The network recently announced its intention to hand over governance to the community by the end of June.
The upcoming v24 upgrade is slated to be the last before this transition. Let’s explore more about ZkSync.
Community Governance on the Horizon
Zero-knowledge (ZK) rollup zkSync has been gaining attention for its innovative approach to scaling Ethereum. By leveraging zero-knowledge cryptography, zkSync aims to provide cheaper transactions and improved scalability.
The anticipation for an airdrop has been building since March last year when investors bridged over $8 million worth of tokens to zkSync in hopes of being eligible. This move reflects the growing interest and confidence in zkSync’s potential to revolutionize Ethereum’s scalability and transaction costs.
Source: X
ZkSync operates as a layer-2 network, designed to scale Ethereum by performing computation and storing data off-chain. It falls under the category of ZK rollups, a subtype of layer-2 solutions that rely on zero-knowledge cryptography.
More About ZkSync
This technology is considered one of the most promising advancements in the blockchain space, offering enhanced privacy and efficiency.
Source: X
The recent Ethereum network upgrade, known as the Dencun upgrade, played a crucial role in reducing transaction fees on layer-2 networks like zkSync. By allowing these networks to compress transactions before sending them in batches to the Ethereum mainnet, the upgrade significantly lowered transaction costs for users.
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