OKX Ventures invests in Scroll, a community-first zkEVM-based zkRollup which enables builders to make apps that are natively compatible with Ethereum
OKX Ventures, the investment arm of OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, announced its strategic investment in Scroll, a fully open-source, Ethereum equivalent zkEVM-based zkRollup that enables native compatibility for existing Ethereum applications and tools.
The investment is in line with OKX Ventures’ vision to support projects that enhance Ethereum’s scalability by using technology like zkEVM zkRollups to alleviate the transaction burden on the existing Ethereum blockchain by processing transactions off-chain, then sending the proofs back on-chain. This results in higher throughput and lower costs in comparison to the Ethereum base layer, making applications easier to use and more scalable for mass adoption.
Latest Fintech News: Orrick Adds Leading Tech Capital Markets Advisor Jamie Evans
Scroll has an impressive early track record of success, having just launched a permissionless Goerli Testnet last week. Its pre-alpha closed with impressive results of over 600,000 unique addresses with more than 400,000 daily transactions at the end of January.
Off-chain solutions like the kind Scroll is developing are implemented separately from Ethereum’s layer 1 mainnet, and this layer 2 solution requires no changes to the existing Ethereum protocol. Scroll achieves its goals by running computations off-chain and submitting a validity proof to the chain. With this architecture, it can be used for token transfers and specialized applications. After pre-alpha and alpha testing, all existing Ethereum Dapps and smart contracts are expected to be able to migrate to it effortlessly. After more development, Scroll will implement general-purpose smart contracts.
Latest Fintech News: Nexus FrontierTech’s Intelligent Document Processing Now Available on Temenos Exchange
Scroll Alpha, the last phase before mainnet, is now open to all and has 672,729 unique wallet addresses and over 2,916,472 transactions completed.
OKX Ventures looks forward to seeing the mainnet launch in four months time after a period of intensive and dedicated development by the Scroll team and the wider crypto community.
Latest Fintech News: ePlus Expands Credit Facility
[To share your insights with us, please write to sghosh@martechseries.com]
