ZkSync Developer Matter Labs Raises $200 Million, Reserves 2/3 of Its Future Token Supply for the Ecosystem

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

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

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

The team also said it retained two-thirds of the ecosystem’s “potential future token”. Additionally, Matter Labs has confirmed in the past that zkSync will have a token, which sparked airdrop rumors among community members.

Matter Labs released what it calls the first zkEVM on the Ethereum mainnet last month. zkEVM stands for Knowledgeless Ethereum Virtual Machine. It is considered the most reliable and frictionless Ethereum scaling solution. Moreover, it is able to reduce gas fees to mere cents without compromising the security of Ethereum.

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

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

Matter Labs is likely to be the first team to perform a full public launch of zkEVM on the Ethereum mainnet. Their closing of another successful funding round shows that investors have confidence that the team can carry out its mission of maximizing Ethereum scale. This is also good news for both the Ethereum community and the broader crypto industry.

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