Matter Labs, the company behind Ethereum scaling solution zkSync, has launched its zero-knowledge Ethereum virtual machine (EVM)-compatible product, known as zkSync Era, for general cryptocurrency users. The product had already been made available to developers last month, ahead of the recent alpha launch. ZK rollups, which are built on zero-knowledge proofs, are considered the Holy Grail of scaling Ethereum. They offer an alternative for blockchain transactions, with faster swaps and cheaper transaction costs. The rollups settle transactions away from the main Ethereum network, before broadcasting a basket of transactions back to the mainnet as a single transaction, using cryptographic tech to generate proof that the transactions were handled correctly.
Matter Labs CEO Alex Gluchowski said that the native Account Abstraction feature should differentiate zkSync Era from its competitors. Account Abstraction allows users to decide how they will settle transaction costs or gas fees as they’re commonly known in crypto. Over 200 projects, including decentralized crypto exchanges like Uniswap and Sushiswap, plan to deploy on zkSync Era, according to Friday’s announcement. However, Gluchowski cautioned users to gradually ease into using Era as it’s a new technology and still in alpha.
The recent alpha launch marked the end of a race between scaling solutions to be the first to launch an EVM-compatible zero-knowledge rollup product. zkEVMs combine ZK tech and the EVM’s smart contract environment, allowing developers to build solutions that scale without compromising on security. ZK developers like Matter Labs and Polygon Labs have competed for years to bring zkEVMs to market. Coincidentally, Polygon plans to unveil its own zkEVM on Monday, Mar. 27.
The technology behind zkSync is designed to help solve the problem of scalability on the Ethereum network. The network has been struggling with congestion and high gas fees, leading to slower transactions and higher costs for users. The launch of zkSync Era is expected to provide a solution to these issues, allowing for faster and cheaper transactions on the network.
However, Gluchowski warned users to be cautious when using the new technology, saying that they should “take it carefully” and not “just ape into it”. He added that the system is still in alpha, so it needs to be monitored closely for increased usage and total value locked (TVL). During the alpha phase, the company will delay and monitor withdrawals, permission proof submissions, run new audits and bounties, and create a Security Council to regularly monitor for vulnerabilities.
The launch of zkSync Era is part of a wider trend of blockchain companies looking to scale their operations and improve the user experience. As the blockchain industry continues to grow, companies are looking for ways to make their products more user-friendly and accessible to a wider audience. The launch of zkSync Era is a significant step in this direction, providing a solution to the scalability issues that have been plaguing the Ethereum network.
In conclusion, Matter Labs has launched its zero-knowledge Ethereum virtual machine (EVM)-compatible product, known as zkSync Era, for general cryptocurrency users. The product had already been made available to developers last month, ahead of the recent alpha launch. Over 200 projects, including decentralized crypto exchanges like Uniswap and Sushiswap, plan to deploy on zkSync Era, according to Friday’s announcement. However, users are being cautioned to gradually ease into using Era as it’s a new technology and still in alpha. The launch of zkSync Era is expected to provide a solution to the scalability issues that have been plaguing the Ethereum network.
