L2 and zkSync are both solutions that aim to address the scalability issues of blockchain networks, particularly Ethereum. Here’s a thread on what they are and how they work:
1/ L2, or Layer 2, refers to a scaling solution that operates on top of the Ethereum mainnet. It aims to increase the throughput of the network by processing transactions off-chain, while still maintaining the security and decentralization of the underlying blockchain.
2/ There are different types of L2 solutions, such as sidechains, state channels, and rollups. Rollups are the most promising and widely adopted type of L2 solution, and zkSync is a rollup that uses zero-knowledge proofs.
3/ zkSync is a Layer 2 scaling solution that uses zkRollup technology to enable fast and cheap transactions on Ethereum. It leverages zero-knowledge proofs to bundle multiple transactions into a single proof that is submitted to the Ethereum mainnet.
4/ By doing so, zkSync is able to achieve high throughput and low transaction fees, while still maintaining the security and trustlessness of the underlying blockchain. Users can interact with zkSync through a wallet or a dApp, and they can withdraw their funds back to the Ethereum mainnet at any time.
5/ zkSync is currently in use by several dApps, such as Aavegotchi, Zapper, and DeversiFi, and it has already processed over 4 million transactions since its launch in early 2021.
6/ In summary, L2 and zkSync are both solutions that aim to address the scalability issues of blockchain networks, and zkSync is a specific rollup that uses zero-knowledge proofs to achieve high throughput and low transaction fees on Ethereum. It’s an exciting development that has the potential to enable more use cases and adoption of blockchain technology.