Matter Labs Raises $200M to Expand Ethereum Scaling Solution zkSync

Matter Labs has raised $200 million to support the development of zkSync, an EVM-compatible scaling solution that significantly reduces the cost of transactions on the Ethereum blockchain.
source: unsplash
source: unsplash

The Series C funding round was co-led by Blockchain Capital and Dragonfly, joined by LightSpeed Venture Partners, Andreessen Horowitz (a16z), and Variant. Venture capital firm a16z is an existing investor, having co-led the Series B funding round of the company back in November. 

As indicated by its name, zkSync uses zero-knowledge proofs to reduce data footprint on the Ethereum blockchain. Its roll-ups bundle transactions off the mainnet while maintaining security and decentralization on the network. 

Since the solution is EVM compatible, it can work with other blockchains with EVM support. Besides porting to other networks, developers can easily deploy their existing smart contracts on zkSync. 

Over 150 projects have expressed interest in launching on zkSync’s mainnet, which was introduced in October as part of a series of releases. Some of the notable projects include Curve, Uniswap, Aave, SushiSwap, and Chainlink

Matter Labs also said that it intends to release its zkSync code through an open-source MIT License in the next few weeks, allowing third parties to view and modify zkSync’s code.

In January, the company also announced a $200 million decentralized autonomous organization (DAO) through a partnership with BitDAO, one of the biggest DAO treasuries in the industry.

Although a lot of players are vying for dominance in the Ethereum scaling solution market, the team at zkSync remains committed to the long-term vision of scaling Ethereum.

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About the Author
Himan Mohapatra
Himan Mohapatra
Himan Mohapatra is an industry expert within the crypto-sphere and the primary journalist for Coinmash. He is passionate about finance and disruptive tech, such as blockchain. One can find him playing Valorant or FIFA when away from his desk.