What Is zkSync?

2024-05-23

What Is zkSync? image 0

Meta Description: Let’s explore the charms of zkSync, the crypto protocol that's turning heads. This guide fully explains the advantages and applications of this innovative solution.

Developed by Matter Labs, zkSync is a Layer-2 (L2) scaling solution for the Ethereum blockchain aimed at enhancing its transaction processing capacity while maintaining security and decentralization. Typically, L2 solutions are designed to boost transaction speed and minimize costs on a blockchain.

zkSync utilizes zero-knowledge proofs to facilitate quick and secure transfers of digital assets. It was created to improve transaction speeds and reduce gas fees for transactions on the Ethereum blockchain without compromising security.

How Does The zkSync Ecosystem Function?

Zk-Rollups enhance Ethereum's scalability by processing transactions off-chain (Layer 2) while still recording the transaction data on the Ethereum mainnet (Layer 1).

This approach improves throughput, security, and scalability over Layer 1, with significantly lower fees. Since the transaction data stays on Layer 1, these optimizations preserve the fundamental structure of the Ethereum main chain.

What Are The DApps On zkSync?

According to surveys, there are currently over 100 projects running on zkSync. This indicates that the zkSync ecosystem is expanding and its investors are diversifying. The following are some DApps running on zkSync:

Curve

Curve, one of the pioneering automated market makers (AMMs), has seen relatively lower Total Value Locked (TVL) on zkSync compared to other blockchain protocols. However, with zkSync gaining wider recognition and popularity, there's optimism for its growth.

Bitget

Bitget Wallet DApp supports all kinds of zkSync Era DApps, including DeFi, NFT, GameFi, Bridge, Exchange, Mine, Tools, Social, and Loan. All the latest and most popular zkSync Era projects are listed in the Bitget Wallet DApp section.

Users can easily access the zkSync Era ecosystem through the Bitget Wallet DApp Browser, exploring trending DApps such as SyncSwap, Maverick Protocol, ODOS, ActScan, and more.

ZigZag

ZigZag is a decentralized exchange (DEX) operating on zkSync, offering noncustodial order books powered by ZK rollups. Through zk-Proof technology, investors can swap tokens and engage in spot trading directly from their wallets without additional charges or gas fees. ZigZag also provides a bridge to connect zkSync with Ethereum.

Yearn Finance

Yearn Finance provides diverse investment strategies for users to generate returns on its platform. Initially popular on Ethereum, Yearn Finance has expanded to other chains. Users can access the yield-compounding platform through zkSync via Argent, a supported wallet provider.

Should You Rely On The zkSync Ecosystem?

Indeed, ZK rollups have had a positive impact on the Ethereum blockchain. The transition from zkSync 1.0 to zkSync 2.0 reflects ongoing growth and enhancement. However, what lies ahead for zkSync proofs? Given Ethereum's enduring significance, a robust system capable of supporting decentralized operations is crucial.

The question remains: Are zero-knowledge-proof systems reliable for long-term use? Since its inception in 2019, zkSync has demonstrated resilience. It has the potential to enhance Ethereum transactions, making them more efficient, seamless, and cost-effective. As evidenced by the adoption of DApps on this trustless Layer-2 protocol, ZK rollups have progressed rapidly.

In any case, Ethereum will eventually serve as a data availability layer for these Layer-2 technologies.

What Are The Benefits Of zkSync?

The below part will guide you through the various advantages of zkSync and how it's revolutionizing blockchain scalability and transaction efficiency.

Enhanced scalability: zkSync employs zk-rollup technology to notably boost the transaction throughput of Ethereum, paving the way for a more scalable network capable of handling increased transaction volumes.

Cost savings: With zkSync, users enjoy reduced transaction fees thanks to the consolidation of multiple transactions into a single batch, resulting in more economical transactions compared to those executed directly on the Ethereum mainnet.

Speedier transactions: Transactions on zkSync are processed swiftly, offering users faster confirmation times compared to traditional Ethereum transactions.

Robust security: zkSync ensures transaction integrity and user privacy by incorporating zero-knowledge proofs (zk-SNARKs), fortifying Ethereum's security framework while maintaining decentralization.

Decentralization preserved: Despite its layer-2 nature, zkSync upholds Ethereum's decentralized ethos, upholding the network's resilience and avoiding reliance on centralized intermediaries.

Seamless integration: zkSync seamlessly integrates with existing Ethereum infrastructure, including wallets, smart contracts, and decentralized applications (dApps), ensuring smooth adoption and utilization within the Ethereum ecosystem.

In summary, zkSync offers a compelling array of benefits, ranging from scalability and cost efficiency to security and interoperability, making it a valuable addition to the Ethereum ecosystem.

How Does zkSync Work?

zkSync functions as a Layer 2 scaling solution for the Ethereum blockchain, utilizing zero-knowledge rollup technology to enhance transaction throughput and reduce fees while maintaining security and decentralization.

Specifically, zkSync aggregates off-chain transactions, processes them with zero-knowledge proofs, and then submits validated proofs to the Ethereum mainnet. This provides a scalable, secure, and cost-effective solution for Ethereum transactions.

Which Wallet Is Best For zkSync?

Currently, there are quite a few wallets that support zkSync, including Bitget, Zerion, MetaMask, Argent, and Rainbow. However, only Bitget Wallet fully supports the zkSync Era with the feature of automatically tracking all tokens, DeFi positions, and NFTs.

With Bitget Wallet, you can send, receive, and swap zkSync Era on different mainnets. Also, you can experience the rich zkSync DApp ecosystem and a variety of features that Bitget Wallet offers. Download Bitget Wallet now to explore more.

How To Get zkSync Airdrop?

Your optimal opportunity for securing zkSync airdrops is by engaging with zkSync Lite and zkSync Era Mainnet Alpha. Additionally, numerous projects within the zkSync ecosystem have yet to introduce their tokens. Therefore, interacting with their ecosystem's dApps can qualify you for potential airdrops from both zkSync and the ecosystem projects.

Here's a guide on how to potentially receive a zkSync airdrop:

Step 1: Add zkSync Era Alpha Mainnet to Bitget Wallet.

Step 2: Bridge funds to zkSync.

Step 3: Interact with zkSync Lite and zkSync Era Mainnet Alpha.

Step 4: Interact with the zkSync ecosystem.

Step 5: Complete quests on zkSync’s Crew3.

Here’s a brief tutorial on how to add zkSync Era Mainnet to Bitget Wallet:

Create or import a wallet.

Select “Add Mainnet.”

Select “ zkSync Era.”

Return to the homepage of Bitget Wallet. The zkSync Era Mainnet is now showing on the homepage!

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