Matter Labs raises $50M to build EVM-compatible zk-rollups

The financing will certainly be utilized to additionally create zkSync v2, which is presently reside on testnet.

Matter Labs raises $50M to build EVM-compatible zk-rollups

Matter Labs has actually revealed a significant brand-new financing round to additional create the 2nd variation of its Ethereum- based rollups, zkSync.

On Nov 9, Matter Labs revealed it had actually safeguarded $50 million in a Series B round led by Andreessen Horowitz as well as consisted of involvement from existing capitalists Placeholder as well asDragonfly Capital The brand-new round complies with Matter Labs’ $6 million Series A in February, as well as saw involvement from numerous brand-new capitalists consisting ofCrypto com, ConsenSys, as well as OKEx.

The brand-new cash money shot will certainly be carried right into additional creating zkSync v2, the company’s second-layer rollups remedy for Ethereum that is presently concentrated on helping with inexpensive settlements.

Rollups are a second-layer scaling remedy that “rolls up” purchases information in sets for much more effective handling on Ethereum’s layer-one. Matter’s zkSync remedy makes use of zero-knowledge evidence to lessen the information kept in these packed purchases as well as therefore decrease the computer as well as storage space sources called for to verify blocks

zkSync v2 will certainly build on the existing model by sustaining Ethereum Virtual Machine (EVM) composable wise agreements. Dan Boneh, Professor of Computer Science at Stanford, described:

The initially variation of zkSync v2 is presently reside on testnet with a port of Uniswap v2 referred to as “UniSync” that customers can trying out. The system has actually refined greater than 2 million purchases considering that introducing inJune

Matter Labs was a very early supporter of rollups, having actually introduced the first-ever public zk-rollup model in very early 2019.

Ethereum founder, Vitalik Buterin, is certain that layer 2 services such as zkSync will certainly resolve the network’s scaling problems up until sharding is turned out at some point in late 2022.

In an article in January, Buterin forecasted that zk-rollups will certainly become Ethereum’s leading scaling remedy over “the medium to long term in all use cases.”

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