1 year ago
210 SINGAPORE, June 27, 2023 /PRNewswire/ -- Klaytn Foundation, established to build and decentralize the ecosystem of South Korea's leading Layer 1 blockchain Klaytn, signed a memorandum of understanding (MOU) with Matter Labs, the team developing Ethereum Layer 2 scaling solution zkSync Era. Through this partnership, the two companies will seek to advance zkSync Era's Hyperchain implementations on Klaytn, marking the first technological effort to integrate a Hyperchain Layer powered by ZK-Rollups on a blockchain outside Ethereum. Moving forward, the two companies will collaboratively explore:
Klaytn Foundation Signs Partnership With zkSync Era Developer Matter Labs To Build Hyperchain implementations for Klaytn Blockchain
The signing of this partnership lays the groundwork for technical cooperation between Klaytn Foundation and Matter Labs. Through this, Klaytn Foundation plans to exponentially scale the Klatyn ecosystem infrastructure by working together with Matter Labs to develop Layer 2 and Layer 3 implementations.
Matter Labs, deployed the first Zero-Knowledge Proof rollup with the introduction of zkSync version 1 in 2021. Most recently, the company launched zkSync Era, the second version of their platform that supports EVM compatibility—the first zkEVM to launch on mainnet open to the public. On June 26th the company announced the release of the ZK Stack; a modular, free open source framework for building custom ZK-powered L2s and L3s (AKA Hyperchains), based on the code of zkSync Era. zkSync Era exponentially scales throughput in a trustless, secure, and resilient manner, while inheriting 100% of the underlying Layer 1's security—attributes that both Klaytn Foundation and Matter Labs jointly believe are necessary in Layer 2 and 3 protocols.
"Klaytn Foundation understands the scalability challenges that will come with the mass adoption of Klaytn," said Dr. Sam Seo, Representative Director of Klaytn Foundation. "Through this partnership with Layer 2 technology powerhouse Matter Labs, Klaytn Foundation will be able to accelerate the development of Zero-Knowledge Layer 2 technology for the Klaytn mainnet, taking another step towards maximizing scalability on Klaytn, which already boasts one of the fastest transaction processing time and extremely low gas fees."
"We're excited to be working together with Klaytn Foundation on building out Hyperchain use cases. ZK rollups are the future of Ethereum scaling and in order to harness the full potential of ZK's superpowers, it is crucial to build the right architecture from the very beginning," said Marco Cora, senior vice president of business and ecosystem at Matter Labs. " Building on the ZK Stack will give established Layer 1 blockchains like Klaytn two key features: sovereignty with seamless connectivity to the Ethereum ecosystem – trustlessly, fast, cost-effectively and without compromising on security. This will open up a whole new world to builders and users."
With the ability to deploy Layer 2 and Layer 3 hyperchains based on zkSync Era's ZK Stack, Klaytn builders and ecosystem participants will be able to enjoy even lower fees and higher throughput by processing transactions on these layers while inheriting the full security of Klaytn through the submission of zero-knowledge proofs to the mainnet.
As the collaboration progresses, Klaytn Foundation and Matter Labs will communicate their joint project plans and R&D achievements through their various social channels and communities.
About Klaytn
Developed by leading Korean IT company Kakao, Klaytn is a global Layer 1 public blockchain designed to power tomorrow's on-chain world. With the lowest transaction latency amongst leading blockchains, enterprise-grade reliability, and a developer-friendly environment, Klaytn provides a seamless experience for users and developers that is second to none. Since its launch in June 2019, Klaytn has been accelerating blockchain mass adoption through a broad array of use cases from DeFi to the metaverse, gaming, and even the Bank of Korea's CBDC pilot project. Today, it is one of the only globally competitive Web 3.0 ecosystems developed in South Korea, generating more than 1 billion transactions from over 300 decentralized applications.
About Klaytn Foundation
Klaytn Foundation was established in 2020 to expand the ecosystem of Klaytn, a global Layer 1 blockchain platform, and has since been actively collaborating with its Governance Council members worldwide. Klaytn Foundation facilitates the adoption and development of new technologies to ensure that Klaytn fulfills its role as an open, trusted, and sustainable blockchain platform for developers and users alike. It also facilitates decision-making to ensure that the ecosystem continues to expand optimally in the rapidly changing blockchain landscape. In line with its long-term Governance Roadmap, Klaytn Foundation plans to fully implement the Decentralization Phase of the Klaytn blockchain in 2023 and beyond.
About Matter Labs
Matter Labs are the inventors of zkSync Era, a zkEVM designed to scale blockchains like the Internet. The protocol makes it effortless for EVM-based projects to deploy on the L2 network, offering low gas fees and high transaction speeds, while fully preserving Ethereum's security guarantees.
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