{"id":364333,"date":"2021-11-09T08:34:31","date_gmt":"2021-11-09T05:34:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/matter-labs-raises-50m-to-build-evm-compatible-zk-rollups\/"},"modified":"2021-11-09T08:34:31","modified_gmt":"2021-11-09T05:34:31","slug":"matter-labs-raises-50m-to-build-evm-compatible-zk-rollups","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/matter-labs-raises-50m-to-build-evm-compatible-zk-rollups\/","title":{"rendered":"# Matter Labs raises $50M to build EVM-compatible zk-rollups"},"content":{"rendered":"

“# Matter Labs raises $50M to build EVM-compatible zk-rollups <\/strong>”
\n<\/p>\n

Matter Labs has announced a major new funding round to further develop the second version of its Ethereum-based rollups, zkSync.<\/p>\n

On Nov. 9, Matter Labs announced<\/a> it had secured $50 million in a Series<\/a> B round led by Andreessen Horowitz and included participation from existing investors Placeholder and Dragonfly Capital.\u00a0The new round follows Matter Labs\u2019 $6 million Series A in February, and saw participation from many new investors including Crypto.com, ConsenSys, and OKEx.<\/p>\n

The new cash injection will be channeled into further developing zkSync v2, the firm\u2019s second-layer rollups solution for Ethereum that is currently focussed on facilitating low-cost payments.<\/p>\n

Rollups are a second-layer scaling solution that \u201crolls up\u201d transactions data in batches for more efficient processing on Ethereum’s layer-one. Matter\u2019s zkSync solution uses zero-knowledge proofs to minimize the data held in these bundled transactions and thus reduce the computing and storage resources required to validate blocks<\/p>\n

zkSync v2 will build on the current iteration by supporting Ethereum Virtual Machine (EVM) composable smart contracts. Dan Boneh, Professor of Computer Science<\/a> at Stanford, explained:<\/p>\n

\u201czkSync 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.\u201d<\/p><\/blockquote>\n

The first version of zkSync v2 is currently live on testnet<\/a> with a port of Uniswap v2 dubbed \u201cUniSync\u201d that users can experiment with. The platform has processed more than 2 million transactions since launching in June. <\/p>\n

Related:<\/em><\/strong> <\/em><\/strong>Ethereum layer-twos reportedly processing more transactions than Bitcoin<\/em><\/strong><\/p>\n

Matter Labs was an early proponent of rollups, having launched the first-ever public zk-rollup prototype in early 2019. <\/p>\n

Ethereum co-founder, Vitalik Buterin, is confident that layer two solutions such as zkSync will solve the network\u2019s scaling issues until sharding is rolled out sometime in late 2022.<\/p>\n

In a blog post<\/a> in January, Buterin predicted that zk-rollups will emerge as Ethereum\u2019s dominant scaling solution over \u201cthe medium to long term in all use cases.\u201d<\/p>\n