Ethereum Scales, but Who Wins? A ZK Stack Perspective

1.Background

Since establishing its "Rollup-Centric" roadmap, Ethereum has been dedicated to achieving large-scale scalability through a layered architecture. The Dencun upgrade in 2024, with the introduction of EIP-4844, significantly reduced Layer 2 (L2) data submission costs, marking the practical phase of Ethereum's scaling efforts. The upcoming Pectra upgrade will further enhance L2 performance, usability, and developer experience by improving Account Abstraction, optimizing Blob data, and adjusting staking mechanisms. Although some originally planned features (such as PeerDAS and Verkle Trees) have been postponed, the overall progression is clear: Ethereum is laying the groundwork for more robust data availability, interaction, and performance scaling.

This series of upgrades has profoundly impacted the L2 competitive landscape. As a core scaling method, Rollups have gradually evolved into diverse paths: Optimistic Rollups, exemplified by OP Stack, focus on maturity and efficient ecosystem replication, while ZK Rollups are accelerating with their immediate finality and potential privacy advantages, evolving into multiple technology stacks like StarkWare's Cairo, Polygon zkEVM, and the rapidly rising ZK Stack. Simultaneously, general-purpose Rollups and specialized chains for vertical use cases (e.g., gaming, privacy) are coexisting, making L2s no longer isolated racetracks but rather collaborative scaling engines within Ethereum's world computer vision.

Against this backdrop, ZK Stack proposes a decentralized, modular, and developer-friendly scaling paradigm. CoinEx Research will delve into ZK Stack to analyze its role and potential in the new scaling race, addressing a core question: "Ethereum scales, but who wins?"

2.The Distinctive ZK Stack: A Trio of Modularity, Interconnection, and Sovereignty

What is ZK Stack?

Definition: An open-source framework for building customizable ZK chains (L2/L3) that support the expansion of the Ethereum ecosystem. ZK Stack is a modular framework for building sovereign ZK-powered Ethereum Rollups (called ZK Chains); it is a modular, open-source framework that is both free and designed to build custom ZK Chains (ZK-powered L2s and L3s) based on the code of the first ZK Chain, zkSync Era.

ZK Stack's core functions include two key features: Sovereignty and Seamless Connectivity. Creators have full code permissions and unrestricted autonomy to customize and shape various aspects of their main L2/3 chain. ZK Chains operate independently but are interconnected via the Hyperbridges network, enabling trustless, fast (within minutes), and low-cost (single transaction cost) interoperability.

Core Goal: To build a hyperchain on zkSync that powers hybrid DEXs, tokenization of real-world assets, digital identity solutions, and Web3 gaming.

Relationship with zkSync Era: ZK Stack is the generalized toolkit for zkSync Era.

Consider a practical scenario where you want to use a cross-chain transaction on a DeFi platform to swap ETH for DAI:

• Transaction Initiation: You initiate the transaction directly from your wallet.
• Relayer Involvement: A relayer acquires your ETH and deposits it onto the DeFi chain.
• Asset Swap: On the DeFi chain, your ETH is automatically swapped for DAI.
• Completion and Return: The relayer then transfers the DAI back to your original chain.

The entire process executes as a single transaction, feeling seamless, as if no chain switch occurred. The only difference a user might notice is a slightly longer confirmation time, depending on the specific ZK Chain used.

souce: zksync

Core Components

• zkEVM: A Zero-Knowledge Ethereum Virtual Machine developed in Rust, it optimizes the ZK proof generation process and is compatible with the Ethereum EVM, deeply optimized for Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (ZK-SNARKs). This allows developers to directly use smart contracts written in languages like Solidity and Vyper, enabling seamless migration of Ethereum code. It also natively supports Account Abstraction, providing flexible account models (e.g., seedless wallets, custom validation logic). This is ideal for quickly deploying account logic and launching new markets, significantly lowering the barrier to entry for new users. Additionally, the zkEVM is responsible for transaction verification, execution, state updates, rollbacks, and historical record management, ensuring on-chain data consistency and security. Its significance lies in being the core execution engine of ZK Stack, balancing EVM compatibility with the efficiency of ZK technology, providing a familiar development environment for developers while enhancing performance and privacy.
• Sequencer: Supports centralized, decentralized, priority queue models, or external protocol integration, responsible for transaction ordering. It allows developers to customize sequencing logic, enhancing censorship resistance, particularly suitable for governance protocols.
• Prover: Generates ZK-SNARKs/STARKs. Developers can choose based on performance and security needs. ZK-SNARKs are better suited for fast proof generation, while ZK-STARKs are more secure and quantum-resistant. Proof generation is typically done off-chain, reducing Layer 1's computational burden. A decentralized proving network has recently been implemented. The Prover is central to ZK Stack's security, ensuring consistency between Layer 2 and Layer 1 states while protecting user privacy.
• Hyperbridges: An innovative cross-chain solution provided by ZK Stack that supports asset and message transfer between different ZK Chains and with the Ethereum mainnet. It uses Merkle proof-based smart contracts to achieve cross-chain interoperability. Specific applications include asset transfers (users can seamlessly transfer assets between different ZK Chains, sharing liquidity), message passing (supports cross-chain smart contract calls and data sharing, enhancing ecosystem interoperability), and ecosystem integration (all ZK Stack-based Hyperchains form an interconnected network via Hyperbridges, sharing users and liquidity).

souce: zksync

• Data Availability Options: This is crucial for ensuring on-chain data is verifiable. ZK Stack offers two modes, ZK Rollup and Validium, allowing developers to choose based on their needs.
• ZK Rollup: Data goes on-chain, inheriting Ethereum's security.
• Validium/zkPorter: Off-chain data storage, optimizing costs.
• Phase 0: The simplest Validium type, storing its public data only in the database of the nodes running the chain.
• Phase 1: A Validium that sends its public data only to the Data Availability (DA) layer but does not verify its inclusion on-chain.
• Phase 2: A Validium that sends its public data to the DA layer and verifies its inclusion on L1 either directly using a verification bridge or ZK proofs.
• Uses three clients: Avail, EigenDA, Celestia

Technical Innovations

• Native Account Abstraction: Simplifies user experience, supporting seedless wallets.
• Modular Design: Developers can customize chain parameters (e.g., fee token, governance rules).
• Hyper-Scalability: Supports the creation of multiple ZK chains, similar to horizontal scaling on the internet.

Layer 2 Scaling Stack Comparison: ZK Stack vs. OP Stack and StarkNet

In the current competitive landscape of Layer 2 scaling stacks, OP Stack, StarkNet, and ZK Stack represent three main technical paths: Optimistic Rollup, ZK-STARK, and ZK-SNARK, respectively. OP Stack, relying on its mature Superchain ecosystem and EVM compatibility, is suitable for quickly deploying general-purpose L2s. StarkNet is known for its high performance and native privacy capabilities but is limited by the Cairo learning curve. ZK Stack, with its modularity, sovereign customizability, and native cross-chain interoperability, is forging a flexible path for building customized ZK chains, offering new possibilities for future multi-chain collaboration and application chain ecosystems. Each solution involves trade-offs in security, scalability, customization, and developer experience, forming diverse evolutionary paths for Ethereum's scaling stack.

3.ZK Stack Ecosystem Overview: Potential Exists, Still Early Stage

As of April 2025, the ZK Stack ecosystem has begun to take shape, centered around zkSync Era, encompassing over 90 active projects with a Total Value Locked (TVL) of approximately $551 million (Source: L2BEAT). These projects span various fields, including DeFi, cross-chain bridges, GameFi, AI, and privacy protection, showcasing ZK Stack's diversity and development potential. ZK Stack achieves efficient, trust-minimized cross-chain interoperability between ZK Chains through Hyperbridges technology, supporting asset transfers and message passing, enhancing overall ecosystem liquidity and user experience.

Additionally, Matter Labs has transferred the management of the zkSync ecosystem to DappRadar, marking a move towards greater decentralization. DappRadar now manages the zkSync ecosystem portal, displaying key project metrics, rankings, historical performance, and serving over 750,000 monthly active users.

The current OP Stack ecosystem is significantly larger than ZK Stack's, benefiting from strong corporate resource integration and capital backing, making it a crucial representative of "Ethereum enterprise-grade scaling." ZK Stack's ecosystem is still in its early growth phase, "beginning to take shape," but its modular architecture, high customizability, and cross-chain capabilities are attracting an increasing number of projects with demands for sovereignty and performance.

In other words: OP Stack wins on "first-mover platform power," while ZK Stack bets on "later-mover technological momentum." Both represent two distinct paths within the Layer 2 ecosystem: "alliance-based vs. sovereign-based" and "usability-first vs. technology-first." Which one will ultimately dominate the next generation of Ethereum's scaling structure remains to be seen in the market.

zkSync Era: Infrastructure Platform Representative in the ZK Stack Roadmap

zkSync Era is the first implementation of ZK Stack and one of the most widely adopted ZK Rollups on Ethereum, with a Total Value Locked (TVL) exceeding $551 million (though ecosystem TVL has decreased from its 2023 peak of $736 million to $551 million, Source: L2BEAT).

It is built on ZK Stack, offering EVM compatibility, native Account Abstraction, and low transaction fees.

Over 90 projects are within its ecosystem, including decentralized exchanges (DEXs) like SyncSwap and cross-chain bridges like Orbiter Finance.

• Team Management: Matter Labs' centralized operator could lead to censorship and Maximal Extractable Value (MEV) extraction, violating decentralization principles, and the community might question management transparency (Reference: L2BEAT zkSync Era Risks).
• Security: Unverified contract risk (CRITICAL level) and the ZK token management key leakage incident on April 13, 2025, exposed management vulnerabilities, and SNARKs' trust setup increases security risks (Reference: L2BEAT zkSync Era Milestones).
• Ecosystem: Centralized operator censorship risk and uninsured exit windows (standard upgrade delay of 4 days 3 hours) reduce user trust.

The development of the zkSync Era or ZK Stack ecosystem still faces numerous internal and external challenges and risks. While it has the potential to expand the Ethereum ecosystem, it needs to address existing criticisms regarding team management, security, and the ecosystem. By decentralizing the proving network, enhancing governance, and conducting security audits, the project can boost community trust and user adoption. In the future, monitoring its ecosystem expansion and decentralization progress will be crucial for its long-term success.

GRVT: A Hybrid ZK Rollup Project for Trading Scenarios

GRVT is zkSync's first hyperchain project, a Hybrid Decentralized Exchange (HEX). Gravity (GRVT) is a self-custodial hybrid cryptocurrency exchange. It draws inspiration from Robinhood's user experience but adopts self-custodial funds and wallets like Uniswap. It will run as a Hyperchain using ZK Stack, connecting to all dApps running in the zkSync ecosystem, including autonomous Hyperchains connected via Hyperbridge.

GRVT's main features include:

• Custom Ordering Logic: Achieves deterministic settlement and high Transactions Per Second (TPS) through private application chains (Hyperchains), similar to CeFi trading experience, suitable for high-frequency trading scenarios.
• Horizontal Scaling: Scales infrastructure across multiple interoperable hyperchains, allowing traditional market makers to provide liquidity like Centralized Exchanges (CEXs), enhancing market depth.
• Privacy Protection: Uses the Validium mode to store sensitive data (e.g., margin balances and liquidations) off-chain, protecting users from front-running and market manipulation through encryption.
• Support for Compute-Intensive Tasks: Handles complex business logic and risk scanning for derivatives trading, ensuring transparent and fair trading conditions.

Relationship with ZK Stack:

GRVT fully leverages ZK Stack's modular framework, especially Hyperchain and Hyperbridge technology:

• Hyperchain: As an independent ZK Chain, GRVT connects to the zkSync ecosystem, seamlessly interoperating with other ZK Stack-based dApps. Through Hyperchain, GRVT achieves high throughput and low latency, targeting up to 600,000 TPS and latency below 2 milliseconds.
• Hyperbridge: Supports asset and message transfer between GRVT, zkSync Era, and other Hyperchains, enabling efficient cross-chain interoperability and reducing bridging costs and trust risks.
• Data Availability Mode: GRVT uses the Validium mode, storing transaction data off-chain, significantly reducing costs (gas-free transactions) while ensuring security through zero-knowledge proofs, suitable for cost-sensitive and high-privacy scenarios.

Comparison with Hyperliquid:

GRVT's hybrid model (on-chain settlement, off-chain trading) offers advantages in security and privacy protection, suitable for users seeking DeFi security and CeFi performance. According to GRVT vs. Hyperliquid comparison analysis, GRVT's ZK technology provides higher privacy protection, especially for derivatives trading.

Hyperliquid's off-chain trading engine offers higher trading speeds, but its centralized sequencer increases trust risk, making it suitable for users with extremely high transaction speed requirements. According to Hyperliquid's official documentation, its off-chain model might be more competitive in the current market, but its decentralization is lower.

GRVT's Current Status and Challenges:

• TVL and Adoption Rate: As of April 2025, GRVT's TVL is only $7.57 million, significantly lower than comparable projects (e.g., Hyperliquid's TVL is approximately $100 million), possibly due to lack of market education and ecosystem integration. This reflects GRVT's early stage as an emerging project; compared to Hyperliquid, GRVT's decentralization advantage might be offset by its complexity.
• Ecosystem Integration: As part of the zkSync ecosystem, GRVT benefits from zkSync Era's TVL (approximately $551 million) and ecosystem projects (e.g., SyncSwap, MuteSwitch), but its own ecosystem still needs further expansion. zkSync Era's ecosystem is active, but GRVT's independence might limit its liquidity.
• User Experience and Education: GRVT's hybrid model (HEX) requires users to understand the combination of DeFi and CeFi, which might create a cognitive barrier for new users. In contrast, traditional DeFi platforms offer a more direct user experience (e.g., Uniswap), and CeFi platforms are easier to use (e.g., Binance), which might affect GRVT's user adoption rate.
• From a long-term perspective, GRVT's success will depend on:
• Technological Maturity: Further refinement of ZK Stack's decentralized proving network and Hyperbridge technology will enhance GRVT's security and interoperability.
• Market Education: Lowering the learning curve for the hybrid model through simplified user interfaces and educational resources.
• Ecosystem Collaboration: Deep integration with zkSync Era and other Hyperchains will bring more liquidity and users to GRVT.

If GRVT represents L2's exploration in institutional trading scenarios, Sophon's attempt moves entirely to the other end—a path driven by entertainment content and community sentiment.

Sophon: Exploring ZK Stack Validium Application Chains for Consumer Content

Sophon is a consumer-oriented blockchain ecosystem built on zkSync's Elastic Chain, utilizing Validium as its Layer 2 (L2) scaling solution, focusing on modular blockchains built on ZK Stack. Elastic Chain is a blockchain architecture that allows for infinite parallel scaling by adding interconnected Zero-Knowledge (ZK) chains, expanding network capacity while maintaining interoperability and consistent user experience.

Coinex Research has published an in-depth article "Sophon Ecosystem: Revolutionizing Consumer-Centric Blockchain with Modular Architecture and AI Integration".

Compared to zkSync's pursuit of full-stack developer friendliness, Sophon's underlying architecture leans more towards serving content publishers and participants, with its TVL primarily driven by content creator community airdrop expectations.

Adoption of Validium:

Sophon is the first project on zkSync to use Validium, based on Avail DA (Data Availability layer). Validium is a scaling solution that combines ZK-Rollups and off-chain data availability:

• Off-chain Data Availability: By storing transaction data off-chain, Sophon achieves higher throughput and lower transaction costs, suitable for high-data-demand applications.
• Security through Validity Proofs: Sophon submits validity proofs to Ethereum, allowing anyone to verify transaction integrity without needing access to off-chain data.
• Cost Efficiency: Off-chain data storage makes transaction costs significantly lower than traditional on-chain solutions. Sophon's Validium architecture is particularly suitable for cost-sensitive applications.

According to Sophon's mainnet launch, Validium enables Sophon to handle high-throughput applications like gaming and social entertainment.

Sophon, through the combination of Elastic Chain and Validium, offers significant innovations in scalability and cost efficiency. Its focus on consumer applications and strong initial funding make it a promising platform for blockchain adoption. However, addressing market education and ecosystem development challenges will be crucial for its long-term success.

Abstract: An Abstract Wallet and L2 Application Testbed for Entertainment Consumption

Abstract is built on ZK Stack, a zk Rollup focused on consumer-grade crypto experiences, especially in gaming, NFTs, and on-chain creativity. Abstract is developed by Igloo Inc., the parent company of Pudgy Penguins; it achieves this scalability by executing transactions off-chain, batching them, and using (ZK) proofs to verify transaction batches on Ethereum.

Coinex Research has published an in-depth article "Why Abstract Might Be Too Early — or Just Right — for Consumer Crypto"

Core Technology and Analysis:

Abstract adopts ZK-Rollup and ZK Stack, supporting a Hyperchain architecture that provides high throughput (over 100,000 TPS target) and low latency (below 5 milliseconds). The underlying layer uses Celestia as the data availability layer, further enhancing scalability. This indicates its optimization for high-frequency consumer scenarios; however, actual performance needs further verification through mainnet data, as there is currently a lack of public transaction volume and user data to support this goal.

User Experience: Native Account Abstraction is a major highlight of Abstract, simplifying user entry into Web3, especially for non-crypto native users (e.g., gamers and NFT enthusiasts). However, this simplification might introduce security risks, such as the centralization risk of social logins, requiring further disclosure of its security mechanisms.

Focus on Consumer-Grade Applications:

Pudgy Penguins and Magic Eden's brand influence brought early users to Abstract, enhancing ecosystem attractiveness. Positioned for consumer-grade applications, Abstract focuses on entertainment and leisure consumption scenarios, addressing high fees, censorship risks, chargeback issues, and geographical restrictions of traditional Web2 platforms, supporting applications related to gaming, NFTs, and the cultural economy. However, its "cultural economy" vision is relatively abstract, and the specific implementation path remains unclear.

Heurist: Decentralized AI Computing Exploration in the ZK Stack Ecosystem

Heurist is a Layer 2 network based on ZK Stack, focusing on AI model hosting and inference, aiming to provide serverless access to open-source AI models through a decentralized network of computing resources. As part of the ZK Stack ecosystem, Heurist focuses on the AI computing domain, offering low-cost, high-performance AI services to developers and researchers, while enhancing privacy protection and security through a decentralized architecture.

The Heurist Mesh is a composable network of multiple specialized AI agents, each capable of performing specific tasks (e.g., contract auditing, public opinion analysis), supporting cross-platform interoperability, and accessible via REST API and MCP protocol to any application or agent.

Heurist and ZK Stack Relationship:

Heurist fully leverages ZK Stack's modular framework, especially the Elastic Chain architecture, achieving high throughput (target over 100,000 TPS), low cost (Gas fees only 1/100 of traditional chains), and sovereignty. According to Heurist documentation, ZK Stack supports horizontal scaling, allowing the Heurist network to grow infinitely, while ensuring privacy protection for AI models and data through ZK-SNARKs technology.

• Elastic Chain: Heurist utilizes Elastic Chain's high throughput and low-cost features to optimize AI model hosting and inference processes. According to Token Metrics Research, Elastic Chain aggregates storage slot changes from multiple transactions, significantly reducing Gas costs.
• Hyperbridge: Heurist achieves seamless interoperability with other ZK Chains via Hyperbridge, reducing cross-chain bridging complexity and ensuring efficient asset and message transfer within the ecosystem.
• Sovereignty: Heurist token holders have full control over the infrastructure and economic model, and anyone can become a Sequencer to participate in transaction verification and protocol governance.

Current Status and Challenges:

Heurist is still in its early development stage, and its ecosystem and user base are not yet fully mature:

• Ecosystem Development: Heurist recently completed a $2 million Pre-Seed funding round with investors including Amber Group and Contango Digital Assets. Its ecosystem projects include AI model hosting and inference services, attracting attention from developers and AI enthusiasts.
• User Adoption: Heurist targets AI developers and researchers but requires more educational resources and tools to lower the barrier to entry. Compared to traditional cloud services (e.g., AWS, Google Cloud), Heurist's decentralized advantage might attract users sensitive to privacy and cost, but user education remains a key challenge.

The Future Crossroads of ZK Stack: Technological Leap and Ecosystem Explosion, What Will Be the "Singularity"?

ZK Stack, as a modular ZK scaling framework launched by zkSync, represents a unique path in Ethereum's scaling journey that balances sovereignty, interoperability, and privacy protection. It not only allows developers to build highly customizable ZK Rollups but also provides the underlying foundation for multi-chain collaboration through native cross-chain interconnection (Hyperbridges), sovereign sequencers, and modular proving systems. The combination of ZK Stack and zkSync Era gives it a first-mover advantage in account abstraction, inter-chain communication, and developer experience.

Unlike OP Stack's "platform alliance" and StarkNet's "high-performance monolithic chain" paths, ZK Stack attempts to build an "interconnected Rollup network" – a decentralized computing universe composed of multiple Hyperchains. This architecture conceptually aligns with Ethereum's decentralization vision but still faces significant challenges in practice:

• Active but Early Ecosystem: While the zkSync Era ecosystem has started to take shape (TVL $551 million, over 90 projects), overall user adoption and application depth still lag behind OP Stack.
• Security and Governance Challenges: zkSync Era has issues such as unverified contracts, centralized sequencers, and permission leaks, raising community concerns about security and management transparency.
• Ecosystem Projects Awaiting Validation: For example, GRVT, while building a hybrid Hyperchain for professional trading scenarios, is still in its early stages of TVL and adoption, requiring time and market education to drive it forward.

In the future, for ZK Stack to become a critical "ecosystem singularity" in Ethereum's scaling ecosystem, it must achieve breakthroughs in the following areas:

• Promote the implementation of a decentralized proving network to alleviate reliance on centralized sequencers.
• Achieve true interoperability between Hyperchains to form a liquid network effect for assets and users.
• Lower development and user barriers through zkEVM and account abstraction, improving user experience.
• Build benchmark applications (such as GRVT, Sophon) to validate the practical value of the architecture and activate vertical scenarios.

ZK Stack is not a single Rollup but a design paradigm for a Rollup network. If it can truly translate its modular architecture and decentralized technological advantages into ecosystem scale and user growth momentum, then it might become the most promising "later-mover singularity" on Ethereum's scaling path.