zkSync Developer Matter Labs Raises $200 Million, Commits to Fully Open Source Platform

Matter Labs, developer of zkSync, confirmed on Nov. 16 that it has closed a $200 million Series C funding round led by Blockchain Capital and Dragonfly, with additional participation from LightSpeed ​​Venture Partners, Variant, and Andreessen Horowitz. Samart CompanyRaised $458 million inEvery round, including $200 million from BitDAO allocated for ecosystem fundraising projects.

Founded in 2018, Matter Labs is working to scale Ethereum through zero-knowledge proofs, a digital authentication process that allows for seamless data sharing between two parties. Developed in the blockchain community But mainstream adoption of the technology has been hampered in part by scalability issues. Network security and decentralization features

To date, over 150 projects have signaled their intent to launch on the zkSync mainnet, which launched on Oct. 28. The most prominent partners include Chainlink, Uniswap, Aave, Curve, 1inch and SushiSwap.

In addition to the funding announcement, Matter Labs revealed that its zkSync technology will launch through the open-source MIT License later this quarter. This allows developers to view, edit, and fork code.

Steve Newcomb, chief product officer of Matter Labs, said his company wants to “push open source consensus,” which is why everything in the mainnet release will be fully open source according to MIT standards, he explains with zkSync. that is an open source protocol Could become a layer 2 standard for the industry.

“In crypto, one of the main things we want to stop is central censorship. What other than being fully open source is central censorship of the code,” Newcomb said. “We can’t decide who is right or wrong or good or bad.”

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