In the crypto world, layer-2 protocols or scaling solutions take on the role of sidekicks to the main blockchain as the latter starts to get congested, leading to higher costs and more problems. The same mutual ordeal governs the relationship between the famous Ethereum blockchain and its hyped-up underlying network, zkSync.
But what do we know about zkSync aside from all the hype surrounding it? Where does it come from? And is it truly the young Massiah of layer-2 solutions everyone portrays it to be? Let’s find out.
Who’s Behind zkSync?
In 2017, the first bricks of the project were laid by an engineering team hellbent on liberty, blockchain, and math. This team took three years to have the first version up and ready for public release. The masterminds who gifted the cryptocurrency world with this masterpiece are two Alexs – one Vlasov and the other Gluchowski – active on Twitter and other social media platforms.
It was at their hands that the first zkSync 1.0 happened in 2020, a far cry from what we’re so eager to behold today. The incredible project required another two years to develop and mature before the “baby-alpha” milestone release and zkSync 2.0 rolling out of the dev labs.
Is zkSync a blockchain?
It’s crucial to remember that zkSync doesn’t register as a blockchain alone; it’s a layer-2 solution, an ecosystem designed to empower the Ethereum blockchain and transactions. Picture it as a tug boat in the vast ocean of crypto, towed to the Ethereum massive platform, dragging it onto the shores of more efficient transactions.
Today, over 100 buzzing projects have nested in the hyped ecosystem and begun building on top of it.
How Does zkSync Work?
zkSync depends on the ZK-rollup technology to roll up and relieve transactions off the main layer-1 chain. It chunks a massive load of transactions off-chain, processes them, and reports back in a single transaction.
The duty of processing the transactions falls on the zero-knowledge system. It kicks in to speed up the process and relate the transaction proofs to the Ethereum net. Combine the zero-knowledge with on-chain data availability; users feel their data is protected, and nothing is shipped off-chain to be processed.
Other rollups undergo the same process to lighten up the load from the mainnet, such as the “Optimistic Rollup.” And while they carry their own perks, the Zk-rollup actively communicates with the main blockchain to confirm transaction validity instead of waiting to be proven otherwise.
Benefits
Layer-2 solutions pull layer-1 weight, taking transactional burdens off the mainnets and improving the layer-1 blockchains’ overall scalability and performance. So, what perks will zkSync, the next impressive invention on the Ethereum blockchain, bring? Here’s a list:
Transaction Fee in Support Token
One of the many wondrous benefits is that it allows you to pay the fee for support in other cryptocurrencies.
Lower Gas Fees
Trading on the zkSync sub-chain is estimated to cost 1/100 less than the main Ethereum net. This is a drastic cost cutdown, something optimistic rollups don’t offer.
Incredible Speed Boost
This is an area where zkSync shines the most. It’s believed that the layer-2 solution can handle up to 3,000 transactions per second (TPS).
Scalability
With such high-caliber transactional artillery at our disposal, the future of projects on the Ethereum net winks at us. The zkSync Era has promised better scalability and more throughputs in the future than traditional foes, such as the “Optimistic Rollups.”
Seamless Token Transfer Between Two Layers (zkSync bridge to Ethereum)
The “zkSync Era Bridge” – the official waypoint to move tokens to zkSync – streamlines transfers between the mainnet and the layer-2 solution. Through it, users can access ETH, USDC, USDT, DAI, WBTC, LINK, UNI, SUSHI, AAVE, SNX, YFI, MKR, COMP, and ZKS tokens to bridge the two platforms.
Drawbacks
Complexity
zkSync heavily relies on complex mathematics and cryptography to operate the ZK-rollup and report verifications to the Ethereum network. This complexity poses complications for builders, developers, and users wishing to dive deeper into the hyped chain.
Controversy
A few controversies surround the zkSync solution and its makers. Regarding security, some believe that relying on the mainnet and more centralized consensus protocols backstab the idea of the layer-2 solution. Also, critics have put the blame on the sub-chain and layer-1 for questionable directions in airdrop and governance token.
Separate Programming Language
zkSync operates on its unique programming language called “Zink.” This divides users and builders who previously educated themselves on the mainnet Ethereum language – Solidity. Now, they have to learn a new language from top to bottom. An aspect not everyone finds amusing.
How to Use zkSync?
To unlock the zkSync Era arsenal into your DeFi scavenger hunts, you would first need a DeFi wallet – most of you have that by now, surely! The easiest way to go about this is to use the trusty MetaMask wallet – one of the many methods we endorse. However, utilizing other wallet-offering services on different decentralized exchanges is possible. Ensure you are connected to the correct wallet service before diving into all the fun.
zkSync on CrowdSwap
In terms of opportunities for financial gains, at the time of this writing, CrowdSwap is moving to incorporate and harness the zkSync power into its own fold. However, we’re taking it slow and steady to sidestep any technical landmines and run a smooth opening.
As a decentralized exchange, we have developed the codes for two DEXs – one CrowDEX and the “Sync Swap DEX” – to operate on the hyped network. These two will start the swap engine on zkSyn and play a pivotal role in creating an inviting merger for the community.
Furthermore, crosschain swaps are on the line. We paid extra attention to token and cryptocurrency moves to and off the new network. We know how CROWDers and other users lean on our services to get the job successfully and flawlessly done.
Last but not least, a “CROWD/ETH” liquidity farm has been designed and implemented on the zkSync robust structure to accept liquidity and create a space for trade.
zkSync is a young platform blooming and buzzing with room for cooperation. CrowdSwap isn’t the only platform that’s taking its native token to make it available on it; many more are doing the same. This creates a hotbed and many possibilities of cooperation that we’re actively looking into, and it wouldn’t be a sin to say we’re already casting our web even wider!
Take Away
Whether you’re new to DeFi or a professional trader, zkSync has something to offer everyone. It’s a promising update to the old Ethereum mainnet that offers users cheaper, faster, and more reliable transactions. On top of that, builders and developers look excitingly at the development prospects zkSync brings.
As one of the fast-growing DeFi players in the sector, we, CrowdSwap, have integrated the zkSync magic onto our platform. Although we’re at the start line with our merger, the opportunities, LP farms, and much more will take your breath away when we’ve fully incorporated the potentials of the zkSync.
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To see what’s new with zkSync on CrowdSwap, go to our dApp/Opportunity page and select the aforementioned for swaps and LP farming.
FAQ
What’s zkSYnc?
zkSync is a layer-2 (L2) scaling solution for Ethereum that utilizes the zero-knowledge rollup (ZK-rollup) technology. The technology enables faster and cheaper transactions while providing users with the safety of the Ethereum network.
Can zkSync be added to MetaMask?
Yes, it’s fully compatible with EVM or “Ethereum Virtual Machine,” and thus, fully compatible with MetaMask.
What are the Benefits of zkSync?
Lower prices, higher throughput, transactions available in Support Tokens, seamless Layer-2 to 1, and vice versa displacements.
