Matter Labs has publicized a funding round to further advance the second version of its Ethereum-based rollups, zkSync.
Matter Labs had secured a$50 million in a Series B round managed by Andreessen Horowitz and included participation from existing investors Placeholder and Dragonfly Capital. The new cash addition will be directed into further improving zkSync v2, the firm’s second-layer rollups solution for Ethereum.
Rollups are a second-layer scaling solution that “rolls up” transactions data in groups for more efficient processing on Ethereum’s layer-one. The solution uses zero-knowledge proofs to lessen the data held in these bundled transactions and thereby reducing the computing and storage resources required to validate blocks.
zkSync v2 will build on the current iteration by supporting Ethereum Virtual Machine (EVM) composable smart contracts.
