The funds raised would be used to develop the platform’s ZkSync V2 rollup network, which will reduce fees and increase transaction speeds.
$200 Million Raised in Series C
Matter Labs, an Ethereum development company, raised $200 million in its most recent Series C funding round. It was co-led jointly by Blockchain Capital and Dragonfly Capital. Variant, Lightspeed Venture Partners and Andreessen Horowitz (a16z) were also part of this round. The total funding will reach $458 million. The project also includes a $200 million dedicated ecosystem fund. The team had previously raised $8 Million in its Series A and Seed Round, and $50 Million in its Series B. This was led by (a16z).
What is zkSync?
Rollups lower Ethereum’s high fees while increasing transaction times. The network’s high gas fees have been a major problem. It has lost users to networks that offer lower prices and faster speeds. zkSync, a zero-knowledge rollup platform, is rapidly gaining popularity. It processes transactions on a separate layer (Layer 2 of the Ethereum network), groups them up and pushes them back into the main Ethereum network. This allows them to be recorded on an Ethereum ledger at a lower cost than usual. The Series C funds will also be used for third-party ecosystem projects that have been created by other teams. Matter University will be developed to spread knowledge and education about such topics.
zkSync 2.0 To Be Made Open Sourced
The $458 million will go towards the launch of the zkSync Ethereum scale platform. The team announced the latest funding via a blog post. It also promised to file its core software under an MIT Open Source License. Fair Onboarding Alpha, the next milestone for the company, was revealed by the team as zkSync 2.0 will be made open-source. Third parties will be able to view, modify, and augment the code in zkSync 2.0.
The statement reads:
“We believe that open sourcing our technology will accelerate the adoption of our ZKrollup and establish its core innovation, the zero-knowledge proverr, as the gold standard in the ecosystem. This will be the first open-sourced ZK-rollup for general purposes.
The team also announced a strategic partnership to smart contract auditing firm OpenZeppelin, which will lead a complete security audit of the code before the launches.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.
