British Virgin Islands, May 1, 2023 / AlexaBlockchain/ – LBank, a prominent cryptocurrency exchange, has expressed enthusiasm for its partnership with zkSync, a Layer-2 protocol that employs advanced zero-knowledge (ZK) technology to scale Ethereum. By openly endorsing zkSync, LBank joins the ranks of the first exchanges to do so, aligning with its objective to scale Ethereum while maintaining its fundamental principles of independence, self-ownership, and decentralization.
The Inside Scoop
LBank and zkSync will host a Twitter Space event on May 3rd at 2:00 PM EDT, featuring guest Omar Azhar. This collaboration reflects LBank’s commitment to monitoring and supporting the growth of zkSync’s ecosystem, and actively engaging in its long-term development.
zkSync Overview
zkSync offers a wide range of benefits for users and developers, including:
- Cheaper and faster transactions: zkSync reduces gas fees and increases transaction speeds, making it more cost-effective and efficient than Ethereum’s Layer 1
- Low gas fees: zkSync enables up to 1/100 of Layer 1 gas fees, significantly reducing costs for users.
- High-speed transfers: With over 2000 transactions per second, zkSync vastly outperforms Layer 1’s 14 transactions per second.
- Security: zkSync maintains the security and decentralization of Ethereum by using ZK rollup technology, which bundles off-chain transactions and sends them back to Layer 1.
- EVM compatibility: zkSync will be EVM compatible, allowing developers to easily transfer existing Layer 1 smart contracts to Layer 2 when zkSync transitions from version 1.0 (Lite) to 2.0 (Era) in early 2023.
- Account Abstraction: Unlike other ZK rollups, zkSync supports Account Abstraction, which turns every account into a smart contract with its own logic, enabling tailored accounts for each user.
- Robust backing: Developed by Matter Labs, zkSync has the backing of the Ethereum Foundation and top investors, and has been live since September 2020.
Some Notable projects in zkSync’s ecosystem
ZigZag: A decentralized exchange using zk-Rollups, empowering investors to swap tokens and perform spot trading straight from their wallets without additional charges or gas fees. ZigZag has also implemented a bridge to connect zkSync with Ethereum.
Taker Protocol: A platform based on a decentralized autonomous organization (DAO), providing a liquidity framework for cryptocurrency tokens, synthetic assets, and NFTs. Taker Protocol enables crypto lending and borrowing, NFT lending, and even renting.
Spruce: Focused on building a future where users control their identity and data across all digital interactions, Spruce endows individuals with control over privacy through open-source software that enables user-controlled interactions.
Mute.io: Mute.io is entirely grounded in zk-Rollups and ruled by DAO. As an automated market maker exchange, initial DEX offering (IDO) and farming protocol, it conveys transactions at lightning speed while eliminating gas fees that would typically be a challenge. Privacy is improved as well, with the help of zkSync technology.
LBank’s partnership with zkSync includes
- Monitoring early-stage projects and providing collaboration recommendations for project teams.
- Participating in high-quality project investments, offering financial support.
- Supporting developer community hackathons and fostering innovation.
- Potentially listing high-quality projects directly, connecting them to LBank’s user community.
LBank remains an early public supporter of zkSync and closely monitors its progress while actively engaging with its ecosystem. Through inviting core members of zkSync to share their insights, LBank strives to promote and nurture pioneering ecosystems for sustainable growth. LBank’s unwavering commitment to zkSync underscores its dedication to not only adopt novel and trending projects but also provide steadfast backing for exceptional and pioneering cryptocurrency ecosystems.
To summarize, LBank’s collaboration with zkSync is a noteworthy stride towards a decentralized future that is more efficient, secure, and user-friendly. This partnership is set to enable developers, investors, and users, propelling innovation and advancement within the cryptocurrency and blockchain domains. As the partnership advances, LBank will continue to keep a close watch on zkSync’s ecosystem, extending its support and resources to aid in the achievement of zkSync’s objective of scaling Ethereum while retaining its fundamental values.
Source: LBank
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