Matter Labs raises $50M to build EVM-compatible zk-Rollups

189
SHARES
1.5k
VIEWS

Related articles



Matter Labs has introduced a serious new funding spherical to additional develop the second model of its Ethereum-based rollups, zkSync.

On Monday, Matter Labs announced it had secured $50 million in a Sequence B spherical led by Andreessen Horowitz and included participation from present buyers Placeholder and Dragonfly Capital. The brand new spherical follows Matter Labs’ $6 million Sequence A in February and noticed participation from many new buyers together with Crypto.com, ConsenSys and OKEx.

The brand new money injection shall be channeled into additional creating zkSync v2, the agency’s second-layer rollups resolution for Ethereum that’s at the moment focussed on facilitating low-cost funds.

Rollups are a second-layer scaling resolution that “rolls up” transactions information in batches for extra environment friendly processing on Ethereum’s layer-one. Matter’s zkSync resolution makes use of zero-knowledge proofs to reduce the info held in these bundled transactions and thus cut back the computing and storage assets required to validate blocks

zkSync v2 will construct on the present iteration by supporting Ethereum Digital Machine (EVM) composable sensible contracts. Dan Boneh, Professor of Pc Science at Stanford, defined:

“zkSync will allow Ethereum transactions at a a lot increased charge and decrease fuel charges than mainnet. The mathematics utilized by Matter Labs is actually fairly stunning, and it’s outstanding to see this coming to fruition at a large scale so quickly.”

The primary model of zkSync v2 is at the moment stay on testnet with a port of Uniswap v2 dubbed “UniSync,” with which customers can experiment. The platform has processed greater than two million transactions since launching in June.

Associated: Ethereum layer-twos reportedly processing more transactions than Bitcoin

Matter Labs was an early proponent of rollups, having launched the first-ever public zk-Rollup prototype in early 2019.

Ethereum co-founder Vitalik Buterin is assured that layertwo options equivalent to zkSync will solve the network’s scaling issues till sharding is rolled out someday in late 2022.

In a weblog publish in January, Buterin predicted that zk-Rollups will emerge as Ethereum’s dominant scaling resolution over “the medium to long run in all use instances.”