# The zkSync Protocol, an Ethereum Scalable Layer 2 Solution

By [trumpwin.bnb](https://paragraph.com/@trumpwin-bnb) · 2023-04-13

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What is the zkSync protocol?

zkSync is a trusted Layer 2 protocol powered by zkRollup technology for the purpose of saving electricity on billing costs and is scalable on Ethereum. This is a user-centric aggregator platform from Matter Labs, the protocol's goal To keep security, user and developer experience at the core of the project. zkSync Version 1.0 was launched on the Ethereum mainnet on June 15, 2020, allowing transaction speeds to reach nearly 300 TPS.

After successfully launching version 1.0, Matter Labs is currently focusing on the development of zkSync 2.0, which is expected to launch in Q4 2022.

![](https://storage.googleapis.com/papyrus_images/272fcca3a472c8e719720e962b1e01ded4258bfc020722339db6b66bc562e09f.png)

On August 1, 2020, the beta release of zkSync 1.1 has met most of the scaling requirements that are expected to pose, add and implement a number of features and solutions:

ZK proof of stake has been done, unlocking zkRollup's full transaction capacity speed (up to 3,000 TPS).

Added account autobar support.

Transactions are enabled to split data and pay fees with a separate token.

Can abort and generate tokens inside zkSync.

On March 1, 2021, Matter Labs established a $2 million Series A funding round for strategic partners, aimed at maintaining community market share dominance in the zkSync network - as opposed to analytics distribute assets and manage other extensible solutions.

On November 8, 2021, a $50 million funding round led by Andreessen Horowitz was announced, including investors from the previous round and a large number of strategic impacts in the next round.

Notable components of zkSync zkSync processed over 1 million transactions on the mainnet, provided 2 funding rounds on Gitcoin, and integrated into Golem, Numio, StablePay, Storj and in partnership with several other dapps.

Matter Labs wants to build the zkSync protocol to become the main payment hub of Ethereum with the aim of connecting users, wallets, services, dapps and exchanges.

Some outstanding activities Jan 2, 2021: zkSync raises $6,000,000 in round A from 1kx, Andreessen Horowitz, Dragonfly Capital, Placeholder and Union Square Ventures.

September 23, 2021: zkSync raises $2,000,000 in seed round from 1kx, Dekrypt Capital, Dragonfly Capital, Hashed and Placeholder.

Aug 11, 2021: zkSync raises $50,000,000 in Series B round from 1kx, Alchemy, Andreessen Horowitz, Bybit, ConsenSys, Covalent, Crypto.com, Dragonfly Capital, OKX and Placeholder.

March 2022: Launch Testnest.

Funding rounds passed time Qualifier B:

Time: 11/8/2021.

Amount of the first round: 50,000,000 USD.

Same seeds:

Time: September 23, 2019.

Amount of the first round: 2,000,000 USD.

Qualifier A:

Time: 2/1/2021.

Amount of the first round: 6,000,000 USD.

For more information: zksync.io

[https://zksync.io/](https://zksync.io/)

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*Originally published on [trumpwin.bnb](https://paragraph.com/@trumpwin-bnb/the-zksync-protocol-an-ethereum-scalable-layer-2-solution)*