Matter Labs, the parent company of Ethereum (ETH) tier 2 solution zkSync, announces it has raised $200 million in a recent funding round. This new capital injection will allow Matter Labs to develop new solutions, in particular the creation of a Matter University, but also to recruit new members to its team.
Matter Labs raises $200 million
Matter Labs, the company that manages the development of zkSynca second-level (layer 2) solution for the Ethereum (ETH) blockchain, has just announced the closing a $200 million fundraiser.
The round was led by Blockchain Capital and Dragonfly and also saw the participation of Lightspeed Venture Partners, Variant and other existing partners such as giant Andreessen Horowitz (a16z).
This new capital injection signs $458 million valuation for Matter Labsand therefore as many funds that will be made available for the development of zkSync.
As level 2, zkSync is a solution for solve the scalability problems of the Ethereum blockchain and which has the distinction of being compatible with the Ethereum Virtual Machine (EVM), all maintained by its ZK Rollups (Zero-Knowledge Rollups) technology. To learn more about ZK Rollups, we invite you to read our dedicated guide.
Its EVM compatibility, a first in the Tier 2 ecosystem, ensures compatibility with all Ethereum smart contracts and therefore for the different blockchain applications. Furthermore, its support for the Solidity language, that of Ethereum, will allow developers who wish to adopt this new technology without the hassle of learning a new dedicated language.
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Matter Labs will reveal the code for zkSync
For the first time the a solution based on technology ZK Rollups will release its code as open source. The disclosure of the latter by zkSync will be ensured by a MIT Open Source Licenseand is expected to be done later this year during the transition to the Fair Onboarding Alpha phase of the project roadmap.
The publication of this code is an important step in the Tier 2 ecosystem as the latter will open new horizons for developers. They will be able to view the code, modify it and even fork it.
zkSync is betting here that its technology of EVM-enabled ZK Rollup becomes an industry standardas it allows projects in the Ethereum ecosystem to evolve onto a solution that offers dramatically reduced security, scalability, and transaction costs.
Furthermore, Matter Labs announced that already more than 150 projects want to implement zkSync 2.0, which is the most complete roll in the history of level 2 in terms of microcosm of applications. This includes ecosystem giants like Chainlink, Sushiswap, Uniswap, Aave, Argent, 1inch or even Curve.
👉 On the same topic – According to Vitalik Buterin, ZK Rollups will become the benchmark for Ethereum (ETH) layer 2
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