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zkSync

zkSync

ZK
#173
$0.01217Down 4.47 percent($0.00)

Key Stats

Market Cap$126.29MDown 4.47 percent
Volume (24h)$7.01M
Fully Diluted Value$255.75M
Vol/Mkt Cap (24h)5.55%
Total Supply15.44B ZK
Max Supply21.00B ZK
Circulating Supply10.37B ZK
Launch Date2024-05-21

zkSync Information

Websites
zksync.io
Block Explorers
explorer.zksync.io
Supported Standards
ERC-20
Industries
Governance

zkSync Price Converter

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Latest zkSync News

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BitGo teams with ZKsync to build tokenized deposit infrastructure to bring banks onchain

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zkSync Markets

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About zkSync

zkSync (ZK) is a layer 2 Ethereum scaling solution developed by Matter Labs, utilising zero-knowledge rollups to enhance transaction throughput and reduce costs while maintaining security and decentralisation. It supports various applications, including DeFi, NFT marketplaces, payments, and token transfers, making it a versatile tool for the Ethereum ecosystem.

Frequently Asked Questions

zkSync (ZK) is a layer 2 scaling solution for Ethereum designed by Matter Labs. It leverages zero-knowledge rollups (zk-rollups) to enhance transaction throughput and reduce costs while maintaining security and decentralisation. By aggregating multiple transactions into a single proof, zkSync significantly decreases the data load on the Ethereum mainnet, resulting in lower transaction fees and faster processing times. zkSync aims to provide a scalable, efficient, and user-friendly platform for Ethereum users and developers.

zkSync (ZK) is used for various purposes within the Ethereum ecosystem, including:

  1. Transaction Scaling: By batching transactions into a single proof, zkSync enables higher transaction throughput and lower fees compared to the Ethereum mainnet.
  2. Decentralised Finance (DeFi): It supports DeFi applications, facilitating activities like trading, lending, and borrowing with improved efficiency and reduced costs.
  3. NFT Marketplaces: zkSync's low fees and fast transactions make it suitable for NFT minting, buying, and selling, enhancing the user experience.
  4. Payments: The platform supports cost-effective micropayments, making it ideal for applications requiring frequent small transactions, such as subscriptions and in-app purchases.
  5. Token Transfers: zkSync allows for quick and inexpensive ERC-20 token transfers, benefiting overall network usability.

zkSync was developed by Matter Labs, a company focused on solving Ethereum’s scalability issues through advanced cryptographic techniques. The key members of the Matter Labs team include:

  • Alex Gluchowski: Co-Founder and CEO
  • Zoé Gadsden: Chief Operating Officer (COO)
  • Anthony Rose: Chief Technology Officer (CTO)
  • Geoffrey Thompson: General Counsel

zkSync employs a zk-rollup mechanism to achieve scalability. The process includes:

  1. Batching Transactions: Multiple transactions are grouped into a batch off-chain.
  2. Generating Proofs: A cryptographic proof, known as a zk-SNARK, is generated for the batch, certifying the validity of all transactions within it.
  3. On-Chain Verification: This proof is then submitted to the Ethereum mainnet, where it is verified, ensuring all transactions are correct.
  4. State Updates: Upon verification, the Ethereum mainnet updates its state to reflect the batched transactions.

This method significantly reduces the data that needs to be processed on-chain, thus lowering fees and increasing throughput.

zkSync maintains high security and decentralisation standards by adhering to Ethereum’s security model. The use of zk-rollups ensures that transactions are cryptographically verified before being included on-chain, eliminating the need for trusted intermediaries. This approach preserves Ethereum's security guarantees while enabling higher transaction capacity and lower costs.