ZkSync Developer Matter Labs Raises $200M, Reserves Two Thirds of Its Future Token Supply to Ecosystem

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• zkSync developer Matter Labs raised a fresh $200 million in Series C funding round;
• The team reserved two-thirds of its future token to the ecosystem;
• The company committed to going fully open source in its next zkEVM milestone;
• OpenZeppelin will do a full smart contract security audit on zkSync’s code.

Matter Labs, the development team behind Ethereum layer 2 scaling solution zkSync, has announced it has raised a fresh $200 million in Series C funding round.

The company’s third funding round was led by crypto venture capital firms Blockchain Capital and Dragonfly Capital. The latest round brings Matter Labs’ total funding to $458 million. This includes $8 million raised in Series A and Seed Round, $50 million in Series B round, and a separate $200 million fund dedicated to the ecosystem.

Matter Labs said that it’s going to use the newly raised amounts to fund and launch its own and other teams’ projects on zkSync, develop education-focused Matter University, and hire new employees.

The team also said that it has reserved two-thirds of its “potential future token” to the ecosystem. Additionally, Matter Labs has confirmed in the past that zkSync will have a token, sparking airdrop rumors among community members.

Matter Labs released what it calls the first zkEVM on the Ethereum mainnet last month. zkEVM stands for zero-knowledge Ethereum Virtual Machine. It is considered to be the most reliable and frictionless Ethereum scaling solution. Furthermore, it is capable of reducing gas fees to mere cents without compromising Ethereum’s security.

Matter Labs said that the next iteration of its zkEVM, a milestone it calls Fair Onboarding Alpha, will be fully open source. The company believes that going open source can “supercharge the adoption of our ZK-rollup and cement its core innovation – the zero-knowledge prover – as the gold standard for the ecosystem.”

The firm also partnered with smart contract auditing firm OpenZeppelin to lead a full security audit as it prepares for the full launch of its zkEVM.

On the Flipside

• Matter Labs provided no specific details about its future token.

Why You Should Care

Matter Labs’ will probably be the first team to do a full public launch of a zkEVM on the Ethereum mainnet. Their closing of another successful funding round shows that investors have trust that the team can deliver on its mission of scaling Ethereum to the maximum. This is also good news for both the Ethereum community and the broader crypto industry.

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See original on DailyCoin