zkSync issues tokens: the potential for the ecosystem is greater than other Layer 2s

Source: Crypto KOL wagame.eth
Compiled by: 0x711, 0x214, BlockBeats

Last night, zkSync developer Matter Labs announced the completion of a $200 million Series C funding round, led by Blockchain Capital and Dragonfly, with participation from a16z, Variant, Lightspeed Venture Partners, and others. With this funding round completed, its total financing has reached $458 million. At the same time, zkSync announced on its social platform that it will allocate two-thirds of potential future tokens to the zkSync ecosystem and will strive to ensure transparency and fairness in the distribution.

That evening, Matter Labs' Chief Product Officer Steve Newcomb participated in a Bankless podcast event and further elaborated on the future development of zkSync. Crypto KOL wagame.eth summarized the following content, and BlockBeats has translated and organized it as follows:

This article will not repeat the content already published on zkSync's official Twitter but will organize and briefly analyze the information revealed by Steve Newcomb in the Bankless podcast.

1. First, this announcement is not a token issuance announcement, but merely a funding announcement, referred to by the official as a "Fair Raise." In this regard, wagame.eth believes that the condition for new investors to join should be to ensure the issuance of the ZKS token, a decision that will be made by zkSync officials, and that the two-thirds allocation to the ecosystem is a done deal.

Steve compared the two-thirds allocation ratio with StarkNet's allocation ratio. Strangely, he also compared it with Arbitrum's token allocation, stating that Arbitrum will allocate 50% of tokens internally. However, Arbitrum officials have never clearly stated that they will issue tokens; it's unclear whether this was a slip of the tongue by Steve or an inadvertent revelation…

Note: On November 10, the StarkNet Foundation announced its establishment and will hold 50.1% of StarkNet tokens.

Additionally, Steve stated that the team hopes to maintain transparency regarding the lock-up and unlock terms for current investors. The team does not want the token price to experience wild fluctuations and will do its best to avoid such situations. "Everyone here is practicing long-termism."

2. The team has not updated the mainnet timeline, which is not significantly different from what we already know. You can click on the previous tweet link for more information.

Steve also reiterated that multiple audits will take place before the Fair Launch, which gives the community a boost of confidence.

3. zkSync's code will be open-sourced starting from the Fair Launch. This stands in stark contrast to their competitors: Polygon's code is copyright protected, while Starknet's code cannot be forked. Open-sourcing is a survival decision for zkSync, determined by its vision. "The way you use your own code largely reflects your essence."

4. Layer3 (enterprise-level blockchain) proof of concept: Opportunity will launch in Q1 2023. zkSync is currently negotiating with many mainstream, well-known brands. Unlike six months ago, these companies now view Ethereum as the most trusted blockchain and wish to take action on zkSync.

Note: On October 31, zkSync's developer Matter Labs stated that it is developing the Layer3 blockchain Opportunity to further enhance the scalability of the zkSync blockchain infrastructure. Matter Labs indicated that Opportunity will serve as an additional off-chain computation layer on the zkSync network, aimed at improving Ethereum's scalability and reducing gas costs.

In summary, even without an announcement regarding tokens, the above information can be considered positive news for zkSync. When it eventually launches, the distribution of the ZKS token will reflect the project's larger goals: they are not a company; they are part of the ecosystem supporting Web3 adoption and Ethereum.