A new Layer 2 network that promises to bring scalability and compatibility to Ethereum applications has gone live on the mainnet. Scroll, a project that has been developing its network for two years, launched its zkEVM on Tuesday, according to on-chain data.
zkEVM stands for zero-knowledge Ethereum Virtual Machine, a technology that uses zero-knowledge proofs to enable fast and cheap transactions on a Layer 2 network while maintaining compatibility with the Ethereum smart contract platform. The project claims its zkEVM can support thousands of transactions per second with low fees and high security.
Scroll Performed a Silent Launch
The team has not made an official announcement about the launch of its mainnet. Still, users can already access the network through their web3 wallets like MetaMask and transfer funds from other Ethereum-based networks via third-party bridges such as Owlto Finance.
The @Scroll_ZKP mainnet has arrived!
Over 300 $ETH have been bridged and more than 4000 wallets are now onboarded.
In this thread, I'll guide you through the process of interacting with its mainnet and qualify for a potential $scroll airdrop.
Keep reading! 🧵👇 pic.twitter.com/dgfsCHE97g
— Axel Bitblaze 🪓 (@Axel_bitblaze69) October 11, 2023
According to a Dune Analytics dashboard, over 330 ETH ($515,000) has been bridged to the mainnet so far, involving more than 850 transactions and nearly 500 unique users.
Some decentralized applications (dapps) have also integrated with the mainnet, including ScrollSwap, the first decentralized exchange on Scroll, and Merkly, an omnichain solution that allows users to interact with multiple blockchains.
DefiLlama, a website that tracks the total value locked in various dapps, reports that Scroll applications have locked more than $150,000 so far.
Scroll has not confirmed if or when it will launch a native token for its network. However, some users have speculated that the token might be called SCRL or SKL and that it might be distributed through airdrops or liquidity mining programs.
Scroll is one of several projects that are working on zkEVM solutions for Ethereum scalability. Others include zkSync, StarkNet, and Arbitrum. These projects aim to provide a seamless user experience for Ethereum dapps while reducing congestion and gas costs on the Layer 1 network.