zkSync

zkSync (ZK) is a layer 2 scaling solution for Ethereum designed by Matter Labs. It leverages zero-knowledge rollups (zk-rollups) to enhance transaction throughput and reduce costs while maintaining security and decentralisation. By aggregating multiple transactions into a single proof, zkSync significantly decreases the data load on the Ethereum mainnet, resulting in lower transaction fees and faster processing times. zkSync aims to provide a scalable, efficient, and user-friendly platform for Ethereum users and developers.

zkSync (ZK) is used for various purposes within the Ethereum ecosystem, including:

1. *Transaction Scaling:* By batching transactions into a single proof, zkSync enables higher transaction throughput and lower fees compared to the Ethereum mainnet. 2. *Decentralised Finance (DeFi):* It supports DeFi applications, facilitating activities like trading, lending, and borrowing with improved efficiency and reduced costs. 3. *NFT Marketplaces:* zkSync's low fees and fast transactions make it suitable for NFT minting, buying, and selling, enhancing the user experience. 4. *Payments:* The platform supports cost-effective micropayments, making it ideal for applications requiring frequent small transactions, such as subscriptions and in-app purchases. 5. *Token Transfers:* zkSync allows for quick and inexpensive ERC-20 token transfers, benefiting overall network usability.