zkSync – Is It a New Era For ETH?

How zkSync will help in the ETH network?

What is zkSync?

Firstly, Ethereum is kind of slow and expensive with transaction processing. So thereby layer 2s like zkSync makes it fast and cheap for the general public to use the ETH network.

Chiefly, it was made by a company called Matter Labs in 2018.

Basically, we can say, zkSync is one of the most popular and long-awaited layer 2 solutions for Ethereum. Further, it uses zero-knowledge-proof tech for fast & cheap transactions.

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Ethereum Scaling Solution zkSync launches Alpha Mainnet

After 4 years of building and multiple milestones, zkSync is finally launching its Ethereum scaling solution to the public.

A day after Arbitrum’s public airdrop another Ethereum scaler is launching its own offering. Chiefly, Matter Lab’s zkSync Era is now open to users to begin bridging and using the layer-2 technology.

Secondly, it is the final step in a phased mainnet launch that began in 2019.

Firstly, Rollups allow Ethereum to scale by moving transactions off of the main net, and onto a layer – 2 network like zkSync.

Additionally, users can then go about their business on this second network, with transactions being batched and compressed into a small piece of data called proof.

This proof is then sent back to Ethereum and verified simply put.

Further, a zero-knowledge Ethereum Virtual Machine, or zkSync, is another core aspect of the zkSync scaling product.

Moreover, the team is implementing a version of roll-up technology that draws from zero-knowledge cryptography, hence the “zk”, rather than so-called optimistic rollups.

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How does zkSync works?

There will be 2 different types of zksync Layer 2 solutions.

1.zksync Lite

2. zksync Era

zksync Lite – ZK rollup with fast and cheap transactions.

zksync Era – Offers more advanced smart contract capabilities.

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Pulse

Chiefly, I am going to talk about zksync Lite because zksync Era is new. As of March 27th,2023, $85M worth of cryptocurrency is being used with zksync Lite.

Thereby, making it one of the biggest Ethereum systems.

Matter Labs said zkSync Era, which launched last month for developers only, is now also open to general users.

Is there a token?

Firstly, ZKSYNC has not launched a native token yet, but the L2s roadmap explicitly mentions tokenomics. So, obviously, it is clear that such a token is forthcoming.

What do you need to use zkSync?

a. A wallet – Mainly, you need a wallet that works with zksync. Further, the most popular one is called Argent.

b. Starting ETH – Basically, to do things on Ethereum and zkSync, you need ETH. Additionally, if you have ETH on Ethereum, you can move some of it to zksync to use there.

How to bridge?

Firstly, to use zksync Lite, connect your Ethereum wallet through Argent or WalletConnect. Further, then, put in some ETH- or supported ERC20 tokens to begin.

What to do with ZKSYNC?

Chiefly to find out which projects are running on zkSync Era and zkSync Lite, you can check the zkSync Ecosystem hub.

But since zkSync Era is very new, there are not many apps available yet except for bridges.

Thereby, if you want to try zkSync now, you can explore some DeFi options on zkSync Lite such as :

1. Trade tokens on ZigZag – Dex on zksync

2. Lend tokens on AAVE

3. Stake ETH on LIDO.

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Is zkSync a Blockchain?

zkSync is a Layer 2 blockchain protocol that uses zero-knowledge proofs to eliminate Ethereu’s congestion. And further, accelerate the mass adoption of crypto for personal sovereignty.

What programming language does zkSync use?

Firstly, the syntax and semantics closely follow that of Rust. Additionally, the Zinc compiler uses LLVM as its middle-end and back-end. Further, which provides a powerful set of solutions for code optimization. Currently, it is fully focused on Solidity -the first approach.

What’s the difference between zkSync Era and zkSync Lite?

Firstly, at its inception, zkSync lacked support for smart contracts. Thereby, preventing activities such as using DeFi or purchasing NFTs, which are common on Ethereum.

However, it did provide significant scaling for Ethereum. leading to its nickname “zkSync Lite”.

Additionally, zkSync Era represents an upgrade to the network. Thereby, delivering all the features of Ethereum while also proving more cost-effective and faster transactions.

Does zkSync have a Token?

Chiefly, there is no token yet. But the ticker will potentially be $ZKS. Further, on 16th February 2023, zkSync launched its Fair Onboarding Alpha and on 24th March 2023, zkSync Era Mainnet Alpha became open to the public.

Meanwhile, zkSync 1.0 will be renamed zkSync Lite.

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When is the zkSync Airdrop?

zkSync has not announced an airdrop yet, but it is worthwhile to start doing some of the actions now in case zkSync rewards participants for retroactivity.

How to Get zkSync Airdrop?- Step-by-step Guide

Firstly, zkSync is a Layer-2 solution on Ethereum that offers low gas and fast transactions with $458 M in funding.

Additionally, a token launch is confirmed by them and they are going to give free tokens to users who will use their network. Further, these tokens can be worth in$1000+.

Step 1 (The Transfer)

Transfer your $ETH to zkSync Era using a bridge

Bridge Link – http//bridge.zkSync.io

To be ahead: Transfer 0.1 $ETH on a weekly/monthly basis.

Step 2 (DEX)

Swap $ETH for $usdc & do it back.

Also provides a small amount of liquidity

Repeat this on a weekly/monthly basis

Step 3 (mute.io)

Go to the app. mute.io

Make transfers from $ETH to any token and back

Again provide a small amount of liquidity

Repeat this on a weekly /monthly basis.

Step 4

Go to mintsquare.io/mint

Upload media such as mp3, mp4, jpeg, etc.

name your NFT, add a description to it

Mint it

Step 5 (Domain name)

Go to app. zkns. domains

You can mint a zkSync domain like an ENS

A 5-letter domain will cost around $8 to $15

this acts like a wallet name.

REGISTER YOUR OMNI-CHAIN

DOMAIN NAME ON zkSync

EMBRACE PERSONAL SOVEREIGNTY

Step 6 ( Cross-chain Tx)

Go to the orbiter. finance or layerswap.io

Go to these websites & make cross-chain tx

Cross-chain tx means exchanging assets across different blockchains

You will need at least $50 – $100

Thoughts :

Firstly, based on Arbitron airdrop eligibility, you should be consistent with your on-chain activity.

To boost your chances :

Bridge to zkSynce & out weekly/monthly

Interact with the ecosystem

Make transfers & interact with smart contracts 50-100 times.

You will need $100 worth of $ETH ig

Also, don’t interact if you don’t understand swaps, minting, dex, etc.

It can be risky & this is not a piece of financial advice, only educational.

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What Unique Features does zkSync Era have?

Firstly, compared to zkSync Lite Network 1.0 zkSync Era includes 4 new features.

1. Chiefly, the zkSync Era network directly employs the local account abstraction. Thereby, allowing any account in Era to pay fees with any token and even trade with $0 costs on protocols willing to subsidize usage.

2. zkSync Era is also developing the first EVM compiler based on LLVM (Solidity, Vyper, Yul). LLVM is the most mature compiler stack in the world. Further, it will significantly improve ecosystem performance and developer experience.

3. Additionally, it provides benefits such as data compression, more frequent Oracle updates, low-cost privacy, and continued growth of off-chain storage by transmitting status differences instead of transaction inputs.

4. Furthermore, the highly scalable super chain is another feature. Additionally, zkSync is a new ZK-Rollup technology, that was created in early 2021 and is extremely compatible with EVM.

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Conclusion

Zk-rollups like Era are the only scaling solution that can inherit 100% of Ethereum’s security. But theory is not enough. zkSync is committed to going above and beyond for the most secure L2, in practice.

Over 200+ projects – including Chainlink, SushiSwap, UniSwap, Aave, Argent, Linch, Gnosis, and Curve – have registered to deploy on zkSync Era.

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