zkLink is a layer 2 multichain network that is unified and powered by zero-knowledge technology. By connecting various blockchains and layer 2 protocols, the zkLink network allows developers and traders to utilize liquidity from private chains, while providing a seamless technological experience for users. As a result, DeFi becomes a shared space, accessible to anyone.

zkLink incorporates innovative zero-knowledge technology into its multichain interaction capabilities, utilizing a decentralized, non-custodial design to ensure the safety of assets and transactions. Furthermore, zkLink eliminates price disparities between stablecoins from different blockchains to aggregate multichain liquidity, creating a massive stablecoin liquidity pool through a unique protocol-controlled-debt (PCD) mechanism that optimizes capital efficiency, reduces costs, and offers accessible infrastructure.

Key Features of zkLink

1. Zero-Knowledge Proofs with Zero Security Compromise ZK-proof algorithms are designed to ensure that only valid transactions are executed, making it impossible to manipulate or counterfeit them, thereby ensuring network security and user funds. • The availability of ZK-Rollup data on the chain ensures that the account state can always be restored in case of attack, even if all data on the zkLink Layer2 Engine is lost. • The ZK technology ensures that no one, including the platform itself, can upload fake zk_proof to the main chain.

2. Tight Consensus Mechanism The oracle network operates independently to ensure the consistency of the multi-chain. Such a separation of powers in the verification process ensures that no party has too much power to directly manipulate assets or engage in fraudulent behavior with them. Checks and balances design protects zkLink from external and internal attacks from hackers, as well as stakeholders through power branching.

3. Multichain Liquidity Aggregation With its unique protocol-controlled-debt (PCD) mechanism, stablecoins from different blockchains are easily aggregated into a single type of coin that can be: • Used for any purpose in the zkLink ecosystem. • Used without the need for multiple wallets on multiple chains. • Reduce fees and streamline processing.

The fact that traditional banks in the world constantly have problems has made investors worried and doubtful about banking activities in general and the value of the USD in particular. In it, there are investors who think that the US will fall into hyperinflation and Bitcoin will soon reach a price of 1 million USD. So what's going on?

Former Coinbase CTO Bets Bitcoin to Hit $1 Million in 90 Days On March 18th, Balaji Srinivasan (former CTO of Coinbase and partner of venture capital fund A16z) shared on Twitter that America will fall into hyperinflation and Bitcoin will reach its value. $1 million in the next 90 days. Balaji confidently bet $1 million with a financier named James Medlock on Twitter.

Srinivasan shared, central banks, commercial banks and banking regulators have deceived people who hold and deposit USD. The amount of money in the bank is not currently enough to make large and simultaneous withdrawals. These banks used the deposit to buy large amounts of T-bonds (long-term treasury bonds) and other long-term bonds in 2021. Instead of making this information public, they concealed it.

The reason is attributed to Powell delaying the rate hike before November 2021 as the 2022 election time approaches. Presidents are particularly reluctant to raise interest rates during this time. Then, the sudden and rapid rise in interest rates caused anyone who had bought other long-term bonds before to lose money.

Srinivasan believes that the US will soon fall into hyperinflation and the dollar will lose most of its value, causing the Bitcoin price to skyrocket.

After the successful airdrop for the community, the beginnings of Arbitrum DAO were not smooth and created a wave of protests in the investor community.

Noisy in the management of DAO after the Arbitrum airdrop

With the goal of accelerating the development of Arbitrum, on March 28, Arbitrum launched the AIP-1 governance proposal to empower the Arbitrum Foundation to control 750 million ARB tokens (worth nearly 1 billion USD) for use. for special support programs.

This may seem like a trivial proposition, but it is worth mentioning in AIP-1 that investors holding Arbitrum's governance token (ARB) do not have the right to participate in the allocation of funds controlled by the Arbitrum Foundation. Because, the Arbitrum Foundation will not need to allocate funding tokens for governance on the network, where ARB holders have voting rights to shape their ecosystem.

If the proposal is approved, the Arbitrum Foundation reserves the right to issue grants from the administrative budget wallet without going through the online AIP process.

In the text of the proposed AIP-1, Arbitrum states that:

Arbitrum's goal is to bring benefits to the community. Therefore, the governance of the network needs to be run through the owners of the platform

Many individuals and organizations believe that the AIP-1 proposal is showing a backward step in the DAO governance system. They think that AIP-1 is a way of taking the community to legitimize and approve things that have been decided, not a proposal to express the voice of investors. Thereby, causing the community to split into two camps, in which more than 80% of the votes opposed Arbitrum's proposal.

Opponents added that, if AIP-1 is approved, control of 1 million USD tokens will fall to three Arbitrum directors. Blockworks Research - A data analysis and research organization representing more than 2,000 ARB investors expressed concern, as only over 3.5 billion of the 4.27 billion tokens were actually transferred to the DAO.

750 million tokens were transferred to the Arbitrum Budget Wallet controlled by the Arbitrum Foundation before the proposal was even approved. Blockworks Research reinforced its position by publicly voting against the AIP-1 proposal.

The proposal, many investors said, is worthless if Arbitrum has already decided what to do with the ARB and takes action before the voting closes. Investor Olimpio also agrees with the above view and reaffirms that AIP-1 is an approval, not a proposal.

Cringe.eth - An investor who owns more than 1.4 million ARBs discovered that, on March 16, the above 750 million tokens were transferred. Then, when the airdrop was done, the wallet of the Arbitrum Foundation transferred 5 million ARB to Binance for unknown purposes. This worries Cringe.eth, Arbitrum sold the network's own tokens shortly after ARB was listed.

At the same time, Cringe.eth also expressed the concern of many investors when seeing that 50 million tokens may have been traded by Arbitrum before approving any proposal on the DAO.

Currently, most of the investors in the market are expressing opposing views to Arbitrum in this vote. The Crypto Squad page has 14,000 sarcastic followers, the Arbitrum Foundation has learned how to be a dictator.

On the other hand, there are still other investors who support Arbitrum's proposal. They argue that other layer 2 network organizations own more than 750 million tokens (about 7% of the total supply) that the Arbitrum Foundation can hold. Specifically:

Starknet Foundation owns 10% of the total supply Optimism Foundation owns 5.4% of the total supply The Polygon Foundation owns about 10% of the total supply (exact number is unknown.) The foobar investor who owns more than 120,000 followers thinks that the negative information related to Arbitrum is being exaggerated. "It's stupid to hunt down the mistakes of the person who just gave you money" - foobar countered the community and said that they are exaggerating the mistakes of Arbitrum, even when the network has just launched a reward for the community. copper.

Arbitrum speaks out before the AIP-1 vote ends On April 4, the AIP-1 vote will officially end and with the current overwhelming number of votes (over 80%) it is almost certain that the proposal will not be passed. As expected by the community, Arbitrum confirmed that the AIP was not a proposal, but acted as a ratification.

AIP-1 is an approval, not a proposal

According to Arbitrum's Blog

At the same time, Arbitrum added, 40 million of the 50 million tokens in circulation were distributed to financial institutions (referring to the market maker). The remaining 10 million tokens have been converted into fiat money for the organization to cover operating costs.

In fact, before Arbitrum spoke up, the community also discovered that Wintermute was the market maker alluded to above through on-chain activity. The Spot On Chain page detailed Wintermute's ARB-related activities before AIP-1 even started voting.

Despite voicing confirmation immediately after Arbitrum's announcement, Wintermute was still derided by investors as a "professional actor in the crypto world". The issue with Arbitrum reminds many investors of the controversy surrounding Wintermute's token allocation with neighbor Optimism.