zkSync to Release Tokenomics in Early November

The scaling and privacy engine for Ethereum (ETH), zkSync will roll out information concerning the release of its token in early November, according to the Chief Product Officer (CPO) for the zkSync Matter Labs development team Steve Newcomb. 

“In the first week of November, and I don’t wanna cause too much of a flurry here, look for us to make a statement that many people are waiting for relating to tokenomics,” Newcomb stated, as per the timeline of a zkSync token release

The statement about the upcoming tokenomics announcement comes a week ahead of the mainnet launch which is scheduled to take place on Friday 28th October. However, Newcomb asked users and the general public to disregard talks about a potential airdrop, that is, a free token giveaway for zkSync users. He dismissed it as mere rumors.

zkSync Integrates Proof-of-Validation

Before this time, the ETH scaling solution equally announced the huge integration for its zkEVM technology which is called proof-of-validation. In effect, the integration has gone live on the zkSync 2.0 test net, which is a critical step to be finalized before the official rollout of the token.

As per a statement issued by Matter Labs which is the project developer, this integration is what many development teams have been waiting for. The reason behind their anxiousness is not far-fetched at all. Markedly, the integration of validity proofs gives developers permission to thoroughly test the core technology which is an essential tool for key network activities.

Such network activities could either be proof creation, aggregation, and/or on-chain verification. Subsequently, the aim of zkSync as a zk-Rollup-based scaling solution is to provide crypto transactions that are faster and cheaper. It does this by bundling transactions off-chain while simultaneously piggybacking on ETH for security with the help of zero-knowledge (ZK) proofs.

Many projects are considering deploying their apps on the zkSync mainnet after its launch amongst which is Uniswap, a leading Decentralized Finance (DeFi) exchange that recently bagged $165 million in a Series B round for Web3.0. A few weeks ago, after Uniswap v3 was warped on the Starknet protocol, the DEX passed a governance vote to also deploy on the zkSync.