Written by: Mycelia
Compilation: iambabywhale.eth, Foresight News
If you have seriously experienced the Ethereum mainnet, you will find that the gas fee is the bottleneck of Ethereum. Gas fees are paid to miners who provide computing power to execute transactions, and every action to execute a smart contract—remittance, computation, or recording information on the chain—requires gas fees to execute.
The mainstream protocols on Ethereum, from Uniswap to OpenSea, have driven a surge in interactions on the Ethereum chain over the past year, but have made the experience worse for ordinary users. When I borrow $300 in Aave-v1 to complete the Rabbithole mission, it may cost $500 in gas alone at some point.
Matter Labs, who built zkSync, proposes an equally secure and much cheaper alternative
The v2 version of zkSync – zkSync 2.0 – is live on Ethereum’s Goerli for users to explore and stress test. The v1 version of zkSync went live on the Ethereum mainnet in mid -2020, processing millions of transactions securely and virtually trustlessly , but with significantly less transaction costs. The cryptographic principles behind this exciting innovation are called Zero Knowledge Proofs, which we will explore in Part II. Having said that, this scalability-improving solution is called Zero Knowledge Rollups (ZKRs). Let’s take a look at what ZKR brings to people who don’t want to spend $50 in gas to transfer $20 in ETH.
“V2 Version Adventure”
Test on the Goerli testnet – switch to the Goerli testnet in the advanced settings of MetaMask or in the settings of the Rainbow wallet.
How to get test coins for Goerli
You can also choose to ask for help from almighty netizens, or connect to zkPortal (wallet version 2.0) to get a small amount of tokens for testing. These tokens have no value and their faucets seem to be “dry” recently. You can also use the Mudit faucet, in short you can search for a lot of related methods.
A user on zkSync’s Discord was kind enough to offer me test tokens, but the truth is that this guy just wanted to know my wallet address.
Mute Switch is a full-featured Automated Market Maker (AMM) that provides an overview of L2 assets and what AMMs should do: token trading, liquidity provision (LP), and transaction fee mining – users can stake their LP tokens to obtain transaction fee incentives. The user experience design of Mute Switch is similar to that of Uniswap and SushiSwap. If you want to make money through it, you can wait until its mainnet is released before interacting.
Inspired by Etherscan, the design of zkScan is not only simple and clear, but also more practical than Etherscan: you can see real-time block information, as well as average block time, total transaction volume, total number of blocks, and total wallets Clearly displayed information such as address. At the same time, zkScan also provides real-time price and market value of Ethereum, as well as its historical price trend.
“Deposit” is still the first key step that people need to take to enter the cryptocurrency world. Although it is controversial, this step actually gives people the power to choose how to spend. Banxa, Ramp Network, UTORG, and MoonPay are all listed by Matter Labs as compatible with zkSync. In the future, you can directly convert fiat to tokens on L2 to save gas fees on L1. Users only need to associate bank account information and wait for a period of time to complete the “deposit”.
zkEVM protocol development
The health of the ecosystem depends on “nutrients” + diversity, and the blockchain relies on the existence of protocols to energize it. A lot of cooperation, experimentation, and integration will surely bring beneficial chemical reactions.
zkSync 2.0 is the first EVM-compatible ZKR, built on top of zkEVM . Based on the principle of Solidity first , Matter Labs will develop Zinc , a zkSync native framework, after the Solidity version is open .
If you are a developer interested in ecological exploration, you can check out the developer guidance document .
Ethereum’s mainnet contains dozens of basic DeFi protocols, hundreds of NFT contracts, and thousands of test contracts, including Aave, Chainlink, ENS, Graph, Lens, Mirror, Orca, Rabbithole, Tally, Uniswap, Yearn, Zora et al. If you would like to port some protocols to zkEVM, please contact an existing team or ask for help on the zkSync Discord .
zkSync has been running for over a year and a half and currently has the third lowest transaction fees in L2, 18x and 41x cheaper than mainnet token transfers and transaction fees, respectively .
Wallet v1, developed within Onramps, provides a native main bridge that allows users to transfer funds from Ethereum L1 to zkSync L2, and we expect to see token balances and transfers between wallets in the future.
If you donated in the past 4 rounds of Gitcoin Grant, there is a high probability that you made transfers through zkSync, and 98% of the transfers were made through zkSync’s rollup scheme. The significance of this data indicator is that it reflects zkSync in Gas cost savings.
Checkout allows you to transfer money to 20 different recipients at the same time, and with the SDK you can add an additional 70 customizable transactions at the same time.
Funding programs around the world can use Checkout to develop near-free, instant and secure payment channels, increasing payment efficiency and transparency.
Wallet v1 gives you the opportunity to mint your own Digital Native Asset (DNA) NFT, provided you provide a unique content identifier addressed by IPFS.
I’d like to take this opportunity to show you what XEDRA has written, and I’ve read, the most thorough guide to creating a musical DNA on Polygon. This guide also applies to any DNA, and will remove any concerns you have about your first experience. While there are concerns about the security and ownership of funds on Polygon, Polygon remains one of the lowest cost and most scalable options.
Of course, it must be admitted that any technology is not foolproof in the face of piracy technology that is also constantly “introducing the old and bringing forth the new”, so please be careful not to play too big.
The DNA casting process can also be improved, for example using Polygon’s native NFT network Showtime will be very silky. Uploading to IPFS is automatic, and you can set parameters such as version quantity, price, and royalties. Mirror is similar in this regard. Eager to see progress here.
ZigZag is dYdX on zkSync, there are price charts, order books, buy orders, sell orders, (positions) created and destroyed trading volume, liquidation volume, and it only takes one second to click the mouse to achieve transactions.
The significance of cross-chain bridges to liquidity is what waterways are to commerce. Orbiter currently supports cross-chain transfers of ETH and USDC between Ethereum, Arbitrum, Optimism, Polygon and zkSync. Not much more to say, cross-chain interoperability is cool, cross-chain bridges can be risky, I hope you do your own research.
Other ways to get involved
On January 6, 2022, Matter Labs submitted a proposal to BitDAO to invest $200 million in zkSync to “ accelerate mass adoption of cryptocurrencies and achieve financial autonomy .” The proposal has now passed. The $200 million investment will be divided into 5 tranches of $40 million each, with subsequent tranches subject to milestones and governance votes.
The allocation details are as follows:
Donation: 7.5% – to fund public goods and infrastructure development
- Additional L1 to L2 migration tools
- (traceable) funding action, which requires submission of a proposal
- zkSync native tool to support ZKR applications
Security/Auditing: 7.5% — Supports the development of high-security instances and frameworks
- Reduce the complexity of L1 to L2 migration
- Create consensus and build common security standards
- Events, workshops, hackathons between security experts and community members
Strategic investments: 70% – deploying strategic investments using industry awareness
- Help vertical field projects develop through guidance + training + community support. Including DeFi, NFTs, games, payments, privacy, interoperability, oracles, data management, data analytics, file storage, airdrops, DAOs, Crypto identity and social
- Once the security of the tool is mature, funds will be invested, liquidity added, and pledged, and the proceeds will be reinvested
- Research in the field of zero-knowledge encryption + related hardware
- Developer training on scalability: security, computing, data availability
- Seminars and events that advance technology, as well as educational possibilities within wider business events and communities
- Compliance, Setup Regulations, Payroll, and Other Operating Expenses
In addition, there is a small fee for the project steering committee and investment representatives. The DAO treasury will be managed using GnosisSage.