After Tether ZK Rollup Adds Curve Finance
Matter Labs launched the zkSynca Layer 2 smart contract testnet and used Curve as its first resident dApp.
At time of publication, Curve's (TVL) total closing value is $1.07 billion. Matter Labs also introduced the new Zinc programming language for writing smart contracts.
Matter Labs' Layer 2 solution will use ZK to implement smart contract functionality in Ethereum. So far, the leading DeFi implementation is optimistic. Curve Finance is a decentralised stable currency swap platform and the first platform to use the zkSync testnet. Curve currently supports exchanges for USD stablecoins and Bitcoin on its platform.
ZK Ethereum aggregation allows transactions to be processed in batches in a parallel chain to reduce the load on the main chain, thus enabling cheaper and faster transactions. The goal is to expand the current Ethereum speed from 10-15 transactions per second (TPS) to 2000 TPS.
The use of ZK provides greater scalability and transaction finality. ZK is limited to simple token transfers and some special applications. For example, generic smart contracts are still not possible. The zkSync smart contract testnet aims to address this issue.
Matter Labs has launched the Zinc Virtual Machine (ZVM) that can implement smart contracts and EVM inventory in a ZK summary. The ZVM smart contract is written in the Zinc programming language and is similar to the existing smart contract languages Ethereum-Solidity and Viper.
Matter Labs and Optimism PBC are similar in terms of technology. Synthetix recently joined the Optimistic Final Testing Network. Uniswap and Chainlink are also in preparation.
Leading stablecoin provider Tether also uses zkSynca Layer 2 solutions to batch process USDT transactions on Ethereum.