Matter Labs raises $50M for EVM-compliant zk-rollups

The funding will be used for further development of zkSync version 2, which is currently available on testnet.
Matter Labs announced a major new round of funding to continue development of zkSync, its Ethereum-based rollups. The Series B round was led by Andreessen Horowitz. Existing investors Placeholder Capital and Dragonfly Capital also participated. This round follows Matter Labs’ $6m Series A in February. It saw participation from Crypto.com, ConsenSys and OKEx. Matter’s zkSync solution uses no-knowledge proofs in order to minimize the data stored in these bundled transactions. This reduces the computing and storage requirements to validate blocks. ZkSync v2 will continue the current iteration and support Ethereum Virtual Machine (EVM), composable smart contract. Professor of Computer Science at Stanford Dan Boneh explained that zkSync will allow Ethereum transactions at a higher rate and lower fees than the mainnet. The math used in Matter Labs is truly amazing and it is incredible to see this come to fruition at a large scale so quickly.” The first version of zkSync v2 has been released on testnet. It includes a port from Uniswap v2 called “UniSync”, which users can use to experiment. Since June’s launch, the platform has processed more 2 million transactions. Related: Ethereum layer twos are reportedly processing more transactions that BitcoinMatter Labs. In fact, the company launched the first public zkrollup prototype in early 2019 and has since processed over 2 million transactions. Vitalik Buterin is the co-founder of Ethereum. He believes that layer two solutions like zkSync will solve the network’s scaling problems until sharding is implemented sometime in late 2022.

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