zkSync is about to launch its major 2.0. Here’s what to expect

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zkSync 2.0 is set to launch this Friday. The update brings more modern contract functionality that allows developers to deploy their own DeFi apps, NFTs and games on the Layer 2 network. zkSync plans to launch a token in anticipation of following Optimism's lead to reward early adopters.

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The zkSync 2.0 launch is set to go live on Friday.

zkSync Readies Mainnet 2.0

The newest version of zkSync is here.

The Ethereum Layer 2 project is about to undergo its most significant upgrade to date. With the launch of zkSync 2.0, the network will gain capabilities for smart contracts, allowing developers to create and deploy their own DeFi protocols, NFTs and blockchain games.

Currently, zkSync 1.0 allows users to transfer tokens between wallets. However, this did not prevent it from being used in certain areas. For example, Gitcoin Grants, a program that helps developer groups raise funds for public goods projects, allows users to donate through zkSync, offering projects and contributors significant savings on gas fees compared to spending on the Ethereum mainnet.

zkSync is one of several Layer 2 solutions working to scale Ethereum. It uses zero-knowledge proofs to combine transactions on a separate network and send them to the Ethereum mainnet for verification. With this approach, “ZK-Rollups” like zkSync can reduce transaction gas fees by an order of magnitude while inheriting Ethereum's security and decentralization.

Matter Labs, the company behind zkSync, has been working on its 2.0 version since 2020. The goal is to integrate the ZK-Rollup skating technology with the Ethereum virtual machine so that code written in the Ethereum Solidity language can be deployed on ZK-Rollup. -Established layer 2 network. Although this was initially expected to take years to achieve, several developments have accelerated development. After a series of test networks earlier in the year, Matter Labs is now preparing to fully release the so-called “zkEVM” 2.0 network.

Hints on the Material Labs token announcement

It's not just the launch of zkSync 2.0 that has crypto enthusiasts excited. Last week, Steven Newcomb, chief procurement officer of Matter Labs, revealed in a Twitter space call that details surrounding the zkSync token will be revealed in early November.

According to the Matter Labs developer document, the company has always intended to release a token for the zkSync network, but no details on when that will happen. Many have suggested that the zkSync token could be used as an incentive for a decentralized transaction sequence, with the Ethereum network paying high rewards to its validators.

Others speculate that early users of the zkSync 1.0 and 2.0 testnets may receive an airdrop of zkSync tokens as a reward for their participation. Other Ethereum Layer 2s have already downloaded tokens to early adopters. In May, Optism celebrated its OP management token launch by distributing 5% to early adopters and those who met various eligibility criteria, and said it will have additional airdrops of 14% of its total supply at the time. .

Whether or not Matter Labs follows Optimism's example by airdropping tokens to the community remains to be seen. However, after several high-profile airdrops that made headlines this year, with the recently launched Layer 1 network Aptos, expectations are high for another one.

Disclosure: At the time of writing this piece, the author owned ETH, BTC and several other crypto assets.

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