Ethereum’s scalability issues have caused a whirlwind of problems for the cryptocurrency industry, however, it has also fostered a foundation for innovative ideas to overcome. Several Layer 2 solutions have emerged in recent days to deal with congestion on Ethereum, including zero-knowledge rollups. An enhancement to this has now been released by zkSync, which has announced the launch of its rollup protocol on the Ethereum public testnet.
According to a blog post by the company, zkEVM is the first EVM-compatible ZK rollup on the Ethereum network. Additionally, it is also a permissionless and turning-complete rollout that facilitates the launch of decentralized applications (DApps) in a more scalable and cost-effective manner.
Furthermore, since Rollup relies on cryptography for transactions to be processed, it also eliminates the need for human validators. It is also expected to significantly reduce the transaction fees that the Ethereum network currently charges its users, a pain point that has led to the migration from the network to other new age blockchains that are more affordable.
The EVM-compatible rollup was much awaited by the community, which considers it the final piece in solving Ethereum’s scalability puzzle, as they handle transactions off-chain and therefore require computing and storage resources from Ethereum’s layer 1. reduce the.
As expected, Crypto Twitter was happy with the news, with some dApps already deployed on the zkSync 2.0 testnet.
that was fast. https://t.co/E7XY26oR9g
— zkSync (@zksync) 22 February 2022
Others also appeared happy, with one developer claiming they can “smell the future” with the deployment after testing the speed of the rollup.
oh my god i smell the future@zksync speed is crazy pic.twitter.com/ZM7WUuXz2o
— yoginth.eth (@yogicodes) 22 February 2022
Another Twitter user claimed that the Ethereum network will get a huge boost once the rollup is launched on the mainnet.
Big news Now we are waiting for mainnet which will give great boost to the ethical ecosystem.
— Abdul Sadiq Yalkin $MUTE (@sadikyalcin_7) 22 February 2022
However, that is not to say that the launch has been completely free from issues. Some users on Twitter can also be seen complaining about problems they encountered while trying to transact. Much of this revolved around speed, an issue that the rollups are ironically built to address.
Hello guys, tokens don’t fall off the tap, or MetaMask approval comes in 10 minutes. Long time ago. pic.twitter.com/OYW9SztKTO
— Marat Gilyazeev (@ddds0302) 23 February 2022
Nevertheless, the growing popularity of zkSync is becoming more apparent lately, with recent data showing that the number of ETH currently deposited in the zkSync L2 network has exceeded 90,000. In addition, over 350,000 transactions of deposit transfers from the Ethereum mainnet to zkSync have also taken place to date.