New developments in L2 solutions! zkSync development company Matter Labs secures $50 million led by institutions including a16z
Development company Matter Labs, one of the Ethereum L2 solutions zkSync, announced on the 8th that it has secured a $50 million investment led by a16z and other institutions. The company had previously raised $6 million in a Series A funding round in February this year.
The Series B funding round was led by a16z, Placeholder, Dragonfly, and 1kx. Other investors include Blockchain.com, Crypto.com, Consensys, ByBit, OKEx, Alchemy, Covalent, among others.
Compared to Optimistic Rollup, zkSync's L2 solution belongs to ZK rollup, utilizing zero-knowledge proof technology. The company claims that zkSync v2 will be compatible with the EVM Ethereum virtual machine, addressing the pain points of current ZK rollups and making it easier for smart contracts on Ethereum to migrate to L2.
Matter Labs plans to use this funding to expand its science and engineering teams and provide funding for its business growth. Zoé Gadsden, COO of Matter Labs, stated: "Until recently, we have almost exclusively focused on technical innovation. Now is the time to take a collaborative approach to attract users and developers, which will require expanding our business development and marketing efforts, as well as building our community and ecosystem."
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L2 Solution Battle
Currently, the leader in locked assets is Arbitrum, powered by Optimistic Rollup technology, with assets worth $2.93 billion. Following closely is the exchange dydx using ZK rollup technology, primarily for trading purposes, but with a significant gap in locked assets, only totaling $97.9 million. Subsequently, there are Optimism, Loopring, ZKSwap V2, Boba Network, DeversiFi, zkSync, Sorare, and ImmutableX.
