zkSync Developer Matter Labs Raises $200M and Commits to Open Source Platform

Over 150 projects, including Chainlink, Uniswap, and Aave, have signaled their intention to deploy on the Layer 2 blockchain.

Matter Labs, the developer behind zkSync compatible with the Ethereum virtual machine, has received strong industry support as it commits to fully open its platform, which is the first initiative of this type for a zk-Rollup technology.

Matter Labs confirmed on November 16 that it had closed a $200 million Series C funding round co-led by Blockchain Capital and Dragonfly, with additional participation from LightSpeed ​​Venture Partners, Variant and existing investor Andreessen Horowitz. The company has now raised $458 million in funding across all rounds, including $200 million from BitDAO which is earmarked for funding ecosystem projects.

Founded in 2018, Matter Labs strives to scale Ethereum through zero-knowledge proofs, a digital authentication process that enables seamless sharing of data between two parties. Ethereum has been widely accepted by developers in the blockchain community, but widespread adoption of its technology has been partially hampered by scalability issues. As a zk-Rollup technology, zkSync provides a Layer 2 scalability solution for Ethereum that maintains network security and decentralization features.

More than 150 projects have signaled their intention to launch on the zkSync mainnet, which was released on October 28 as part of a multi-step process to bring the protocol into full production. Some of its more notable partners include Chainlink, Uniswap, Aave, Curve, 1inch, and SushiSwap.

In addition to the funding announcement, Matter Labs revealed that its zkSync technology will be released via an open-source MIT license later this quarter. This gives developers the ability to view, edit, and fork code.

In an interview with Cointelegraph, Steve Newcomb, Chief Product Officer of Matter Labs, said his company wanted to “build consensus...