Huobi partners with zkSync to provide a faster and cheaper blockchain experience
Following the strategic investment by Huobi Ventures in Matter Labs’ recent round of funding, Huobi Global is partnering with zkSync, the first EVM-Compatible ZK Rollup developed by Matter Labs, to provide easy access to a faster and cheaper blockchain experience at the same level of security as Ethereum.
Transacting on zkSync offers many UX improvements beyond lower gas costs; transactions confirm instantly, and users can pay for gas in any popular ERC20 token such as USDC. For developers, porting your L1 app is made simple with native support for Solidity and the Web3 API. You can get a taste of the potential of zkSync 2.0 in their most recent release: UniSync, a direct port of Uniswap V2’s smart contracts and frontend on their zkEVM.
To cater to this increased demand, Huobi is fast tracking the development of a direct fiat onramp and offramp to zkSync. Soon, Huobi users will no longer need to pay expensive mainnet transaction fees to deposit and withdraw assets from zkSync, and zkSync users will be able to leverage Huobi’s liquidity and scale.
“As an exchange, we are most excited by the capital efficiency gains of the 15-minute exit time to withdraw our capital from zkSync, and we can’t wait to onboard all of our users to the rich ecosystem of dApps already committed to deployment. Additionally, we hope to support the new wave of dApp innovation that will follow the release of zkSync 2.0’s offchain data availability system zkPorter, which offers 1–3 cent transaction fees while maintaining seamless composability and interoperability with the ZK Rollup.” says JinBin Xie, Investment Manager of Huobi Ventures.
About Huobi
Huobi Group is a world-leading company in the digital economy space, with a mission to create breakthroughs in core blockchain technologies and integrate blockchain technology into other industries. With its focus on both upstream and downstream sectors, Huobi Group has expanded operations with industry blockchains, public blockchains, digital assets trading, crypto and blockchain wallets, industry research and more.
About Matter Labs
Matter Labs is the pioneer of Zero-Knowledge Proof technology on Ethereum. The company has launched the first-ever public ZK rollup prototype in early 2019, was the first to implement recursive ZK proofs on Ethereum, and created the world’s first practical FPGA-based hardware for ZKP acceleration in 2020. Matter Labs recently launched a zkEVM testnet, making zkSync the first ZK rollup capable of executing native Ethereum smart contracts.
Matter Labs’ team is rooted in the belief that cryptography and blockchain are essential technologies for protecting and fostering freedom globally. They enable mutually distrusting counterparts to collaborate without relying on authorities or third parties. Blockchains enabled by zero-knowledge proofs promise a fairer and more efficient global digital economy.
Matter Labs, a remote-first organization, is actively hiring.
About zkSync Protocol
zkSync is a ZK rollup, a Layer-2 scaling solution that preserves the security properties of the underlying blockchain by leveraging the latest generation of succinct zero-knowledge proofs.
zkSync v1 is a ZK rollup for payments, live on Ethereum mainnet since July 2020. Adopted by many protocols, wallets, and dapps, zkSync has powered over 4M transactions.
zkSync v2 is a ZK rollup for generic smart contracts that preserves EVM-compatibility and composability. The upcoming testnet currently has more than 150 registrations from projects across DeFi, NFT, Games, DAOs, Exchanges, On-Ramps, Wallets, Developer Tools, Data Analytics.
