Ethereum blockchain powers the largest ecosystem in the crypto space. Arguably the busiest blockchain and the most advanced technology available. Thousands of projects leverage tools made available by Ethereum blockchain to deliver products used by thousands of cryptocurrency and blockchain enthusiasts. The high density of projects and users overwhelms the blockchain’s resources and results in certain inefficiencies.
These inefficiencies include slow transactions, outrageous transaction fees, and failed transactions. The functionality of the Ethereum blockchain has been hurt badly by the workload it struggles to put up with every day. A fast-growing block size also means the Ethereum blockchain gets ‘heavier’. Ethereum’s most significant issue is scalability and solutions to this are being sought via numerous means.
Layer-2 solutions attempt to scale Ethereum in a rather interesting way. Layer 2 solutions optimize efficiency by handling transactions on Ethereum’s second layer. Transactions are executed away from Ethereum’s mainnet while retaining the history of transactions on the mainnet. By this, users can easily switch back to the mainnet at will.
Zk-Sync is building layer-2 solutions for Ethereum. A couple of projects are already building on zkSync 1.0, zkSync 2.0 mainnet is scheduled to launch in October 2022 and promises many improved features.
Projects building on zkSync are gearing up for a very interesting time, here are three promising projects you should keep an eye on:
Immutable X
Immutable X is the first layer 2 scaling solution related to NFTs. NFT creators and collectors will leverage its platform to minting and trade NFTs on low fees and lightning-fast transactions. Immutable X was founded and developed by the Ferguson brothers. It is poised to be one of the most prominent role players on Layer 2.
Mute
DeFi on layer 2 will be an interesting idea. Compared to Ethereum’s mainnet, Layer 2 presents impressively faster and cheaper transactions. DeFi projects on Layer 2 will leverage these advantages to offer users a true taste of seamless decentralized transactions. Mute is building a complete DeFi suite on Ethereum’s second layer. In addition to this, the developers are integrating a privacy layer into the DeFi platform.
ZigZag exchange
Just like Mute, ZigZag will also float a decentralized exchange platform on Ethereum’s layer 2. Zigzag exchange is building on zkSync’s layer 2 facilities. Zigzag launched its first dex on zkSync 1.0; hundreds of tokens can be currently traded on the platform. With ZKsync 2.0 launching, it will move to a more efficient facility.
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