Matter Labs, Ethereum (ETH) The scaling solution launched zkSync on the mainnet in what it calls the “baby alpha” phase, meaning that access will be very limited initially.
zkSync Aims to Solve Ethereum’s Scalability Problem
With the release of zkSync 2.0, the network expanded beyond the testnet currently in use, gaining the ability to host smart contracts and allowing developers to deploy DeFi protocols, NFTs, and other types of applications.
This launch has been anticipated for a long time as the scaling solution uses zero-knowledge technology and is also natively compatible with Ethereum applications. This compatibility will make it easy and fast for developers to migrate applications from the Ethereum mainnet to zkSync. Technically speaking, it’s called “zk-EVM”.
Research analyst Arnold Toh said:
“The zkSync 2.0 launch will be the first zkEVM to go live, which will probably start the race to the ideal zkEVM.
As zkEVM matures, it will be able to incorporate a significant portion of the Ethereum community and provide much-needed scaling for Ethereum.”
The network will run without any external applications available for the first month and any external participants will not be able to use the network. The team explained that the first phase is only for stress testing and safety studies.
Once this is complete, the next phase is called the “fair alpha”. At this stage developers will be able to connect to zkSync and start building things on the network. More than 100 projects, including DeFi protocols such as Uniswap, the largest decentralized exchange by volume, have expressed interest in deploying their applications to zkSync 2.0.
The final stage will be when the network is fully open to everyone. This is expected to happen by the end of the year.
*Not investment advice.
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