ZK Rollup adds Curve Finance after it already added Tether and now DeFi projects can choose different solutions for scaling their platforms. In our Tether crypto news, we read more about the reports.
Matter labs launched zkSynca Layer 2 smart contracts testnet with Curve as the first resident dapp. Curve has a total value locked of about $1.07 billion at press time. Matter Labs also introduced a new programming language dubbed zinc for writing smart contracts. The new Layer 2 solution can enable smart contract capabilities on ETH using ZK rollups as until now, Optimistic was the leading Defi implementation.
Curve finance which is a decentralized platform for stablecoin swaps will be the first to experiment with the zkSync testnet. Curve supports the exchange of USD stablecoins and wrapped BTC tokens on its platform. ETH ZK Rollup allows transactions to be batched on the side chain and to reduce the mainchain’s load thus providing cheaper and faster transactions. It also aims to scale the current ETH speed from 10-15 transactions to 2,000 per second.
ZK Rollup adds Curve after adding Tether as it offers greater scalability on transactions than the alternative Optimistic Rollup. The use of the rollups was limited to simple token transfers and some specialized applications. The general-purpose smart contracts are still not possible. The zkSync smart contract testnet aims to solve this issue. Matter Labs launched the Zinc Virtual Machine, enabling smart contracts and EVM wrapping on ZK rollups. The Smart contracts on ZVM are written in Zinc which is similar to existing smart contract language for ETH like Viper or Solidity.
Matter Labs keeps up the pace with Optimism PBC on technical terms as the Synthetix network recently joined the Optimistic testnet with Chainlink and Uniswap in the pipeline. The layer 2 solutions is used by leading stablecoin provider Tether for batching USDT transactions on ETH.
As we reported in our Tether news, Tether planned to support ZK-rollups in order to reduce the pressure on the Ethereum network after the integration with OMG network. ZK-Rollups is a zero-knowledge proof technique that helps the rollup or bundle many transactions into one single transaction and therefore will reduce the pressure on Ethereum. Paolo Ardoino, the CTO of Tether explained that multiple operations include the management of Ether and ERC20 token transfers and also managing smart contract operations.
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