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Understanding zkSync and the Recent Disruption in Deposit/Withdrawal Transactions

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According to reports, in order to cooperate with the upgrade of Ethereum Shapella, the second tier network zkSync of Ethereum has previously stopped zkSync Era and zkSync Lite depo

Understanding zkSync and the Recent Disruption in Deposit/Withdrawal Transactions

According to reports, in order to cooperate with the upgrade of Ethereum Shapella, the second tier network zkSync of Ethereum has previously stopped zkSync Era and zkSync Lite deposit/withdrawal transactions.

ZkSync: zkSync Era and zkSync Lite deposit and withdrawal funds have been restored

The Ethereum network has been working to upgrade its Shapella protocol, which includes changes to its second-tier network zkSync. As a result, deposit and withdrawal transactions on zkSync Era and zkSync Lite have been temporarily suspended. This article provides an overview of what zkSync is, how it operates, and why it has temporarily stopped these transactions.

What is zkSync?

zkSync is a scaling solution for Ethereum that is designed to improve the network’s capacity for processing transactions. It uses zero-knowledge proofs (zk-proofs) to perform off-chain computations, allowing for a significant increase in transaction throughput. In simpler terms, it is a way to make Ethereum more efficient by reducing the amount of data that needs to be stored on the blockchain.

How Does zkSync Work?

To understand how zkSync works, it’s helpful to first understand how the Ethereum network processes transactions. When a user initiates a transaction on Ethereum, it is broadcast to the network where it is validated by a group of nodes. Once validated, the transaction is recorded on the blockchain and the user’s account balance is updated accordingly.
With zkSync, however, transactions are processed off-chain, meaning they do not need to be recorded on the blockchain. Instead, they are verified using zk-proofs, which are mathematical equations that prove a certain function was completed without revealing any sensitive information. This allows for rapid processing of large numbers of transactions without overloading the Ethereum blockchain.

Why Were Deposit/Withdrawal Transactions Suspended?

The recent disruption in deposit and withdrawal transactions on zkSync Era and zkSync Lite was due to the network undergoing an upgrade to comply with the new Shapella protocol. This protocol requires all zkSync nodes to upgrade their software to the latest version in order to remain compatible with the Ethereum network.
During this upgrade period, deposit and withdrawal transactions were temporarily suspended. This was done to ensure the safety of users’ funds while the network underwent changes. zkSync Lite remains offline as of the time of writing, while zkSync Era has resumed operations with limited functionality.

Conclusion

zkSync is a vital scaling solution for the Ethereum network, allowing for faster and more efficient processing of transactions. However, as with any network, upgrades and maintenance are necessary to ensure its stability and longevity. While the temporary disruption of deposit and withdrawal transactions on zkSync was an inconvenience for users, it was a necessary measure to ensure their funds remained secure during the upgrade process.

FAQs

Q: What is the benefit of using zk-proofs in zkSync?
A: Zero-knowledge proofs allow for off-chain computation and reduce the amount of data that needs to be stored on the Ethereum blockchain, making transactions faster and more efficient.
Q: Is my money safe during the zkSync upgrade?
A: Yes, during the upgrade, deposit and withdrawal transactions were suspended to ensure the safety of users’ funds.
Q: When will zkSync Lite be back online?
A: There is currently no announced date for when zkSync Lite will resume operations.

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