LBank Supports zkSync to Foster Layer-2 Ethereum Scaling Solutions and Empower a New Generation of Decentralized Applications

LBank, the leading cryptocurrency exchange, is excited to announce its collaboration with zkSync, a Layer-2 protocol that scales Ethereum using cutting-edge zero-knowledge (ZK) technology.

LBank is among the first exchanges to publicly support zkSync, embracing its mission to scale Ethereum while preserving its core values — freedom, self-sovereignty, and decentralization.

The Inside Scoop

LBank and zkSync will host a Twitter Space event on May 3rd at 2:00 PM EDT, featuring guest Omar Azhar. This collaboration reflects LBank’s commitment to monitoring and supporting the growth of zkSync’s ecosystem and actively engaging in its long-term development.

zkSync Overview

zkSync offers a wide range of benefits for users and developers, including:

1. Cheaper and faster transactions: zkSync reduces gas fees and increases transaction speeds, making it more cost-effective and efficient than Ethereum’s Layer 1

2. Low gas fees: zkSync enables up to 1/100 of Layer 1 gas fees, significantly reducing costs for users.

3. High-speed transfers: With over 2000 transactions per second, zkSync vastly outperforms Layer 1’s 14 transactions per second.

4. Security: zkSync maintains the security and decentralization of Ethereum by using ZK rollup technology, which bundles off-chain transactions and sends them back to Layer 1.

5. EVM compatibility: zkSync will be EVM compatible, allowing developers to easily transfer existing Layer 1 smart contracts to Layer 2 when zkSync transitions from version 1.0 (Lite) to 2.0 (Era) in early 2023.

6. Account Abstraction: Unlike other ZK rollups, zkSync supports Account Abstraction, which turns every account into a smart contract with its own logic, enabling tailored accounts for each user.

7. Robust backing: Developed by Matter Labs, zkSync has the backing of the Ethereum Foundation and top investors, and has been live since September 2020.

Some Notable projects in zkSync’s ecosystem

ZigZag: A decentralized exchange using zk-Rollups, empowering investors to swap tokens and perform spot trading straight from their wallets without additional charges or gas fees. ZigZag has also implemented a bridge to connect zkSync with Ethereum. Link:https://www.zigzag.exchange/

Taker Protocol: A platform based on a decentralized autonomous organization (DAO), providing a liquidity framework for cryptocurrency tokens, synthetic assets, and NFTs. Taker Protocol enables crypto lending and borrowing, NFT lending, and even renting.

Link: https://taker.org/

Spruce: Focused on building a future where users control their identity and data across all digital interactions, Spruce endows individuals with control over privacy through open-source software that enables user-controlled interactions. Link: https://spruceid.com/

Mute.io: Mute.io is entirely grounded in zk-Rollups and ruled by DAO. As an automated market maker exchange, initial DEX offering (IDO) and farming protocol, it conveys transactions at lightning speed while eliminating gas fees that would typically be a challenge. Privacy is improved as well, with the help of zkSync technology.
Link: https://mute.io/

Mute.io: Mute.io is entirely grounded in zk-Rollups and ruled by DAO. As an automated market maker exchange, initial DEX offering (IDO) and farming protocol, it conveys transactions at lightning speed while eliminating gas fees that would typically be a challenge. Privacy is improved as well, with the help of zkSync technology.
Link: https://mute.io/

LBank’s support on zkSync includes:

1. Preforming research on early-stage projects and providing collaboration resources for projects.

2. Participating in high-quality project investments by offering financial support.

3. Supporting developer community hackathons and fostering innovation.

4. Potentially listing high-quality projects at the soonest, connecting them to LBank’s user community.

As one of the first batch of supporters, LBank will continue to follow zkSync’s development and actively participate in its ecosystem. By inviting zkSync’s core members to share their knowledge with us, LBank aims to provide support for the innovative ecosystems and contribute to their growth. LBank’s commitment to zkSync showcases its dedication to not only embrace innovative and meme projects but also to offer continuous support for high-quality, innovative ecosystems within the cryptocurrency space.

In summary, it represents a significant step towards a more efficient, secure, and user-friendly decentralized future. Both LBank and zkSync are poised to empower developers, investors, and users alike, fostering innovation and growth within the cryptocurrency and blockchain industries. LBank will continue to support zkSync’s ecosystem, providing resources to help zkSync achieve its mission of scaling Ethereum while preserving its core values.