Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The co-founder of the liquidity protocol said the ZK-rollup-based scaling solution could potentially solve the scalability dilemma put forward by Ethereum co-founder Vitalik Buterin.
Amid the growing popularity of layer-2 scaling solutions based on zero-knowledge (ZK) proofs, decentralized finance liquidity protocol Symbiosis has added support for Linea, a zkEVM-based scaling solution for cross-chain swaps developed by ConsenSys.
Symbiosis said in a statement that Linea is a developer-ready zkEVM rollup, which means it is Ethereum-compatible and thus lets developers reuse a lot of existing infrastructure for creating multi-asset solutions. Linea comprises 100+ protocols, developer tools and decentralized applications, making it a potentially helpful scaling tool for developers in the Ethereum ecosystem.
Symbiosis broke into the mainstream in March 2022 with its stablecoin liquidity solution. Since then, the cross-chain liquidity provider has integrated several other layer-2 scaling solutions.
In April, the protocol integrated zkSync, a ZK-rollup developed by Matter Labs. The integration helped the protocol provide one-click swaps from Ethereum, Polygon, Avalanche, BNB Chain, Telos and other blockchains to zkSync and back. Since April, the cross-chain liquidity protocol has added other popular L2 solutions, including Polygon’s zkEVM, Optimism and Arbitrum.
Cointelegraph contacted Symbiosis co-founder Nick Avramov to get insight into the protocol’s experience with L2 solutions, why it chose Linea and how the solution compares with other L2s. Avramov said that Linea perfectly aligns with the protocol’s strategy to support the most popular L2s and that the decision to integrate it was based on community feedback and requests from partners such as OpenOcean, OKX DEX and more, which are using Symbiosis software development kit/API.
On the rise of ZK-rollups as a prominent L2 force, Avramov said:
“ZK-rollups have better user onboarding capabilities, as they are targeting new domains like GameFi, Social, etc., to engage more people without security sacrifice, as most of these new domains rely on Ethereum and cost less.”
He said ZK solutions are a natural evolution of rollups, adding, “I believe, at some point, optimistic rollups will cease to exist.”
Related: ConsenSys zkEVM set for public testnet to deliver secure settlements on Ethereum
Avramov believes that ZK-rollups are the true L2 solution and can potentially resolve the cross-chain/multichain dilemma, an issue that Ethereum co-founder Vitalik Buterin raised in January 2022.
Symbiosis said the integration of ZK-rollups has already helped it scale and increase its transaction throughput by 300% month on month, with cross-chain trading volume soaring past $500 million. The liquidity provider believes that with the integration of Linea, cross-chain swaps can surpass $1 billion in volume in the coming months.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
Magazine: Crypto audits and bug bounties are broken: Here’s how to fix them
Publication date
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.