ZkSync Record Funding
zkSync is a Layer 2 protocol for Ethereum that utilizes zkRollup technology to provide scalability and low transaction costs. The project secured a record-breaking $460 million in funding across three financing rounds, indicating significant interest in Ethereum scaling solutions.
The initial funding round for zkSync, totaling $2 million, was closed in September 2019. Participants included Placeholder Ventures, DragonFly Capital, and 1kx. These investments allowed zkSync to launch its first prototype.
The second funding round, amounting to $6 million, was closed in October 2021. Contributors included Andreessen Horowitz, DragonFly Capital, and 1kx. This funding enabled zkSync to continue developing its protocol and launch a test network.
The third funding round, totaling $400 million, was closed in November 2022. Participants included Andreessen Horowitz, DragonFly Capital, Blockchain Capital, Lightspeed Venture Partners, and other leading investors. These investments empowered zkSync to launch its mainnet and commence the scaling of its ecosystem.
zkSync plans to utilize the raised funds for the following purposes:
- Enhancing the scalability and performance of its protocol
- Expanding the zkSync ecosystem through new applications and services
- Supporting developers and the community
zkSync stands as one of the leading Ethereum scaling projects with robust technical capabilities and support from prominent investors. The project has the potential to become a major Ethereum scaling solution, facilitating the platform to accommodate a growing number of users and applications.
The $460 million funding for zkSync represents a significant milestone for the Ethereum ecosystem. It underscores substantial interest in Ethereum scaling solutions and positions zkSync as one of the most promising projects in this field.