Cointime

Cointime

Download App
iOS & Android

LBank Joins Forces with zkSync to Foster Layer-2 Ethereum Scaling Solutions and Empower a New Generation of Decentralized Applications

Cointime Official

LBank, the leading cryptocurrency exchange, is excited to announce its collaboration with zkSync, a Layer-2 protocol that scales Ethereum using cutting-edge zero-knowledge (ZK) technology.

LBank is among the first exchanges to publicly support zkSync, embracing its mission to scale Ethereum while preserving its core values – freedom, self-sovereignty, and decentralization. 

The Inside Scoop

LBank and zkSync will host a Twitter Space event on May 3rd at 2:00 PM EDT, featuring guest Omar Azhar. This collaboration reflects LBank’s commitment to monitoring and supporting the growth of zkSync’s ecosystem, and actively engaging in its long-term development. 

zkSync Overview

zkSync offers a wide range of benefits for users and developers, including:

1. Cheaper and faster transactions: zkSync reduces gas fees and increases transaction speeds, making it more cost-effective and efficient than Ethereum’s Layer 1

2. Low gas fees: zkSync enables up to 1/100 of Layer 1 gas fees, significantly reducing costs for users.

3. High-speed transfers: With over 2000 transactions per second, zkSync vastly outperforms Layer 1’s 14 transactions per second.

4. Security: zkSync maintains the security and decentralization of Ethereum by using ZK rollup technology, which bundles off-chain transactions and sends them back to Layer 1.

5. EVM compatibility: zkSync will be EVM compatible, allowing developers to easily transfer existing Layer 1 smart contracts to Layer 2 when zkSync transitions from version 1.0 (Lite) to 2.0 (Era) in early 2023.

6. Account Abstraction: Unlike other ZK rollups, zkSync supports Account Abstraction, which turns every account into a smart contract with its own logic, enabling tailored accounts for each user.

7. Robust backing: Developed by Matter Labs, zkSync has the backing of the Ethereum Foundation and top investors, and has been live since September 2020.

Some Notable projects in zkSync’s ecosystem

ZigZag: A decentralized exchange using zk-Rollups, empowering investors to swap tokens and perform spot trading straight from their wallets without additional charges or gas fees. ZigZag has also implemented a bridge to connect zkSync with Ethereum. Link:https://www.zigzag.exchange/ 

Taker Protocol: A platform based on a decentralized autonomous organization (DAO), providing a liquidity framework for cryptocurrency tokens, synthetic assets, and NFTs. Taker Protocol enables crypto lending and borrowing, NFT lending, and even renting. Link: https://taker.org/ 

Spruce: Focused on building a future where users control their identity and data across all digital interactions, Spruce endows individuals with control over privacy through open-source software that enables user-controlled interactions. Link: https://spruceid.com/ 

Mute.io: Mute.io is entirely grounded in zk-Rollups and ruled by DAO. As an automated market maker exchange, initial DEX offering (IDO) and farming protocol, it conveys transactions at lightning speed while eliminating gas fees that would typically be a challenge. Privacy is improved as well, with the help of zkSync technology. Link: https://mute.io/

LBank’s partnership with zkSync includes

1. Monitoring early-stage projects and providing collaboration recommendations for project teams.

2. Participating in high-quality project investments, offering financial support.

3. Supporting developer community hackathons and fostering innovation.

4. Potentially listing high-quality projects directly, connecting them to LBank’s user community.

As one of the first public supporters, LBank continues to follow zkSync’s development and actively participates in its ecosystem. By inviting zkSync’s core members for sharing, LBank aims to provide support for innovative ecosystems and contribute to their growth. LBank’s commitment to zkSync showcases its dedication to not only embrace innovative and meme projects but also to offer continuous support for high-quality, innovative ecosystems within the cryptocurrency space.

In summary, LBank’s partnership with zkSync represents a significant step towards a more efficient, secure, and user-friendly decentralized future. Through this collaboration, both LBank and zkSync are poised to empower developers, investors, and users alike, fostering innovation and growth within the cryptocurrency and blockchain industries. As the partnership progresses, LBank will continue to monitor zkSync’s ecosystem, providing support and resources to help zkSync achieve its mission of scaling Ethereum while preserving its core values.

About LBank

LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 9 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies.

LBank
Comments

All Comments

Recommended for you

  • Saudi Arabia Depletes 86% of Patriot Missile Stockpile

    According to British media reports, within the first 38 days after the outbreak of the war, Saudi Arabia launched approximately 2,400 PAC-3 (Patriot-3) interceptor missiles, accounting for about 86% of the country's total stockpile of 2,800 missiles. By April of last year, Saudi Arabia had only about 400 interceptor missiles remaining. Other Gulf Arab states also consumed missile reserves on a similar scale, highlighting the military crisis facing the region. (Jin Shi)

  • Experts: The Strait of Hormuz 'Will Never' Return to Pre-War Status

    Ali Akbar Dareini, a researcher at the Iranian Strategic Studies Center, stated that Iran and Oman are about to reach an agreement on the future management of the Strait of Hormuz, with the main obstacle being U.S. pressure on Oman to adopt a position more aligned with Washington. Dareini emphasized that Iran considers future control of the strait crucial for its national security. In recent months, the U.S. has conducted strikes against Iran, which Iran claims were launched from bases in the region. Dareini noted that the ongoing negotiations between Iran and Oman present the U.S. with a 'good opportunity to extricate itself from this quagmire' by recognizing Iran and Oman as the countries that will determine the 'future' of the Strait of Hormuz. 'However, the Strait of Hormuz will never return to its pre-war status,' he continued. 'The geopolitical landscape of the region has changed.'

  • Iran: Negotiations with Oman Unrelated to Reopening of Strait of Hormuz

    On August 8, a spokesperson for the Islamic Revolutionary Guard Corps of Iran stated that the reopening of the Strait of Hormuz is unrelated to negotiations between Iran and Oman, but rather depends on whether the United States fully accepts Iran's conditions and ceases interference in regional negotiations. "Once the United States accepts Iran's conditions, the Strait will undoubtedly reopen." (CCTV News)

  • Whale Shorting $102 Million in Bitcoin Faces Partial Liquidation, Remaining Liquidation Price Around $65,300

    On August 8, TheDataNerd reported that a whale using 40x leverage to short $102 million in Bitcoin recently faced partial liquidation, incurring a loss of $1.46 million over the past week. Currently, the margin call has reduced the short position to approximately $60 million, with an opening price of $64,212.5 and a liquidation price of $65,310.2.

  • BTC Falls Below $65,000

    Market data shows BTC has fallen below $65,000, currently reported at $64,999.23, with a 24-hour increase of 1.01%. Market volatility is high, please exercise risk control.

  • Hedge Fund AISituational Awareness's Mysterious $400 Million Investment Targets Chip Startup Source Foundry

    On August 8, sources revealed that the hedge fund Situational Awareness, managed by former OpenAI researcher Leopold Aschenbrenner, made a mysterious $400 million investment in the chip manufacturing startup Source Foundry just days after facing imminent collapse. Previously, Bloomberg reported that the hedge fund invested in a private company backed by Sequoia Capital, but did not disclose the name of the specific company. The Wall Street Journal had earlier reported that the recipient of the investment was Source Foundry, unveiling the target of this mysterious funding deployment by Situational Awareness.

  • US Spot Bitcoin ETF Sees $101.79M Net Inflow Yesterday

    On August 8, according to Trader T's monitoring, US spot bitcoin ETFs saw a net inflow of $101.79 million yesterday.

  • US Official: Ukraine Agrees to Avoid Strikes on Non-Russian Tankers and Black Sea Oil Facilities

    On August 8, according to a US official, Ukraine has agreed not to target certain non-Russian tankers and Black Sea infrastructure vital to Kazakhstan's crude oil exports. This follows ship attacks last month that caused loading disruptions. The US official said Ukraine has set up contact points so commercial shipping companies can communicate information and ensure safe passage. The commitment was reached after meetings between senior US government leaders and Ukrainian leadership, marking a potentially significant step toward increasing regional oil shipments. Previously, activity in the region had cooled significantly due to several recent attacks near the Caspian Pipeline Consortium terminal in Russia's Novorossiysk. (Jin Shi)

  • U.S. July Nonfarm Payrolls Fall by 23,000, Missing Market Expectations

    On August 7, U.S. nonfarm payrolls decreased by 23,000 in July, compared with market expectations of an increase of 80,000, and the previous value was an increase of 57,000.

  • US May and June Nonfarm Payroll Additions Revised Down by 103,000 Combined

    On August 7, the US Bureau of Labor Statistics: May nonfarm payroll additions were revised down from 129,000 to 63,000; June nonfarm payroll additions were revised down from 57,000 to 20,000. After the revisions, the combined additions for May and June were 103,000 lower than previously reported.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company