What is zkSync ($ZK)?

After years of hardcore development, the $ZK airdrop has finally arrived in the hands of over 690K users.

I think it’s time for us to find out if ZK is the endgame of Ethereum scaling solutions.

A deep dive into zkSync.

What is zkSync ($ZK)?

zkSync is a Layer 2 network which was founded in 2019 with the primary mission to utilize Zero-Knowledge (ZK) technology to scale the Ethereum network to its optimum capacity. The question is, what separates zkSync from competing and leading Ethereum Layer 2s?

zkSync Era

Also known as The Elastic Chain, the zkSync Era network is designed to facilitate scalable, cheap and lightning-speed Ethereum transactions, without compromising the solid security of the Ethereum network. This is all done through ZK, the endgame technology.

zkSync is a Layer 2 Zero-Knowledge (ZK) Rollup. The ZK technology enables zkSync to bundle transactions and perform them off-chain before they are then validated and proven on the Ethereum mainnet. The zkSync Era network is capable of processing transactions at an avg. of $0.01 which is over 500x cheaper than the average Ethereum transaction.

zkSync Era Ecosystem

Explore the endless, endgame ecosystem of zkSync Era which is home to many popular native and integrated protocols ranging from DEXs such as Uniswap and Syncswap to GameFi protocols such as CryptoMazeApp, zkSync has it all.

ZK Chains

zkSync is building more than just a network of dApps, it is building a network of ZK chains, the ultimate endgame play. ZK chains are modular, verifiable and high-performing rollups powered by zkSync, yet are all connected into one elastic network.

All ZK chains can share the same liquidity, providing a completely unified ecosystem of networks for both developers and users. Many networks are choosing to build with zkSync such as the Cronos Chain, Lens Protocol and many others.

$ZK Token

$ZK which was recently airdropped to the endgamers is the native token of the zkSync network which is primarily used as the governance token and very soon we should be able to use $ZK as the gas token by using the unique Paymaster feature which allows for a wide range of tokens to be used as gas on the zkSync Era network.

Conclusion

At the time of writing, $ZK is currently priced at $0.1827 with a market cap of $671.8M, ranking it the 97th largest crypto by market cap. As $ZK is a newly launched token, it hasn’t had time to create an ATH. Nonetheless, $ZK could very well run hard in the coming bull run, potentially creating new and extreme ATHs.

Without a doubt, the zkSync Era network is one of the most popular Ethereum Layer 2s boasting over 7M addresses and 400M+ transactions with a TVL of over $1.47B. The Layer 2 Narrative will soon kick off, alongside the imminent bull run we’ve all been waiting for. With such a popular and efficient network, zkSync is destined to become a hotspot for future DeFi enthusiasts.