RedStone Finance – zkSync 2.0 Key Launch Partner

zkSync is heading towards version 2.0, and over 150 projects have already jumped on board to deploy to the new iteration once it goes live. Among the projects involved is RedStone Finance which will act as a key launch partner for zkSync 2.0.

Let’s have a closer look!

Congratulations @zksync! 🥂 🎉
We are proud to be one of the key launch partners – our reliable and customizable Data Feeds will be available on zkSync 2.0 from Day1!
Seeing the ecosystem grow at such a pace, we are more bullish than ever 🔥 https://t.co/FyBjX06nX2

— redstone.finance (@redstone_defi) November 16, 2022

zkSync and Redstone Finance

RedStone Finance is the leading oracle built on Arweave. Now, it will provide 1,100 data feeds for over 15 categories of assets – delivered at 10-second refresh intervals – to zkSync. All of the feeds are fully customisable, so the devs integrating them can decide to have only what they need. RedStone Finance will provide these reliable and customisable data feeds to zkSync 2.0 from day one.

But what is zkSync?

zkSync is a ZK rollup, a protocol that works in a trustless manner, using cryptographic validity proofs to provide scalable and low-cost transactions on the Ethereum network. Computation, and most data storing, is performed off-chain, but all transactions are proven on the Ethereum main net, ensuring zkSync has the same level of security as Ethereum.

According to the zkSync website “zkSync 2.0 is made to look and feel like Ethereum, but with lower fees. […] You don’t need to register a separate private key before usage; zkSync supports existing Ethereum wallets out of the box.”

The zkSync Announcement

Overview

Now, MatterLabs, the team behind zkSync, has:

Received further funding – It has raised $200m, bringing its total capital raised to date up to $458m.
Planned to reserve tokens for its ecosystem and community – zkSync plans to reserve two-thirds of its potential future token for its ecosystem.
Decided to go open-source – zkSync has decided to go fully open-source when they reach their next milestone.
Partnered up with security auditors – zkSync has formed a partnership with OpenZeppelin.

In-Depth

Here’s a little more detail regarding these steps:

Funding

MatterLabs has raised a total of $458m, consisting of their latest $200m Series C round co-led by Blockchain Capital and Dragonfly, their previously announced $200m ecosystem fund, a $50m Series B led by a16z, and an $8m Series A and seed round.

Ecosystem Reserved Tokens

The team also announced that – in the scenario that they release a token in the future – two-thirds of that token would be reserved for their ecosystem “subject to equitable and transparent distribution”.

Open Sourcing Their Code

Once zkSync reaches its Fair Onboarding Alpha milestone, it will be open-sourcing its entire code under the MIT license, allowing anyone who wishes so to view, change, or fork that code.

Security Audits

Lastly, zkSync announced that they have partnered with OpenZeppelin – who are focused on web3 security – in order for them to conduct a full security audit on zkSync ahead of their Fair Onboarding Alpha and Full Launch Alpha milestones.