’s launch on mainnet has the potential to significantly reduce gas fees and enable faster and more efficient transactions, benefiting not only DeFi projects but also other Ethereum-based applications.

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