Wigwam is the best ZkSync blockchain crypto wallet

ZkSync(Era) Blockchain Review

ZkSync is a next-generation blockchain protocol operating on the zero-knowledge (ZK) rollups architecture and delivers fast, cost-effective transactions. ZkSync Blockchain is created as the Ethereum Layer 2 solution which supports smart contracts, fosters dApps development, and enables cross-chain collaborations without compromising security.

Origins and Vision

Due to high transaction fees and delayed confirmations on the congested Ethereum mainnet, Matter Labs introduced the ZkSync Blockchain in 2020. This solution uses the zero-knowledge rollups algorithm to deliver improved performance and high transactional throughput at significantly lower costs.

Key Milestones                                    

ZkSync released mainnet 1.0 in June 2020. This version did not support smart contacts development, which largely affected its utility, but it was faster than the 15-45 TPS provided by Ethereum. As a result, the chain accumulated over $170 million in Total Value locked on the network, mostly in stablecoins and ETH. 

Two years later, ZkSync introduced the mainnet 2.0, an EVM-compatible upgrade with features to integrate smart contracts and increase transactions per second to 100,000. This noteworthy achievement empowers its ecosystem developers to create and deploy inventive DeFi applications seamlessly. 

In February 2023, ZkSync 2.0 was rebranded as ZkSync Era, and ZkSync 1.0 was renamed ZkSync Lite.

How ZkSync technically works

ZkSync uses the ZK rollup technology to enable fast and cheap transactions on top of the Ethereum network.

ZkSync technically solved challenges related to decentralization, scalability, and speed with the ZK rollups proof algorithm and interoperability with EVM. They scale the chain by off-chain processing of bulk transactions and sending only vital data to the Ethereum mainnet, which, in turn, improves the network transaction processing capabilities. Also, the mechanism decentralizes the network by allowing community members to participate in governance and validation processes actively.

DeFi Ecosystem on ZkSync

ZkSync DeFi offers users innovative decentralized exchanges to trade digital assets without third parties. Notable examples include 'Curve' and 'Yearn Finance"

Curve is a decentralized platform to trade stablecoins, such as USDC and USDT. Additionally, Yearn Finance provides users with the strategies to increase returns and facilitates the exchange of digital assets. Also, many other DeFi applications are represented on this network, the most important of them you may find on the DefiLama website. If you need a reliable crypto wallet to operate with ZkSync dApps we recommend you using the Wigwam web3 browser that has integrated ZkSync network as one of the default options. 

ZkSync NFTs Marketplaces

Several ZkSync NFT platforms allow users to create and trade digital arts with high-level security. 'Tevaera' and 'tofuNFT' are notable examples with user-friendly interfaces. Tevaera is a dynamic, community-led marketplace offering users low transaction fees for trade creative artworks. Also, tofuNFT is a platform to buy and sell art mediums, such as drawings, music, and painting. Some gamer developers use using to launch blockchain games, that can be accessed by using the Wigwam play to earn wallet.

Tokenomics and Gas Usage on ZkSync

This blockchain uses Ethereum (ETH) for paying gas fees for transactions. ZkSync has plans to launch its native token soon for users to stake and vote on the platform's decisions. Furthermore, participants can qualify as nodes validating transactions or earn rewards for valuable contributions to the network in ZkSync tokens.

Conclusion                       

ZkSync is a blockchain platform designed to strategically solve the shortcomings of the Ethereum network. Its ecosystem combines innovative features that enable developers to create exciting web3 projects and decentralized applications.