As a researcher with experience in the blockchain and cryptocurrency industry, I find the recent upgrade of ZKSync’s ecosystem to an “elastic chain” architecture quite intriguing. The shift from a singular zero-knowledge rollup chain to a dynamic network of multiple ZK chains is a groundbreaking evolution that marks interoperability and a unified user experience.
As a researcher studying the Ethereum scaling solution, ZKSync, I’m excited to share that the project has recently introduced an upgrade to its architecture. Instead of relying on a single zero-knowledge (ZK) rollup chain, we will be transitioning to an “elastic chain” structure. This shift signifies a significant leap forward in our evolution, as we move from a static to a dynamic network, consisting of multiple interconnected ZK chains. The benefits of this change include enhanced interoperability and a seamless user experience.
As a crypto investor in ZKsync, I’m excited about the recent v24 upgrade that went live on June 7. This significant update is a crucial step towards the 3.0 version of ZKsync’s roadmap. It transforms ZKsync’s native bridge into a token vault, improving communication and compatibility among the growing number of ZK chains within their ecosystem.
As a token analyst, I’d rephrase that statement as follows: The contentious airdrop preceding our network upgrade saw 3.675 billion ZK tokens distributed by ZKsync to pioneering users of the L2 platform. This distribution represented over 17.5% of the entire 21 billion token supply. By incentivizing early adopters and developers in this way, we aimed to foster a vibrant ecosystem around our network.
As I pen down these words, the price trend of ZK, the native token of ZKsync, appears to be plateauing based on my current research. According to CoinMarketCap, there’s been a minimal increase of 0.05% in ZK’s value over the past 24 hours. At present, its price hovers around $0.1624 as of 5:16 am ET on Tuesday, June 25. Notably, the trading volume has experienced a significant surge of 41.16% within the same timeframe, amounting to approximately $278 million.
Having a market value of $596 million, ZK is presently the 108th largest cryptocurrency in terms of market size. Reaching its record high of $0.3098 on June 17, 2024, ZK has since experienced a significant drop of 47.64%. Over the past week, there’s been a decrease of 27.45% in its price, while over the last month it has dropped by a substantial 43.46%.
In contrast, the Relative Strength Index (RSI) value for ZK stands at 33.28, indicating that the altcoin is approaching the oversold territory. Historically, this condition has provided opportunities for investors to enter the market at relatively lower costs as selling pressure dominates.
- Source: TradingView
ZKSync Era to Initiate the New Upgrade
The elastic chain system is engineered to provide a unified experience similar to that of a single blockchain. This means that transactions will only necessitate one confirmation from your digital wallet, thereby getting rid of the necessity for changing networks or manually transferring assets between them.
As a crypto investor in this project, I’m excited about the upcoming upgrade for their flagship rollup, ZKsync Era. This foundational layer will pave the way for significant growth. By the end of 2024, the project plans to incorporate more than 20 different chains into its network, all operating on the mainnet and utilizing the ZK Stack software kit. Notable projects like Lens Protocol, QuarkID, PlayFi, GRVT, Cronos zkEVM, and Nodle are some of the expected additions to this extensive ecosystem.
As a researcher exploring the latest advancements in blockchain technology, I’ve come across an intriguing concept called an elastic blockchain. Introduced by the ZKsync team at the 2022 SmartCon event, this innovation aims to significantly improve proof aggregation and cross-chain interoperability.
The elastic chain structure will adopt the Ethereum Multi-Chain Address (EMCA) protocol, which aims to streamline the process of identifying addresses by pulling out essential chain information from users.
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2024-06-25 13:12