Matter Labs, the business behind zkSync, an Ethereum layer-2 scaling procedure, revealed today it got USD $50 million in brand-new financing (in addition to a USD $6M Series A in February of this year). These brand-new funds will be utilized to broaden Matter Labs’ engineering groups and financing service development.
zkSync utilizes sophisticated mathematics to scale Ethereum in a totally trustless way.
”It is a mission-driven job,” stated Alex Gluchowski, Co-Founder and CEO of Matter Labs, “our long-term goal is to make self-sovereign participation in the digital economy — that is, maintaining true control over one’s digital assets — affordable for anyone in the world.”
The Series B funding was led by Andreessen Horowitz and consisted of existing financiers Placeholder, Dragonfly, and 1kx. Additionally, this 2nd funding was closed with tactical partners such as Blockchain.com, Crypto.com, Consensys, ByBit, OKEx, Alchemy, Covalent and signed up with by the creators and management of AAVE, Paraswap, Lido, Futureswap, Gnosis, Rarible, Aragon, Liquity, Celer, Connext, Perpetual, Euler, Opium, and a host of others.
“Until recently, we have been focused nearly exclusively on technological innovation. Now it’s time to put a similarly concerted effort into reaching users and developers, which will require scaling our business development and marketing efforts and building out our community and ecosystem,” stated Zoé Gadsden, COO of Matter Labs.
A leader of Zero-Knowledge Proof innovation on Ethereum, Matter Labs introduced the first-ever public ZK rollup model in early 2019
Fully acquiring Ethereum’s security assurances, zkSync adopts the ZK rollup architecture — the only blockchain scaling technique that counts on pure cryptography rather of jointly relied on validators, bridges, or watchers. ZK represents Zero-Knowledge (Proofs), a household of advanced procedures for attestation of computational stability.
Further, zkSync v2 will support EVM-compatible, composable clever agreements. It is the first-ever ZK rollup with a ported Solidity dApp survive on its testnet.
“zkSync will enable Ethereum transactions at a much higher rate and lower gas fees than mainnet. The math used by Matter Labs is really quite beautiful, and it is remarkable to see this coming to fruition at a massive scale so soon,” stated Dan Boneh, Professor of Computer Science at Stanford.