OKEx Enters Partnership with Matter Labs

OKEx Blockdream Ventures announced a strategic partnership with Matter Labs. The integration will see the venture stake with zkSync 2.0 developed on the zkVM. It is the Solidity compiler with extra layer two functionality and is also the first app on an EVM-supported zkRollup.

Matter Labs recently made headlines when the company started scaling Ethereum ZK (zero-knowledge) proofs. The venture aims to speed up the financial revolution, helping users enter the sector without hassle. 

L2 is a collective term used to signify solutions developed to scale applications via handling transactions on the Ethereum mainnet. In addition, it capitalizes on the decentralized security mechanism of the layer one mainnet.

L2-based platforms increase traffic on Ethereum while reducing the overall fees. Such DeFi apps will certainly assist the entire network.

Dora, OKEx Blockdream Ventures’ Founder, commented on the situation. According to Dora, Vitalik already noted that rollups would scale Ethereum 100x. OKEx also noted that DeFi users have grown from 150,000 to 3 million in one year. The sector achieved such numbers with a 20x gas fee.

The venture currently faces the ultimate blockchain trilemma – finding the balance between scalability, security, and decentralization. OKEx Blockchain Ventures is leveraging the ongoing innovation in layer 1 and 2 solutions. With the help of a dedicated team, the platform has found viable solutions for StarkWare scaling and payment during the past two years on zkSync 1.0.

Dora added that OKEx Blockchain Ventures is delighted to partner with Matter Labs to develop an open protocol, assisting people to reach monetary liberty in a decentralized manner. The team can already note that zkSync servers for users and developers from upgradeability, off-chain data availability, developer stack, making Solidity exclusively native to Zero-Knowledge Rollups.

Currency Matter Labs is using its ZK Rollup technology to develop zkSync. It is a combination of extensive research in ZK Proofs with on-chain data availability. The approach proposes esteemed security properties and can keep the funds as secure as any layer one solution.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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