ZkSync is one of the most-anticipated Layer-2 scaling protocols on the Ethereum blockchain that leverages Zk-rollup to enhance throughput. Even though the project hasn’t released an official token yet, information on their docs suggests that users of their Testnet will get ZkSync airdrop.
What is ZkSync?
The rapid growth of Decentralised Finance and the widespread use of Non-fungible tokens brought a burden to the Ethereum blockchain, causing low throughput, lack of scalability, and exceeding high gas fees on the Ethereum network, which reached a staggering $40M per month. While DeFi and NFTs have many applications, each transaction consumes much energy despite their value.
Layer-2 scaling solutions such as ZkSync were developed to solve these problems. ZkSync was designed by Matter Labs as a zero-knowledge (ZK) Rollup protocol to provide higher throughput than the current system while allowing users to exit and re-enter the Ethereum mainnet freely.
To scale Ethereum, ZkSync uses novel toolings of Zk-rollups which stands for zero-knowledge, and rollups, which are smart contracts to aggregate and bundle several transactions off the Ethereum main chain into a single one, and submit the transaction proofs to Ethereum.
Zero-knowledge proofs inherently use active cryptographic security that validates transactions without releasing any information used to verify them.
One of the benefits of zkSync’s technology is the high throughput it brings to the L2 blockchain. Making gas fees 100 times lower than Ethereum while still based on the Ethereum mainnet security.
ZkSync network stands out among the Ethereum scaling solutions, such as Plasma and state channels, due to its reliability, security, and useability. By using a hybrid Layer-2 roll-up technology solution that can move computations off-chain and keep some data on-chain, Zksync can defeat the security concerns that other layer-2 solutions pose to users and developers.
Also, Zksync’s ZK-SNARK (Zero-knowledge Succint Non-interactive Argument of Knowledge) proofing enables quick validation and uses less storage space than other smart contracts. This means that zkSync’s validations are faster and cost less than those of other scaling solutions.
We've just pushed a major update with structural changes designed to improve user experience, increase compatibility with Ethereum’s EVM, and upgrade performance on the zkSync v2 testnet.
A long thread, or read the blog post here: https://t.co/L9QJTvFLjI
1/18
— zkSync (@zksync) June 22, 2022
A backdrop of these benefits has made many airdrop hunters look forward to the ZkSync crypto token and possible ZkSync airdrop.
How does ZKSync Work
The zkSync network is an ecosystem of dApps mainly ported from the Ethereum network. Every month, new zkSync dApps are springing up, joining the zkEVM future of the ecosystem. zkSync represents the end-game for scaling Ethereum – one that scales its technology and values without degrading security.
Many dApps developers are taking advantage of this to use blockchains in ways that are currently not possible—using zkSync dApps like ZigZag, Mute.io, and SyncSwap to boost your chances of receiving an airdrop.
ZKSync works basically by using two main components of Layer-2 scaling for Ethereum: rollups and cryptography. ZkSync combines these combines into a single scalability solution.
First, let’s look at rollups and smart contracts that function to make the Ethereum blockchain faster and cheaper. Rollups work by bundling hundreds of transactions, computations, and assets off the Ethereum blockchain into a single transaction without losing vital data and holding them in an on-chain smart contract.
Rollups increase Ethereum network throughput and make it cheaper. With this, ZK Sync was designed to provide Ethereum with a VISA-scale throughput of thousands of transactions per second (TPS). Important to the protocol is its ultra-low latency rapid transaction finality.
How to Add ZkSync (Testnet and Main net) to Metamask
The zkSync is compatible with Ethereum and the Ethereum Virtual Machine (EVM), allowing users to transfer ETH and ERC20 tokens without requiring on-chain confirmations. To start, let’s configure RPC;
- Go to chainlist.org
- Connect your wallet
- Toggle on the Testnet button
- Search for Zksync.
- Click add to metamask and approve the transaction that comes up.
To add the zkSyn network to a MetaMask account, users will follow these steps;
- Go to your browser to download the MetaMask browser extension.
- After downloading the extension, make sure you add it to your browser
- Then on your MetaMask wallet and click the ‘Add Networks’ icon.
- Copy and paste the verified zkSync RPC details below;
- Network Name: zkSync alpha testnet
- New RPC URL: https://zksync2-testnet.zksync.dev
- Chain ID: 280
- Currency Symbol(Optional): ETH
- Block Explorer URL(Optional): https://zksync2-testnet.zkscan.io/
5. Once you input these details and select ‘Save,’ you will be connected to the zkSync Network.
To add zkSync alpha testnet network to Metamask.
- Go to the Metamask wallet and click on the network in the top center:
2. Select “Add network manually”.
3. Input the zkSync alpha testnet network details and click “Save”:
- Network Name: zkSync alpha testnet
- New RPC URL: https://zksync2-testnet.zksync.dev
- Chain ID: 280
- Currency Symbol: ETH
How to Use Zksync
For users hoping to receive the Zksync airdrop, you must understand how to use the Zksync. In this Zksync airdrop guide, we will walk you through on how to interact with Zksync network. The Zksync testnet runs on the Goerli network, and therefore users will need to get some Goerli ETH by trying out the following faucets;
Step 1:
Go to https://portal.zksync.io/ and connect your wallet, and you will be automatically asked to add the “zkSync 2.0 testnet Goerli” network. You can also add the network manually by inputting the details below;
- Network Name: zkSync alpha testnet
- New RPC URL: https://zksync2-testnet.zksync.dev
- Chain ID: 280
Step 2:
Then go to “Bridge” then “Deposit” to deposit some $ETH to zkSync 2.0
Step 3:
Next go to “Faucet” to get some testnet $DAI, or $USDC into our zkSync address.
Confirm your balance at “Balances” after making a claim.
Step 4:
The go-to “Transfer”. Input the address of another wallet and transfer some tokens to it. Pay the fees in ETH or DIA.
Step 5:
Finally go to “Withdraw” to withdraw some $ETH or $DIA from zkSync back to Goerli.
Congratulations, you have used ZkSync; you can try swapping, farming, and LPing on the various ZkSync dApps like Mute.io.
Does ZkSync have a Token?
At the time of writing, the zkSync team had only mentioned the possibility of a governance/utility token, which is likely to start by airdrop, just like other projects from another Ethereum L2 scaling solution. The token will also be used for staking in the zkSync network to become a validator.
3/8 We are proud to announce that, in case of any potential future token release, ⅔ will be reserved for our ecosystem, subject to equitable and transparent distribution. #jointhemission
— zkSync (@zksync) November 16, 2022
How to Invest in ZkSync
zkSync is a decentralized protocol for scalable low-gas payments on the Ethereum network, powered by zkRollup technology. It intends to support up to 20,000 TPS performance with the help of zkPorter, a protocol that fuses zkRollups with sharding by the end of that roadmap. Investors and traders may want to take advantage of this huge potential in investing in one of the major Ethereum scaling giants.
Further, investors can invest in ZkSync to earn a yield on USDC, DAI, ETH, or WBTC through Argent zkSync with Yearn. Also, investors can benefit from other investment tools in the Argent zkSync wallet, like staking ETH with Lido and investing with Aave.
