Introduction
The era of zero-knowledge technology has arrived, ushering in the long-anticipated "End Game" of Ethereum scalability. ZKsync emerges as an innovative layer 2 solution, facilitating the scaling of Ethereum while featuring enhanced security, privacy, and transaction speed, all while drastically reducing fees. One of ZKsync's standout features is native account abstraction combined with paymasters, enabling users to pay transaction fees seamlessly using ERC-20 tokens like USDC. This innovative approach streamlines the user experience, making it more accessible and cost-effective.
This article will explore ZKsync and its importance in the crypto ecosystem. It will provide an in-depth overview of how it scales Ethereum, its unique features, ZK Rollups, zkEVM, ZK Chains, and its developer-friendly SDK. We will also discuss ZKsync's native token (ZK) tokenomics, token utility, and guide readers on purchasing the "ZK" token on CoinEx.
What is ZKsync?
ZKsync is a Layer 2 solution designed to address Ethereum's scalability issues. It uses a technology called ZK rollup to provide faster and cheaper transactions while maintaining the security of the Ethereum blockchain. ZKsync Era, specifically, is built to feel like Ethereum but with higher throughput and lower fees. It allows developers to write smart contracts in familiar languages like Solidity, and Vyper and supports existing Ethereum wallets out of the box.
What makes ZKsync unique is its combination of security, developer-friendly features, and user-centric design. It inherits Ethereum's security while offering permissionless EVM-compatible smart contracts and preserving key EVM features. ZKsync also implements native account abstraction, allowing users to pay transaction fees with ERC20 tokens like USDC. This, combined with its support for existing Ethereum-based wallets and tools, makes interacting with ZKsync applications seamless, cheap, and fast for users.
ZKsync Developer Experience
ZKsync prioritizes a developer-friendly experience by closely mimicking Ethereum's environment. Developers can write smart contracts in familiar languages like Solidity or Vyper, using custom compilers (Zksolc and Zkvyper) that ensure compatibility. Most Ethereum contracts work on ZKsync without modification, making project migration seamless.
ZKsync supports popular development frameworks such as Hardhat, libraries like Ethers and web3.js, and widely-used tools like theGraph and Chainlink. ZKsync's Web3 API compatibility enables support for most existing developer tools, while also providing specific tools for local testing and debugging.
This comprehensive ecosystem allows developers to leverage their existing Ethereum knowledge and toolsets, significantly reducing the learning curve and accelerating dApp development on ZKsync.
ZK Stacks
ZK Stack is a comprehensive framework designed to power the Internet of value by enhancing blockchain security. It enables the launch of zero-knowledge rollups, which are Layer 2 solutions that use advanced cryptographic techniques called zero-knowledge proofs. These rollups aggregate transaction data and submit it to a primary chain like Ethereum for final validation, ensuring transaction correctness without revealing details.
At the core of ZK Stack is the zkEVM (Zero-Knowledge Ethereum Virtual Machine), which executes transactions while maintaining full compatibility with Ethereum. This compatibility is crucial as it allows for seamless integration and interaction with the broader Ethereum ecosystem. The ZK Stack, with its zkEVM, provides the foundation for creating secure, scalable, and Ethereum-compatible blockchain networks, addressing key challenges in blockchain technology such as scalability and interoperability.
Features of ZKsync
Below are some of the features of ZKsync that set it apart from other Layer 2 solutions:
- Ethereum-level security without relying on external parties
- Open and permissionless EVM-compatible smart contract deployment
- Maintenance of crucial EVM functionalities, including smart contracts composability
- Full compatibility with standard Web3 APIs
- Efficient state updates using transaction outputs, resulting in significant cost reductions compared to input-based systems
- Built-in account abstraction that improves upon the EIP4337 standard implemented in Ethereum and other rollups
What is ZK Token?
The ZK token is a protocol token native to the ZKsync ecosystem, designed to facilitate the network's governance and functionality. ZK tokens allow holders to actively participate in the protocol's development by proposing and voting on upgrades. This governance mechanism ensures that ZKsync remains decentralized, trustless, and resistant to censorship. Additionally, the ZK token is used to pay for network fees, benefiting from ZKsync's native account abstraction feature.
The ZK token has the potential to evolve as the ZKsync ecosystem grows. For example, as more ZK chains are launched, the token could become a key tool for coordinating technical innovation across the network. The community plans to introduce new features such as staking through governance-driven upgrades. As ZKsync expands into an interconnected network of ZK chains, the ZK token is positioned to become increasingly important in the ecosystem's development and coordination.
ZK Tokenomics
Allocation
How to Buy and Trade ZK on CoinEx?
CoinEx is a global cryptocurrency exchange, trusted by 6+ millions of users worldwide with 100% reserve. With 1000+ tokens supported, including ZK, users can now trade easily and seamlessly. To purchase ZK tokens on CoinEx, follow the steps below.
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to the ZK Trading Page: Once your account is funded, go to the dedicated ZK trading page on CoinEx. You can find a search box and enter the ticker “ZK” to locate the trading pair associated with ZK tokens.
- Choose a Trading Pair: Select the trading pair ZK/USDT if you'd like to trade ZK against USDT (Tether).
- Specify the Purchase Amount: Determine the quantity of ZK tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
- Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order.
By following these comprehensive steps, you can easily trade ZK tokens on CoinEx, taking advantage of the available trading pairs.
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