Home News BitDAO launches $200M zkDAO to advance Ethereum scaling via zkSync

BitDAO launches $200M zkDAO to advance Ethereum scaling via zkSync

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On Thursday, a request to support the decentralised autonomous organisation zkDAO acquired authorization using the treasury protocol BitDAO, with approximately 200 million votes cast. The idea developed in collaboration with Matter Labs, the startup behind the Ethereum scaling technology zkSync, and Mirana Ventures.

zkSync and its family of technologies will employ zk-Rollups. In order to build a layer-2 infrastructure capable of returning succinct proofs to the Ethereum network. Without uploading the entire data. If this is done, the network will be substantially quicker. Zero-knowledge-based solutions have garnered a lot of attention in recent months. Due to recurrently high levels of congestion on Ethereum, as well as excessive gas fees. Polygon is spending $1 billion in zero-knowledge tech firms and protocols, for example. In addition to scalability, zero-knowledge proofs can be in use to conceal transactions. And improve individual privacy, as the Panther protocol demonstrates.

With a balance of more than $2.5 billion, BitDAO considered one of the largest decentralised treasuries. The organisation set aside $500 million in November 2021 for a decentralised blockchain gaming project. Jonathan Allen, the founder of Mirana Ventures and a BitDAO contributor, commented on the development as follows:

“Not only will our proposal aid the collective Ethereum scaling effort, but it will also bring significant value to the BitDAO ecosystem. Which continues to operate as a driving force across sectors as it generates brand new purpose-built DAOs that must scale well on-chain.”

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