Ethereum is rapidly becoming the go-to platform for decentralized application developers wanting to scale their projects to the next level. With the launch of Matter Labs’ zero-knowledge Layer 2 scaling solution, zkSync Era, Ethereum is now set to become even more popular as developers take advantage of the platform’s powerful features. However, the launch was temporarily marred by a major setback that has blockchain enthusiasts shaking their heads.
Shortly after launching, Matter Labs identified a major issue with their platform: a staggering 921 ETH currently stuck in one of the project’s smart contracts. This is an estimated $1.7 million of value that many fear might be lost forever. In response to the issue, Matter Labs quickly moved to assure concerned users that the funds weren’t stuck forever and they were actively working to solve the problem.
The issue appears to be related to zkSync Era’s compatibility with the Ethereum Virtual Machine (EVM). While the zero-knowledge roll-up solution is technical “EVM-equivalent”, the two systems compile smart contract codes ever so slightly differently from one another. This difference can sometimes result in errors, as was seen in this situation.
This news naturally left many in the crypto space feeling frustrated. One Reddit user commented, “I’m all in for seeing Zero Knowledge tech becoming more and more relevant in the crypto space. However, these chains also have to consider the fact that people’s funds are at stake.”
Ethereum developers with projects on the platform will become even more familiar with its different layers. Ethereum developers may need to learn about Solidity, Vyper, Yul, LLVM and even hardware-intensive techniques such as Graphics Processing Units and Field-Programmable Gate Arrays. This is to ensure their projects function optimally and use the proper amounts of Ethereum gas.
Fortunately, Matter Labs has been open-source throughout the entire process, allowing developers to properly prepare their projects for deployment. Matter Labs has also sought to make their platform as inclusive as possible, foregoing the conventional “hard fork” to open up their network. Instead, Matter chose to open their network for “fair onboarding” prior to the launch, allowing developers to identify and optimize their projects for compatibility.
In addition, Matter Labs is closely monitoring the security of their platform, delaying withdrawals on the Alpha version of the zkEVM to do extra testing and keeping an audit log of the network’s security. They even plan to create a prover with lower hardware requirements later this year.
Despite this setback, it appears that Ethereum is ready to eat the world. With major projects such as Uniswap, DEX aggregator 1inch, and self-custodial wallet MetaMask showing an interest in joining the zkSync Era platform and over $5.42 million in total-value-locked at present, Ethereum is certainly proving its worth in the space.
The race to create zero-knowledge Ethereum Virtual Machines is heating up and while Polygon has pledged a launch date of March 27 , it’s unclear when the Matter Labs full launch will occur. However, Matter Labs is taking the necessary precautions to ensure the platform remains secure, putting security above marketing hype.
The Ethereum ecosystem continues to boom and the launch of zkSync Era has been a major milestone on the path to wider adoption. With over 200 projects already lined up,it looks like Ethereum is well on its way to taking over the world—even with 921 ETH stuck in the mix.
