What is ZkSync Era? Here is Everything You Need To Know

What Is ZkSync?

ZkSync is an L2 scaling solution that leverages zk rollup technology to boost Ethereum's scalability and security. In June 2020, Matter Labs launched zkSync 1.0, which enabled fast and cheap transfers of ETH and USDC, but did not support smart contracts yet. ZkSync 1.0 achieved a peak TVL of over $170 million, showing its popularity among users.

ZkSync 2.0 is the upgraded version of zkSync, an L2 scaling solution that uses zk rollup technology to enhance Ethereum's performance and security. It was released on "baby-alpha" in October 2022. ZkSync 2.0 introduced EVM-compatibility and smart contract support, which were missing in zkSync 1.0. ZkSync 2.0 also supports multiple programming languages, such as Rust, Yul, Vyper, and Solidity, the most widely used language on Ethereum. ZkSync 2.0 also has its own programming language, Zinc, which is designed for zk rollup development.

ZkSync Era is the first zkEVM to launch on mainnet, which is a major breakthrough for the zk-rollup space. ZkEVM is a zero-knowledge proof-based version of the Ethereum Virtual Machine (EVM), which enables full compatibility with Ethereum smart contracts. Until now, the L2 space has been mostly dominated by optimistic rollups, such as Arbitrum and Optimism. However, with ZkSync Era going live and more zk-rollups expected to follow in Q2 and Q3 2023, this could mark the beginning of the zk-rollup season.

Who's Behind zkSync?

ZkSync is a project founded by Matter Labs, a blockchain engineering and research team that has received funding from the Ethereum Foundation and other prominent investors, such as Union Square Ventures.

ZkSync Airdrop

What everyone wants to know is whether there will be a big airdrop for zkSync Era users. The launch of this Layer 2 scaling solution comes right after Arbitrum's airdrop claim window opens, and DeFi enthusiasts are eager to find the next lucrative opportunity. Matter Labs, the team behind zkSync Era, has secured $458 million in funding so far, which makes many people expect a generous airdrop in the future, especially compared to Arbitrum’s $120 million raise. However, Matter Labs CEO, Alex Gluchowski, has stated in an interview that zkSync Era does not require a token for its mainnet Alpha phase. He also said that the token will be introduced when they plan to "decentralize the sequencer", which will happen "in about a year from now". The good news is that airdrop hunters have more time to use zkSync Era and get ready for the eventual token launch.

DApps on ZkSync Era

ZkSync Era mainnet is still in its early days, so there are not many decentralized applications (dApps) available on it yet. However, some decentralized exchanges (DEXs) have already launched on zkSync Era, such as Mute, SyncSwap and Space.fi. Mute is a popular DEX that has a TVL of almost $1.4 million. It enables users to swap tokens and provide liquidity to Mute’s liquidity pools. Mute’s site also features pages for bonds and amplifier pools, which are not yet open. SyncSwap and Space.fi are also DEXs that are live on zkSync Era mainnet, offering fast and cheap trades on L2.

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