zkSync

Let's dive deeper into the zkSync concept  to answer the question: What is zkSync?

zkSync is an L2 Ethereum network designed to enhance the capacity and scalability of the Ethereum chain while maintaining L1 security and principles. To achieve this, zk Sync leverages innovative Zero-knowledge rollups as an alternative to Optimistic Roll ups invented by Matter Labs - a company behind zkSync. It has several benefits compared to Optimistic Roll Ups and Sidechain methods for scaling the Ethereum network, including:

• Mainnet-level security.
• Quick ETH and ERC-20 token transfers and withdrawals within a 10-minute range.
• Ultra-low gas fees, constituting 1% of mainnet L1 costs for ERC-20 transfers and 1/30th for ETH transfers.
• Ability to accept fees in the token being transferred.

Read more about ZK roll ups advantages in the zkSync docs.

The zkSync crypto ecosystem currently encompasses over 100 projects. It also includes the native zkSync wallet, token bridge, and possibly a zkSync token. Although there have been mentions about the role of native token in empowering security within the zkSync crypto and zkPorter mechanism, there's no public announcement about the zkSync token launch and airdrop yet. With rumors circulating about a potential token release and potential zkSync airdrop for early supporters, it has garnered significant attention within the crypto community.