zkSync Announces Final Protocol Upgrade Ahead of Token Launch

by

As an experienced analyst, I have closely followed the developments in the Ethereum ecosystem and have been particularly intrigued by the progress made by zkSync in its decentralization journey. The confirmation that the final protocol upgrade, v24, is set to be released, marks a significant milestone for zkSync as it paves the way for network administration to be delegated to the community. This commitment to decentralization is commendable and a testament to zkSync’s long-term vision in the industry.

ZkSync, a decentralized Ethereum Layer-2 scaling solution, has announced the completion of its decentralization journey, preparing for the launch of its final protocol update, version 24.

As a researcher exploring network administration solutions, I would describe this modification as a significant advancement in empowering users with more control over their networks. Additionally, it serves as an exciting precursor to our upcoming token launch.

zkSync Final Protocol Upgrade and Decentralization

ZkSync has been focusing on achieving full decentralization since adopting EIP-4844 in March. The upcoming release of version 24 marks the final protocol upgrade necessary for handing network control over to the community. By the end of June, zkSync intends to have all other decentralization aspects ready.

zkSync firmly stands by its commitment to decentralize.

As a protocol analyst, I’ve dedicated my focus exclusively to implementing EIP4844 since its introduction in March. With the imminent launch of version 24, our team is on the brink of completing all planned upgrades. Post-v24 release, network governance will be transitioned to the community. The remaining tasks are being meticulously attended to ensure a smooth handover.

— zkSync (∎, ∆) (@zksync) May 17, 2024

Decentralization represents a complex and irreversible undertaking that demands meticulous focus on both technological and legal intricacies. As such, zkSync is committed to making significant strides in the sector by prioritizing robust long-term technology over transient profits.

The commitment represented by zkSync signifies our goal to usher in a new epoch for the verifiable internet, capable of serving and benefiting billions of users.

Impending Token Launch and Community Governance

The announcement of the v24 upgrade for zkSync has sparked rumors among the community regarding a potential new token release. Hints suggest that there will be a governance token airdrop taking place before the end of June.

Last year, approximately $8 million in tokens were moved to zkSync by investors in eager anticipation of the upcoming airdrop. According to DefiLlama’s latest data, the total value locked within zkSync has grown to a significant $141 million.

“zkSync announced on the X platform that the forthcoming launch of version 24 marks the final anticipated protocol update prior to handing over network management to the community. The remaining elements are predicted to be completed by the end of June.”

Technical Enhancements and Industry Impact

ZkSync, the innovator behind zero-knowledge (ZK) rollup technology for Ethereum, aims to enhance scalability by means of cheaper transactions. This is accomplished through off-site computation and data storage. The second layer network employs the advanced encryption technique of zero-knowledge cryptography, a significant breakthrough in the realm of blockchain technology.

After distributing airdrops from projects such as EigenLayer, Renzo, Ethena, and Wormhole as an alternative to conventional token sales, the release of a governance token marks the subsequent stage. By opting for this strategy, these projects aim to foster a strong sense of commitment and engagement within their communities.

As a crypto investor, I’m excited to share that Matter Labs, the team behind zkSync, has successfully secured $458 million in funding from prominent investors like Blockchain Capital and Dragonfly Capital. This substantial financial backing will enable us to drive forward zkSync’s mission: delivering scalable and efficient blockchain solutions for the future of our crypto ecosystem.

zkSync Integration with USDC and Broader Ecosystem

In April, Circle, a leading stablecoin issuer, expanded the compatibility of its USD Coin (USDC) to Ethereum’s zkSync. This integration allows USDC to function on a more scalable platform, increasing its reach and potential usage across numerous applications and Decentralized Finance (DeFi) protocols.

USDC on zkSync retains its ability to be exchanged for U.S. dollars at a one-to-one ratio through Circle. Additionally, it can be traded between different blockchains using cross-chain bridges.

In addition, the zkSync ecosystem has experienced significant growth, currently hosting approximately 180 decentralized apps and serving over 5.7 million distinct active wallets within the past month.

Solana Prioritizes Global Sync Over Maximum Throughput, Says Founder Yakovenko

Read More

2024-05-17 21:36