Ethereum
Ethereum Layer-2 ZkSync Unveils ZK Nation Ahead of Airdrop
In an effort to sufficiently decentralize its protocol, the layer 2 Ethereum network, ZkSync, introduced ZK Nationan initiative where the community, security experts and technical experts will work in tandem to maintain and grow the ZKSync ecosystem.
The news comes ahead of the team sharing more details later this week on “ZkSync’s protocol token allocation,” according to the blog post. For now, the privacy-focused network said ZK Nation will oversee three main divisions, which will be responsible for all activities related to the network.
ZkSync Token Assembly will be a community initiative whose main objective is to participate in the on-chain governance of the protocol. This will include presenting proposals, voting on proposals, delegating votes, etc.
“The ZKsync protocol token, through ZK Nation’s on-chain governance framework, is designed to enable token holders to delegate, propose protocol upgrades, deliberate, and vote.” The blog post read.
ZkSync Guardians will embody the principles of ZK Creed. Its members will have the possibility to apply measures to safeguard the protocol, such as taking emergency measures, vetoing, etc. Initially, five people will take on the role of ZKsync guardian. Their identities will be revealed later.
The ZkSync Security Council will be the third pillar of the initiative. It will be made up of cybersecurity professionals, engineers and auditors. They will provide technical reviews of the upgrades proposed by the Token Assembly. Additionally, they will have the power to shut down the entire protocol or parts of it in order to combat threats arising from critical bugs and exploits. At launch, twelve people will be part of this group.
More details regarding the token airdrop, token allocation, ZK Nation governance structure, and user participation will be revealed in the coming weeks.
Last week, Matter Labs, the company behind ZkSync, withdrew its trademark application for the term “ZK” after facing severe backlash from competitors and the public.
Over the past 30 days, ZkSync Era has seen a transaction success rate of over 98%, while the median transaction fee was $0.02. Additionally, the total number of unique addresses exceeded 6.85 million, according to a Dune report. request created by the Matter Labs team.
This rapid decrease in transaction fees can be attributed to Dencun upgrade, which went live on the Ethereum mainnet on March 13.
ZkSync Era’s total value locked (TVL) has increased 36% year-to-date. His TVL increased to $819.68 million up from $602.75 million at the start of the year, according to L2BEAT.
Edited by Stacy Elliott.