Matter Labs Company Overview and News

Discover how Matter Labs is transforming blockchain technology. Stay updated with the latest news and developments.

NFT May 9, 2024 229 Add to Reading List

Matter Labs Company Overview and News in 2023

Matter Labs is a?cryptocurrency startup?that is developing a layer-2 scaling solution for Ethereum called zkSync. zkSync is a zero-knowledge (ZK) rollup, which means that it uses ZK proofs to verify transactions off-chain, before batching them and submitting them to the Ethereum mainchain. This allows zkSync to significantly reduce the cost and latency of transactions on Ethereum.

Matter Labs was founded in 2018 by Alex Glukhkovsky and Vitaly Buterin, the co-founder of Ethereum. The company has raised over $458 million in funding from top investors such as Andreessen Horowitz, Dragonfly Capital, and Blockchain Capital.

zkSync

zkSync is a ZK rollup, which means that it uses ZK proofs to verify transactions off-chain, before batching them and submitting them to the Ethereum mainchain. ZK proofs are a mathematical technique that allows one party to prove to another party that a statement is true, without revealing any additional information about the statement.

zkSync uses ZK proofs to verify the validity of transactions without revealing the sensitive data contained in those transactions. This allows zkSync to significantly reduce the cost and latency of transactions on Ethereum, while also maintaining the security and transparency of the Ethereum?blockchain company.

zkSync 2.0

Matter Labs is currently developing the next version of zkSync, called zkSync 2.0. zkSync 2.0 is a major upgrade that will introduce a number of new features and improvements, including:

Support for arbitrary smart contracts:?zkSync 2.0 will support the execution of arbitrary smart contracts,?which means that it will be able to scale any Ethereum-based application.?This is a major step forward for zkSync,?as it will allow it to compete with other layer-2 scaling solutions such as Polygon and Arbitrum.
Increased scalability:?zkSync 2.0 will be significantly more scalable than the current version of zkSync.?Matter Labs claims that zkSync 2.0 will be able to process over 100,000 transactions per second (TPS),?which is significantly higher than the current TPS of Ethereum.
Reduced fees:?zkSync 2.0 will have even lower fees than the current version of zkSync.?Matter Labs claims that zkSync 2.0 will be able to reduce transaction fees by up to 100x.

Matter Labs News

Here is some of the latest news about Matter Labs:

Matter Labs raises $200 million in Series C funding:?In November 2022,?Matter Labs raised $200 million in Series C funding,?led by Blockchain Capital and Dragonfly Capital.?This funding will be used to accelerate the development and launch of zkSync 2.0.
Matter Labs releases zkSync 2.0 alpha:?In March 2023,?Matter Labs released the alpha version of zkSync 2.0.?The alpha version is currently available to developers and early adopters.
Matter Labs launches zkSync Grants Program:?In June 2023,?Matter Labs launched the zkSync Grants Program to support?new crypto companies?the development of applications and tools for zkSync.?The program will provide grants to developers who are building innovative applications and tools that will help to grow the zkSync ecosystem.

Matter Labs is one of the leading companies developing ZK rollups for Ethereum. The company?s zkSync scaling solution is already in production and is being used by a number of popular Ethereum applications. Matter Labs is also developing zkSync 2.0, which will be a major upgrade to zkSync that will introduce support for arbitrary smart contracts, increased scalability, and reduced fees.

Matter Labs News in 2023

September 2023

Matter Labs CEO proposes ?Ethereum Supreme Court? for on-chain disputes.

Matter Labs CEO Alex Glukhkovsky has proposed a new system for resolving on-chain disputes called the ?Ethereum Supreme Court.? The Ethereum Supreme Court would be a decentralized body of experts that would review and rule on on-chain disputes. Glukhkovsky argues that the Ethereum Supreme Court would be a more efficient and fair way to resolve on-chain disputes than the current system of code is law.

August 2023

Matter Labs refutes plagiarizing code amid ongoing spat with Polygon.

Matter Labs has refuted allegations of plagiarism made by Polygon co-founder Sandeep Nailwal. Nailwal had accused Matter Labs of plagiarizing code from Polygon?s zkEVM project. Matter Labs has denied the allegations, stating that their code is original and that they have not plagiarized any code from Polygon.

April 2023

zkSync Era admits full incompatibility with EVM Shield.

Matter Labs has admitted?top crypto startups?that the zkSync Era testnet is fully incompatible with the EVM Shield. The EVM Shield is a security feature that is designed to protect users from malicious smart contracts. Matter Labs has stated that they are working on a solution to make zkSync Era compatible with the EVM Shield.

Other news

In addition to the news items listed above, Matter Labs has also been active in a number of other ways in 2023. For example, the company has:

Continued to develop zkSync 2.0,?with the goal of launching the mainnet in late 2023.
Partnered with a number of companies and organizations,?including the Klaytn Foundation and Wemade.
Launched the zkSync Grants Program to support the development of applications and tools for zkSync.

Future of Matter Labs

If zkSync 2.0 is successful, Matter Labs could become one of the leading companies in the Ethereum ecosystem. zkSync has the potential to revolutionize the way that Ethereum is used, by making it possible to scale Ethereum to meet the needs of mainstream users.

Matter Labs is a company to watch in the cryptocurrency space with?list of crypto startups.?The company is developing a leading ZK rollup solution for Ethereum,?which has the potential to revolutionize the way that Ethereum is used.?Matter Labs is also well-funded and has a strong team,?which makes it well-positioned to succeed.