Magpie integrates zkSync to overcome DeFi hurdles and lower Ethereum fees

zkSync addresses the hurdles that come with DeFi, such as upgrading Ethereum, along with its high fees for swaps and staking and unstaking. In the case of swaps, it is between $40 and $60, whereas for staking and unstaking, it reaches more than $200. 

For DeFi’s overall standing, these fee structures require a relook and a time period.  For all this, rollups are a blessing to the DeFi ecosystem, particularly in the case of zero-knowledge rollups. To narrow it down further, the talk is about zkSync.

Where zkSync is concerned, it is a ZK rollup that utilizes cryptographic validity proofs for offering cost effective and upgradable Ethereum transactions. Its Layer 2 solution upgrades Ethereum right from 10X, going up to 100X. This makes it possible to conduct highly accelerated transactions and pay low fees. The factor that differentiates zkSync is its Layer 3 service, which is able to upgrade theoretically endlessly. This could be the befitting answer to DeFi’s upgrading problems.

Utilizing zkSync feels similar to utilizing Ethereum and its ETH in the form of its conventional token. While computation is carried out off-chain and transactions proven on Ethereum mainnet, users come in for the safety factors related to Ethereum. One more added feature of zkSync is the fact that the users get back all monetary discrepancies that would be beneficial for them with regard to gas fees.

Further features include immediate confirmations on Layer 1, as well as fewer tx fees, in terms of ERC20 tokens and the Ethereum wallet being adaptable. Added to that, zkSync’s smart contracts come with composability. 

If the volume is to be considered, zkSync will be amongst the top ten blockchains on the list. With the integration of zkSync, Magpie aims to streamline the DeFi experience, addressing Ethereum’s high fees and enhancing transaction efficiency for swaps, staking, and unstaking. Leveraging zkSync’s zero-knowledge rollups, Magpie provides a scalable solution that can potentially solve DeFi’s most pressing problems, like excessive costs and slow upgrades.

The collaboration allows users to engage with Ethereum’s security while enjoying cost refunds on gas fees and accessing a more extensive range of DApps and DEXs through Magpie’s platform, making DeFi interactions more affordable and user-friendly.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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