Matter Labs, the startup behind zkSync, a Layer-2 solution built on zkRollup technology, closed a $50 million Series B funding round. It was led by a16z.
1/ @the_matter_labs is excited to announce $50M in new funding for @zksync!https://t.co/7qwGTx4Dh8
— zkSync | We’re hiring! (@zksync) November 8, 2021
Round participants included Blockchain.com, Crypto.com, ConsenSys, Bybit, OKEx, Alchemy, Covalent.
Funding was also provided by founders and top executives of AAVE, Paraswap, Lido, Futureswap, Gnosis, Rarible, Aragon, Liquity, Celer, Connext, Perpetual, Euler, Opium, as well as former investors Placeholder, Dragonfly and 1kx.
The main purpose of zkSync is to transfer ERC-20 tokens. ZK-Rollup is a hybrid scaling approach that connects first- and second-layer networks via smart contracts, as well as zero-knowledge proof-based solutions.
The second version of the protocol will support Ethereum Virtual Machine-compatible and composable smart contracts. Testing on the testnet is ready for more than 150 projects across such areas as DeFi, NFT, DAO, gaming, exchanges, software development, blockchain analytics, wallets.
“ZkSync [v2] will speed up Ethereum transactions and reduce gas fees relative to the mainnet,” said Dan Boneh, professor of computer science at Stanford.
The funds will be used to expand the scientific and engineering teams and to finance its growth.
As noted earlier, in June 2020 Matter Labs launched a beta version of zkSync on the Ethereum blockchain with a throughput of 2000 TPS and an average fee of $0.01.
In March 2021 Matter Labs closed a Series A funding round.
In August, the Polygon project acquired the Hermez Network platform, a provider of ZK-Rollups-based scaling solutions.
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