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Ethereum Layer 2 Battle: Matter Labs CEO Explains Why He Thinks zkSync Will Win

The Defiant

Podcast

Today we are joined by Alex Gluchowski, the co-founder and CEO of Matter Labs. Matter Labs is the initial team behind zkSync. Alex is a renowned physicist and entrepreneur. Today we dive into the founding story of zkSync, the launch of zkSync, why they chose to help scale Ethereum, and if they stand by that decision today, the zkSync mission, alpha around getting into zkSync today, when token, as well as new use cases on zkSync and so much more. But first, Alex is going to tell us the founding story of zkSync

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🎙️Listen to the interview:

7 Key Takeaways

  1. Matter Labs is the company behind zkSync, a solution scaling Ethereum, focused on zkSync Era protocol, aiming to reach 1 million transactions per second or 1 billion users.
  2. zkSync claims they are building “the internet”, a network of extensible blockchains fully seamlessly interconnected, physically impossible to achieve with a monolithic blockchain.
  3. zkSync is the third largest L2 on Ethereum in terms of TVL, and the second most used L2 on Ethereum this month (zkSync has 17m transactions vs. Arbitrum 25m vs. everyone else ≤8m, according to L2Beat)
  4. zkSync does account abstraction natively, allowing simple bundled transactions. And they don’t use Geth. Instead, they built a full client from scratch in Rust, which is more performant.
  5. One very basic use case for Account Abstraction is to have a smart wallet that is not depending on the seed phrase, and that you can use to make normal payments.
  6. zkSync has launched on mainnet the very first zkEVM, and no one has ever done that before.
  7. According to zkSync, zk rollups vs. optimistic rollups have lower latency of transactions,  much lower cost, higher security,  better bridge ability, and the extensibility of the network to build what they call hyperchains.

⌛️ TIMESTAMPS

  • 00:00 Intro
  • 00:42 Background, Values, and non-technical challenges
  • 16:11 Ethereum vs. Solana
  • 21:35 The Fundraise & Launch
  • 25:57 Zk-rollups vs. Optimistic rollups and the Competition L2s
  • 40:14 On Privacy
  • 45:05 Challenges and Data Availability
  • 49:22 Decentralizing the Front-end
  • 51:42 ZkSync Token?
  • 54:58 How are you defiant?