zkTube's Ambition: In-depth Perspective on Layer 2 and Build a World-class Value System

zkTube's Ambition: In-depth Perspective on Layer 2 and Build a World-class Value System

By Aaron Wilson | Aaron Wilson | 28 Jul 2021


From the outbreak of DeFi to NFT and the "Metaverse" ecological concept, the global blockchain industry has shown unprecedented kinetic energy effects. At the beginning of 2021, the price increase of various crypto assets is close to crazy, and institutional investment in blockchain represented by grayscale brings more confidence and motivation to developers. As the world's leading Layer 2 solution developed and led by the Australian team, zkTube has won some innovative measures and honors since its inception and has received high attention from users all over the world.

 

Currently, the highly anticipated Ethereum London upgrade has attracted the public's attention Ethereum. As is known to all, even in the era of ETH 2.0, the congestion and Gas fees of the Ethereum network are still high. Especially, the rising price and the intensive transaction of DeFi aggravate the congestion of Ethereum and reduce its performance and operation efficiency. In the upcoming London upgrade, IP-1559 will change the Gas fee structure of the Ethereum main network and a destruction mechanism for the ETH token model. However, as the coins are destroyed instead of providing liquidity to the market, scarcity may cause ETH prices to rise and Gas fees will still be high.

 

The zkTube protocol, as a scaling solution for Ethereum. On the zkTube network, when a block with SNARK proof is sent to the L1 smart contract and verified, all transactions contained in the block will be confirmed. The user's transfer operation only needs to adjust the user's account balance to achieve real-time payment.

 

zkTube can meet the needs of multi-scenario applications

 

In the future, with the increase in throughput and the decrease in transaction fees, zkTube can completely realize fast and non-inductive transactions, also provide safe, effective and high-performance underlying transaction support for large-scale, commercial actual payment scenarios. In the future, more other blockchain solutions will be added and applied to the lives of ordinary users, because various industries are inseparable from payment and settlement scenarios. From this point of view, zkTube will gain more potential partners and the extension of application value.

 

zkTube has strong technical scalability

 

zkTube has strong technical scalability, and its application scenarios can solve the scaling problem of Ethereum and optimize the DEX function. Recently, the zkTube technical team received a donation from the Uniswap V3 hackathon to jointly participate in the development of the V3 version. With the efforts of the zkTube technical team, Uniswap has made more improvements in liquidity and capital efficiency. The underlying protocol of zkTube will support data interaction with Layer 2 accounts. Users can choose to deposit ETH or ERC20 tokens into L2 on V2 and V3, then swap transactions or provide liquidity. L2 will summarize, package, prove and finally verify whether there is a problem or not, and submit it to the Ethereum mainnet. Therefore, it can be concluded that zkTube is a proven effective, fast and safe underlying protocol to improve the efficiency of DEX.

 

zkTube is the perfect bridge for interoperability between Ethereum networks

 

zkTube can also cooperate with other protocols, and through the advantages shown in the Ethereum network, it becomes a bridge for other protocols to connect with Ethereum and expand the efficiency. In the recent cooperation with Bagels Finance ($BAGEL), zkTube helped Bagels deploy a new security smart contract on the zkTube network so that Bagels can provide all DeFi users with the best revenue in yield farming. zkTube becomes the perfect bridge to enhance the interoperability between Bagels and the Ethereum network.

Layer 2 will serve as a super track with strong explosive power. According to the data, as of February this year, more than 3,000 Dapps were running on the Ethereum mainnet. zkTube's huge success in the scaling of Ethereum means that it can provide solutions for Dapps all over the world and help these applications expand more protocols to achieve more value. Layer 2 will also produce super projects with Ethereum-level, and without any doubts, zkTube will become the most potential competitor of Layer 2 with the strong underlying technology and high user consensus.

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Aaron Wilson
Aaron Wilson

Aaron is an active contributor to the Ethereum ecosystem, including Layer 2 scaling solutions. He has years of experience working with dozens of blockchain startups where he focused on token economics, marketing, and growth.


Aaron Wilson
Aaron Wilson

Layer 2 is a collective term for solutions designed to help scale your application by handling transactions off the Ethereum mainnet (layer 1) while taking advantage of the robust decentralized security model of the mainnet. Transaction speed suffers when the network is busy which can make the user experience poor for certain types of Dapps. And as the network gets busier, gas prices increase as transaction senders aim to outbid each other. This can make using Ethereum very expensive.

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