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Matter Labs receives $50M in new funding for its Ethereum scaling protocol

Written by James Smith

Matter Labs, the corporate behind zkSync, an Ethereum layer-2 scaling protocol, introduced right now it acquired USD $50 million in new funding (along with a USD $6M Sequence A in February of this yr). These new funds will probably be used to broaden Matter Labs’ engineering groups and finance enterprise progress.

zkSync makes use of superior math to scale Ethereum in a totally trustless method.

”It’s a mission-driven challenge,” mentioned Alex Gluchowski, Co-Founder and CEO of Matter Labs, “our long-term objective is to make self-sovereign participation within the digital economic system — that’s, sustaining true management over one’s digital property — inexpensive for anybody on this planet.”

The Sequence B financing was led by Andreessen Horowitz and included current traders Placeholder, Dragonfly, and 1kx. Moreover, this second financing was closed with strategic companions similar to Blockchain.com, Crypto.com, Consensys, ByBit, OKEx, Alchemy, Covalent and joined by the founders and management of AAVE, Paraswap, Lido, Futureswap, Gnosis, Rarible, Aragon, Liquity, Celer, Connext, Perpetual, Euler, Opium, and a bunch of others.

“Till not too long ago, we have now been centered practically solely on technological innovation. Now it’s time to place a equally concerted effort into reaching customers and builders, which would require scaling our enterprise improvement and advertising and marketing efforts and constructing out our neighborhood and ecosystem,” mentioned Zoé Gadsden, COO of Matter Labs.

A pioneer of Zero-Information Proof expertise on Ethereum, Matter Labs launched the first-ever public ZK rollup prototype in early 2019

Totally inheriting Ethereum’s safety ensures, zkSync adopts the ZK rollup architecture — the one blockchain scaling method that depends on pure cryptography as a substitute of collectively trusted validators, bridges, or watchers. ZK stands for Zero-Information (Proofs), a household of subtle protocols for attestation of computational integrity.

Additional, zkSync v2 will help EVM-compatible, composable good contracts. It’s the first-ever ZK rollup with a ported Solidity dApp reside on its testnet.

“zkSync will allow Ethereum transactions at a a lot greater price and decrease gasoline charges than mainnet. The mathematics utilized by Matter Labs is basically fairly stunning, and it’s outstanding to see this coming to fruition at a large scale so quickly,” mentioned Dan Boneh, Professor of Pc Science at Stanford.


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