Another Titan Project Launches: ZkSync Enters the Scene
ZkSync, the latest addition to Ethereum’s Layer2 solutions and the final rollout among the four Layer2 giants, has officially launched. Earlier deployments such as Arb, OP, and STRK have already benefited numerous enthusiasts through generous airdrops. The highly anticipated zkSync airdrop plan concluded on June 17 at 3:00 PM, with major exchanges like Binance and Gate already supporting ZK token trading.
Established in 2019 by Matter Labs, zkSync stands out as a cutting-edge Ethereum Layer2 scalability solution leveraging state-of-the-art zero-knowledge proofs to uphold the underlying blockchain’s security features. All funds within zkSync are secured by smart contracts on the main chain, while transaction computation and storage occur off-chain. Each Rollup block generates a state transition zero-knowledge proof (SNARK) verified by the main chain contract, validating the integrity of every transaction within the Rollup block.
As part of Ethereum’s L2 four major players, zkSync employs the zero-knowledge proof approach, distinguishing it from Arbitrum and Optimism’s Optimistic Rollup technology, and StarkNet’s Stark-based system.
Rootdata platform data reveals zkSync completed a total of 4 rounds of funding, totaling $258 million. Compared to its counterparts, zkSync’s funding falls below Optimism and StarkNet but surpasses Arbitrum.
Investment heavyweights such as a16z, Coinbase, and OKX have joined zkSync, reflecting its star project status in the crypto community.
ZK, zkSync’s native token, boasts a total supply of 21 billion tokens. Notably, 17.5% of these tokens were allocated for a one-time airdrop to the community, with snapshots taken on March 24, 2024. Claiming for these tokens commenced on June 24, 2024, and will continue until January 3, 2025.
The tokenomics of ZK are structured with 66.6% allocated to the community, including ongoing distributions managed by the ZKsync Foundation to support ecosystem growth. The remaining 33.3% is designated for investors and Matter Labs, with a phased unlocking schedule starting from June 2025.
Despite launching amidst market turbulence, including significant token dumps from airdrops, zkSync’s performance highlights its potential growth in comparison to its Layer2 peers. As of June 18, 2024, zkSync’s circulating market value stands lower than other Layer2 giants but demonstrates promising upside potential.
In summary, zkSync’s entry into the market underscores its competitive edge among Ethereum’s Layer2 solutions, positioning itself as a cost-effective choice for enthusiasts and investors alike.
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