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Ethereum is the largest crypto ecosystem and the main platform for the majority of DeFi (decentralized finance) DApps (decentralized applications). As crypto protocols are often faced with problems such as high gas fees and network congestion, many projects have decided to use Layer 2 (L2) scaling solutions to tackle these issues, so that they can increase network performance and user activity.
Ethereum L2 scaling solutions, such as Arbitrum and Optimism, currently offer transactions that are at least 10 times faster and cheaper than Ethereum’s. These networks have been increasing in popularity as compared to just a year ago. So what’s the next big jump for Ethereum to gain mass adoption?
The answer is probably zero-knowledge (ZK) proofs ― and zkSync, which runs on ZK technology, is launching a Layer 3 (L3) scaling solution to scale Ethereum to the next level. Matter Labs, the development team behind zkSync, has also recently raised $200 million in a Series C round led by Blockchain Capital and Dragonfly. Andreessen Horowitz, better known as a16z, also contributed to the funding along with Variant and Lightspeed Venture Partners.
Read on to find out more about zkSync’s latest updates.