Home News Crypto community welcomes Ethereum zkSync testnet

Crypto community welcomes Ethereum zkSync testnet


The Rollup protocol from zkSync, a supplier of zero-knowledge blockchain solutions, has been successfully deployed on the Ethereum (ETH) testnet. Proponents of Ethereum regard the deployment as a positive step forward because it eliminates the need for human operators to validate transactions.

zkSync’s authors revealed their idea for a permissionless, Turing-complete deployment that lets decentralised apps (DApps) be deployed in a low-cost, scalable layer-2 environment last year.

According to Matter Labs’ official statement, users will have a “better” experience on this network. One of the most significant disadvantages of using the Ethereum blockchain is the prohibitively high gas fees. As a result, many users and developers have switched to blockchains with reduced transaction fees and no gas expenses.

The release of a fully EVM compliant scalability ZK Rollup, such as zkSync 2.0, could be the long-awaited solution to this problem, ushering in a new age for Ethereum. Moreover, the crypto community reacted positively to the news, with many users taking to Twitter to voice their feelings on the subject.

On the other hand, Lower transaction fees may be on the way, according to the newest deployment. Hundreds of developers are looking forward to the release of zkSync 2.0 projects. Developers expressed their eagerness to deploy on zkSync 2.0 right away:

Another user stated that the deployment would provide new opportunities:

The platform’s scalability solution will represent a substantial advancement in user experience

The platform’s scaling strategy is based on an architecture that allows for quick expansion while maintaining security and privacy. This scalability solution will enable numerous ecosystem updates and will represent a substantial advancement in user experience. It will also decentralise network application development.

According to reports, Morgan Stanley’s global investment division believes Ethereum’s popularity may drop if serious market competition emerges. Ethereum’s smart contract edge may be eroded when low-cost, quicker blockchain networks emerge, according to the business. The new launch could be exactly what Ethereum needs to stay competitive.

This bullish Ethereum options trade targets a $3.1K ETH price with zero liquidation risk

Previous articleMexican senator to propose crypto law: ‘We need Bitcoin as legal tender’
Next articleWarner Music Group announces partnership with blockchain gaming developer Splinterlands