Yesterday, zkSync, the protocol responsible for developing Ethereum (ETH) scaling platforms, announced the testnet version of a zero-knowledge rollup supported by the Ethereum virtual machine (zkEVM) years ahead of schedule.
The Ethereum Virtual Machine (EVM) is the environment in which all Ethereum wallets and contracts run, and is responsible for creating the chain rules on a block-by-block basis. The new testnet is the first to use a ZK rollup capable of running the entire Ethereum ecosystem and will provide valuable data on how the zero-knowledge technology scales blockchains.
ETH rollups have taken two alternative approaches to expanding the base tier in recent years, classified as Optimistic and Zero-Knowledge. Both methods have gained traction, with Arbitrum being the best-known bullish chain and DyDx using ZK technology for its leveraged trading application. As the entire Ethereum environment, which provides customizable smart contracts, would be very computationally intensive, ZK rollups traditionally focus on delivering a single type of application per chain, similar to DyDx.
Huobi The survey did a little research and shared its results for the latest ETH technology. With better performance, less transaction fees and unrestricted departure times, ZK Rollup outperforms OP Rollup. ZK Rollup has a huge advantage and has the potential to be a major player in Ethereum scaling.
When compared to OP Rollup, the biggest disadvantage of ZK Rollup, according to Huobi, is compatibility. It is only compatible with payment and transaction apps as shown below, while OP Rollup supports a wider range. The ZK Rollup did not receive adequate development, resulting in a TVL-based market share of only 3.6% of the Tier 2 Ethereum market.
The ZK Rollup has increased the overall transaction volume by more than 500 times for ETH, bringing the TPS to 2000, which is on par with the current VISA payment system. It will be able to handle more situations and provide full support for numerous applications as a result of the extensive development of zkEVM, reinforcing its position as a pioneer in the Rollup market. The amount of traffic on Ethereum can be greatly reduced if the data can be transported faster.
Will it be ETH’s salvation?
For starters, zkEVM gives Ethereum a better chance in the face of stiff competition from newly formed public chains like Solana, Avalanche, Fantom, and others.
As a result, these public networks will lose their comparative performance advantage and will need to separate and adopt more innovative techniques to attract consumers and build their ecosystem. Second, more recently established applications can be deployed on Ethereum at a reduced cost, while still benefiting from the maturity and strength of the Ethereum ecosystem.
Overall, zkEVM is crucial. Perhaps the question should be “when will zkEVM come” rather than “if zkEVM will come”.