zkSyncs 2022 look back: The project is ready for the next boom (P2)

• Top outstanding projects in the zkSync ecosystem
• Decentralized Exchange (DEX)
• Lending and borrowing
• Bridge
• Wallet
• NFT
• Game NFT
• Update on zkSync roadmap for 2023
• summary

Top outstanding projects in the zkSync ecosystem

Decentralized Exchange (DEX)

ZigZag Exchange 

ZigZag Exchange is a decentralized exchange that uses the Orderbook mechanism – a buy/sell order matching mechanism commonly used by centralized exchanges. ZigZag Exchange is not just a DEX, it is also a bridge, allowing to transfer assets from Ethereum to the main network of zkSync. Future. ZigZag Exchange also plans to launch an NFT exchange. This is the most prominent project in the entire zkSync ecosystem due to its early mainnet, superior transaction volume compared to other Dapps.

Increment Finance

Increment Finance is also a decentralized exchange, but the project focuses on developing the derivatives array on the zkSync 2.0 testnet . Increment Finance raised $1.56 million in a Seed Round led by Parafi Capital, along with Delphi Digital, Ledger Prime and SkyVision Capital. Currently, this DEX is giving users experience through the registration form.

SyncSwap

SyncSwap is a fork DEX from Uniswap, running on zkSync testnet 2.0. Users can claim testnet faucet tokens and in turn experience features like swap and add liquidity on this exchange.

Lending and borrowing

Yearn Finance

Yearn Finance is a familiar lending and Yield Farming platform in the cryptocurrency market in general and DeFi in particular. This project helps users maximize profits by transferring their money to platforms like Aave or Compound to lend and earn interest for users. Through the ArgentX wallet, users can participate in borrowing on zkSync with vaults such as ETH, wBTC, USDC and DAI.

Aave

Aave is the leading borrowing and lending protocol in the DeFi market today. Similar to Yearn Finance, users can use the ArgentX wallet on zkSync to deposit assets like DAI and USDC into Aave and earn interest on lending.

Nexon Finance

Nexon Finance is a lending and borrowing platform built on zkSync, which launched its public testnet on December 19, 2022. After 3 rounds of Testnet, Nexon Finance has attracted a total of 18,500 addresses to test its platform.

Bridge

Orbiter Finance

Orbiter Finance is the only application that currently supports users to transfer ETH tokens from other Layer 2 (such as Arbitrum, Optimism, Starknet…) to zkSync 1.0. Orbiter has a streamlined interface that is quite easy to use. In addition to the money transfer feature, this application also provides a data sheet on the number of transactions and the number of users on Layer 2.

cBridge

Celer Network's cBridge is one of two popular bridges (along with Connext Bridge) that help users transfer assets quickly and cheaply between EVM blockchains such as Ethereum, BNB Chain, Polygon, Avalanche… cBridge claims to integrate zkSync in February 2022, but so far cBridge has not really supported money transfer for this network.

Wallet

MetaMask

MetaMask wallet has become too familiar for users to store assets and experience new Dapps. With zkSync getting a lot of attention from users, it's understandable that MetaMask supports this network. 

imToken

imToken is a multichain wallet, allowing users to trade and staking tokens directly on the wallet for profit. imToken launched the Learn and Earn campaign to help users better understand zkSync in June 2022.

NFT

Mint Square

Mint Square is an NFT exchange on the zkSync testnet 2.0 and is now live on the Starknet mainnet. Currently, users can download any photo, then mint it into NFT and sell it on Mint Square.

tofuNFT

As one of the NFT exchanges that supports the most networks at the moment, tofuNFT has features like NFT omnichain, NFT verification (by representatives and social channels), launchpad and auction.

At the moment, tofuNFT does not work on both mainnet and testnet of zkSync, users have to wait until zkSync mainnet 2.0 to use this exchange.

Game NFT

Tevaera

Tevaera is the first metaverse game on the zkSync ecosystem, currently launching on testnet 2.0. Tevaera has integrated with The Graph to provide an on-chain calculated Karma Points leaderboard. Players can now play the game on the testnet version to accumulate Karma Points, which can later be converted into mainnet points when zkSync launches mainnet 2.0.

Update on zkSync roadmap for 2023

Fair Onboarding Alpha

Expected in the first quarter of 2023, zkSync will launch the Fair Onboarding Alpha update. Fair Onboarding Alpha allows all projects on the zkSync ecosystem to participate in contract deployment.

In addition, zkSync will also conduct SDK expansion, bridge testing, TPS enhancement, additional bug bounty and security audit during this time. 

Layer 3 Pathfinder

zkSync's Layer 3 product - called Pathfinder - will also be released in beta in the first quarter of this year. To learn about zkSync's Layer 3 product, readers can refer to the article " zkSync Layer 3: The solution to scale Ethereum to the next level ".

Full Launch Alpha

The Full Launch Alpha update of zkSync 2.0 is expected to launch in Q2 2023, allowing all projects and users to experience the zkSync 2.0 mainnet. This is also the most important goal of the project in 2023.

Decentralization

To support Ethereum's mission, in 2023 zkSync will decentralize the zkSync 2.0 protocol to become more decentralized, including proof-of-concept, block production, and transaction validation.  

Maybe you're interested : zkSync's 2022 look back: The project is ready for the next boom (P1)

summary

Right from the early days of its launch, zkSync was oriented to be an EVM-friendly zkRollup and focused on building and growing in the DeFi space. Up to now, zkSync has been gradually completing the pieces on its DeFi ecosystem and has also attracted many industry giants such as Yearn Finance, Aave or Curve.

In 2022, zkSync was heavily influenced by the overall bear market situation, so it delayed the launch of Fair Onboarding Alpha and Full Launch Alpha to 2023.

In early 2023, Ethereum made a new move when it came to setting the expected launch time of the Shanghai update. This will be a narrative for users who are more interested in a Layer 2 solution compatible with zkEVM and zkSync is the project in that range. 

However, zkSync is still a primitive ecosystem, it is necessary to observe the performance of this project in the near future so that it can be compared with leading Layer 2 solutions such as Arbitrum or Optimism.

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