It’s official: the cryptocurrency exchange Crypto.com has formalized the integration of zkSync Era, on layer-2 of Ethereum network, into its deposit and withdrawal section.
Users can thus take advantage of the speed and low gas consumption of the zk-rollup blockchain to transfer ETH from one wallet to another.
Let’s look at all the details together.
Ethereum: Crypto.com integrates deposits and withdrawals via the zkSync Era network
The centralized trading platform Crypto.com has officially opened its doors to Ethereum’s layer-2 blockchain zkSync Era, enabling deposits and withdrawals for users through this network.
The news, which came yesterday via a Twitter post from the exchange, is very important for the layer-2 industry as it is the first instance of a zk-rollup network being integrated within a CEX.
Deposits and withdrawals of $ETH via ZKSYNC have just been enabled on the https://t.co/vCNztATkNg App.
Deposit now 👉 https://t.co/TAz25EjL51@ethereum pic.twitter.com/kRWwlMUKvk
— Crypto.com (@cryptocom) August 10, 2023
Users of Crypto.com can take advantage of the zk-evm network that involves low fees and fast transaction executions: just consider that gas consumption can be as low as 1/100 compared to Ethereum while on the scalability front, up to 2000 transactions per second can be processed.
Initially, deposits and withdrawals via zkSync Era are only available in ETH currency, but could be expanded to more tokens in the future.
The integration applies to both the web exchange and the app.
With this latest move, Crypto.com is aiming to carve out a new slice of audience after last years’ slide in which many users abandoned the platform due to reduced incentives on credit card cashback.
We hope that the implementation of the zkSync Era network will help the exchange compete at a high level again.
The CRO coin, despite the excellent news, did not see particular price movement yesterday, with a negative change of 0.33%.
The cryptocurrency currently trades at $0.057, down more than 93% from its all-time high in November 2021.
Focus on zkSync Era
zkSync Era is a layer-2 scaling solution for the Ethereum blockchain, developed by Berlin-based technology company Matter Labs.
The project was funded to the tune of $458 million by private investment from a number of companies and venture capitalists such as a16z, the Ethereum Foundation, Coinbase Ventures, Blockchain Capital, 1kx and others.
As a zk-evm blockchain, zkSync Era uses “SNARK” zero-knowledge cryptographic proofs to prove that all transactions wrapped in the rollup are valid.
Other layer-2 “optimistic rollup” such as Arbitrum and Optimism use fraud proofs and act only when they detect erroneous data in transactions, while considering all wrapped TXs valid by default.
Launched in the mainnet in March 2023, the zkSync Era cryptographic network immediately attracted the attention of the DeFi world community, eventually capitalizing a TVL of $443 million according to L2Beat data.
The main decentralized applications in the crypto ecosystem are Syncswap, Mute.io, Maverick, IziSwap, Velocore, SpaceFi, EraLend, Pancakeswap,VeSync, and Reactor Fusion.
A total of 939,648 ETH were bridged from the Ethereum blockchain within just five months for a counter value of $173 million.
The number of users of the infrastructure has skyrocketed in recent months to 1.47 million wallets and 1.8 million transactions made.
The success of zkSync and its rapid rise among top-of-the-line blockchains is justified by the narrative of a rumored airdrop of a governance token that is expected to arrive soon for all early adopters of the layer-2.
Beyond that there is the efficiency of the chain and the convenience of zk-rollups: currently a transaction on zkSync Era is processed in seconds and requires payment of about $0.10 in gas fees.
We will most likely hear more and more about this network and the results that will be achieved.
