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zkSync 2.0 Integrating Chainlink Price Feeds To Boost DeFi’s Mass Adoption

Layer-2 scaling solutions are playing an increasingly vital role in the growing Ethereum ecosystem. As a layer-2 option, ZK rollups route labor-intensive computation off-chain and use zero-knowledge (ZK) proofs to verify and “roll up” transactions before posting them on-chain in batches. This reduces transaction fees and congestion while maintaining the same level of security.

While ZK rollups empower developers with lower costs and higher throughput, they typically require developers to learn languages beyond Solidity, the predominant language used to write smart contracts. Addressing this pain point is blockchain startup Matter Labs, which just completed a $50 million investment round to build zkSync 2.0, a layer-2 ZK rollup network that supports Solidity-based smart contracts through the zkEVM

Today, Matter Labs announced zkSync is integrating Chainlink Price Feeds to enable a diverse set of scalable DeFi applications such as lending protocols, derivatives platforms, prediction markets, algorithmic stablecoins, and automated trading strategies on the zkSync network.

zkSync achieves low transaction fees by posting only the state difference of each block. This means that a block with one price update costs the same as a block with one million price updates. Matter Labs’ Technical Product Manager, Angela Lu, told Chainlink Today that zkSync’s integration of Chainlink Price Feeds will power more robust DeFi by providing fast and frequent updates during times of high volatility.

She expects this synergy will yield a new wave of DeFi applications, not previously possible on Ethereum, with the ability to scale globally. And with Chainlink Price Feeds on zkSync, existing applications using Chainlink oracles on Ethereum can seamlessly port from Etheruem to zkSync as a means to achieve the scalability needed for mass adoption without compromising security. 

Currently live on testnet, the zkSync protocol has more than 150 registered partners spanning DeFi, NFTs, and gaming, as well as DAOs, exchanges, on-ramps, wallets and developer tools. Lu, who said she’s looked forward to integrating Chainlink “since Day 1 at Matter Labs,” added, “The protocols committed to deploying on zkSync are just as excited as we are.”

To learn more about zkSync, visit their website, Twitter, Telegram, and Discord.

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