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zkSync developer Matter Labs raises $200M

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Joyashree Dey Follow

INDIA

Nov, 22 2022

Nov, 22 2022

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On November 16, the development team behind Ethereum scaling solution zkSync Matter Labs announced that it has just raised $200 million in Series C funding. 


The Series C investment was co-led by Blockchain Capital and Dragonfly with participation from Variant, a16z, and LightSpeed Venture Partners. Back in November, the startup received money from major investors a16z, who led Matter Labs' Series B.


One of the numerous technological strategies for scaling the Ethereum mainnet is zkSync.


The "zk" in the technology stands for zero-knowledge proofs, which are used to minimise the data footprint on Ethereum while maintaining network decentralization and security. In order to increase efficiency, it also makes use of roll-ups, which batch and package transactions off of the mainnet.


Significantly, zkSync's roll-ups are EVM-compatible, which means they can be used with any blockchain that employs the Ethereum Virtual Machine. Avalanche, Solana, Polygon, and Binance Smart Chain are a few additional networks that are compatible with EVM.


It also implies that developers who have previously created products on Ethereum may rapidly turn to zkSync for their scaling requirements in addition to its capacity to port to these different networks.


In accordance with the MIT Open Source Initiative, the team also declared that it will open-source all of its code.


“Anything other than full open-source, is censorship of code, censorship of ideas, and censorship of innovation,” the chief product officer at Matter Labs Steve Newcomb told Decrypt. “We are going to MIT Open Source every last bit of all the important aspects in our mainnet, so that we protect all three of those freedoms.”


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Joyashree Dey

CBW - External Analyst

INDIA

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