Countdown to zkSync 2.0 Mainnet Launch
Exciting times ahead.
zkSync2.0 is going on mainnet within 2 months, so what exactly is zkSync and why is it so important?
TL;DR
- zkSync 2.0 will be on mainnet in 50 days
- MES Protocol will be on mainnet one week after zkSync 2.0 deployment
- Layer 2 is any off-chain solution (separate blockchain) built on Layer 1 to solve the problem of scalability by processing the transactions faster and cheaper then sending back to parent L1 chain
- ZK rollup is the most promising and important L2 solution. ZK Rollup uses validity proof to prove transactions to be correct, it is minimal, fast and cheap.
- zkSync has a TVL of 60M at the time of writing and is the first zkEVM rollup.
- There are currently more than 120 projects on zkSync ecosystem (and more to come!)
What is Rollup and why?
A main network of a blockchain is Layer 1, an example is Ethereum.
Imagine Ethereum to be a conveying belt with many transactions on it, when there are too many of them the belt will be overloaded, resulting in only users who could afford high gas fees are able to use it.
Increasing scalability on Layer 1 is difficult due to the “Blockchain Trilemma” per described by Vitalik Buterin; thus people came up with solutions that process transactions off-chain, these separate chains are Layer 2. Layer 1 blockchain will only have to verify the bundle of transactions at once which is much more speedy and efficient.
Rollup is one of the Layer 2 scaling solutions. Validators rollup thousands of transactions in a single block, and submit a cryptographic commitment (the root hash) of the new state to the smart contract on mainnet along with a cryptographic proof (a SNARK). SNARK verification is much cheaper than verifying every transaction individually on mainnet, hence effectively enhanced the scalability of Ethereum.
ZK rollup vs Optimistic rollup
There are two main types of rollup: ZK rollup and Optimistic rollup.
The key difference between the two is the verification method. ZK rollup generates cryptographic proof to prove the validity of transactions; Optimistic rollup assumes all transactions are valid.
They both have their pros and cons. Optimistic rollups are EVM compatible but it takes 7 days to withdraw which is significantly longer than ZK rollups. ZK rollup are not EVM compatible in nature as it generates validity proof which makes the process more complex but it has significant data size reduction and fast withdrawal time.
Rise of zkEVMs — zkSync
Optimistic rollups such as Optimism and Arbitrum have been on the top in terms of TVL within L2 space however the tables are turning.
The major drawback of ZK rollup was the complexity for implementation, although developers in the space have been working on the technology for it to become EVM compatible, zkEVM was thought to be few years away from now.
Surprisingly, developers of ZK rollup ecosystem have made big steps in bringing zkEVM into reality, zkSync is one of them.
zkSync 1.0 was released on Ethereum mainnet in 2020 and it’s goal was to facilitate fast and cheap transactions. zkSync 2.0 testnet has been live since February this year and it enables dApps to deploy EVM compatible feature which is a watershed milestone as it largely reduces friction for developers porting their smart contracts and code to a more scalable solution.
There are currently over 100 projects on zkSync including wallets, infrastructure, defi, NFT and games projects which shows that the ecosystem is quickly expanding and becoming notable.
We are only a few weeks away from zkSync going on mainnet, happening after The Merge on 15th September. Being someone in the crypto space we are definitely thrilled to be witnessing these two events!
How do I participate?
While zkSync envisions becoming the end game of Ethereum scaling solution, MES envisions becoming the backbone of zkSync’s ecosystem.
To start exploring on zkSync’s ecosystem, MES Protocol acts as a doorway; you can get in and out of ZKSync ecosystem by the following simple steps:
1. Connect and Bridge to L2
2. Deposit to MES Protocol’s vault
3. Trade
4. Withdraw and bridge to L1
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MES Protocol
A decentralized CEX.
Website: https://mesprotocol.com
Discord: https://discord.gg/dxxyDwWasH
Twitter: https://www.twitter.com/mesprotocol
