ZKsync Successfully Deploys Roll-Up Protocol On ETH TestNet

ZKsync, a ZK roll-up solving Ethereum scalability with zero security compromises, has announced the deployment of its roll-up protocol on the ETH test-net was successful. 

The Excitement In The Ethereum Community

ETH advocates are excited about this development since transactions can be validated without human influence. The deployment comes nearly 12 months after the creators of the ZKsync sought permissions to deploy a low-cost and scalable layer-2 environment on the ETH network. Matter labs claim that this deployment would enable users to have a more practical experience using the network.

The blockchain’s high gas fees are mainly why many users have sought other blockchains and remain a stumbling block to ETH’s scalability. The release of this ZK-rollup aims to resolve these scalability issues and attract more users to the ETH network. Many ETH users on Twitter couldn’t contain their excitement, expressing their joy regarding the new announcement.

Apart from lowering transaction charges, deploying this new EVM compatible protocol will also encourage developers to launch their projects on the ETH network (aptly named ETH 2.0). Some of the commenters acknowledged that the combination of the ZKporter and the EVM-compatible testnet opens up a world of possibilities for unlimited use cases’ launches.

Staying Relevant

The ZKsync rollout enables rapid growth of the ETH network without users losing their privacy or making the network less secure. Consequently, several project upgrades can happen within the ecosystem, further enhancing the user experience. A side benefit is that developers can create decentralized apps on the network.

In some quarters, there have been many claims that Ethereum might lose its popularity with the emerging and more robust market competition. A recent report released by Morgan Stanley’s global investment office claimed that the availability of lower-cost and faster blockchain networks might cause Ethereum to lose its smart contract edge.

 However, the new ZKsync rollout might be what Ethereum needs to stay relevant, keep its competitive advantage, and shut up naysayers like Morgan Stanley.

Another Good News For The Ethereum Community

In other related news, popular mobile browser app creator, Opera, has announced that it has become the first mobile browser that allows its users to link their ETH wallet from the Opera mobile browsing app. Thus, Opera’s android users can enjoy quick and highly effective swaps through their browsers.

Part of the official announcement from Opera states that “our users can now by-pass the prohibitive transaction fees on ETH main-net through our partnership with Deversifi. Through this partnership, we have integrated a layer two solution that enables our users to make P2P ETH transactions easily and cheaply.”

Opera is not new to the integration of crypto wallets with its browsers. Four years ago, the browser giants became the first Browser to create a seamless integration between in-built crypto wallet and DApp explorers before adding other blockchains such as Bitcoin and Celo. Last month, Opera announced the launch of the beta version of a crypto browser solely for the metaverse, including layer two scaling solutions.

Leave a Reply

Your email address will not be published.

Related

ECB’s President, Christine Lagarde, Says Crypto Assets Have No Worth

In an interview, Christine Lagarde, the head of the European Central Bank, made it quite plain where she stands concerning the value of digital assets. Head Of ECB Label Cryptos As Worthless According to a survey by Politico, the head of the ECB noted her position on crypto. The ECB head stated that digital assets […]

UK Regulators are Investigating Terra’s Fiasco and Considering Crypto Rules

UK cryptocurrency market regulators are currently investigating Terra’s plunge. It began amid the recent cryptocurrency market massacre. The leading cryptocurrency in the market, BTC, fell as low as $26,000 during the market downturn. At the same time, Terra fell by about 100%. Terra’s Meltdown Under Investigation as UK regulators Consider New Crypto Rules While regulators […]

FTX Launches Stock And ETF Trading Option In The United States 

A prominent cryptocurrency exchange, FTX, is getting into the stock trading business. Soon, its users will be able to trade equities and exchange-traded funds on the platform.  Only A Few Users In The United States To Enjoy The Service  The Wall Street Journal reports that the firm Sam Bankman-Fried helped establish and serve as its […]

Major Australian Bank Shelves Crypto Launch Plan

CBA’s Crypto App Plan As previously mentioned last year, Australia’s biggest bank disclosed plans to let its users carry out crypto-related transactions on its app.  It has been taking its plan to develop the project but as not stated a particular time it will finally launch the project to the public. It also has plans […]

Crypto Investors Suffer from Lingering Fears

The Situation at Hand The drastic drop and decline that befell the digital asset market last few weeks have left a mark on the users and investors of crypto, with crypto coins and other assets experiencing their lowest of lows and even stablecoins being affected, it’s no surprise that both old and new investor is […]