Scroll.io, an Ethereum Layer 2 scaling solution, has officially announced the launch of its zkEVM on the Ethereum mainnet, marking a significant achievement in the ongoing efforts to enhance scalability and efficiency on the world’s leading smart contract platform.
Scroll’s zkEVM was put into action on the mainnet starting on October 8. This move was quickly embraced by the Ethereum community. People have moved over 750 Ethereum coins, which is valued at $1.2 million, to Scroll’s network. This has led to over 1,500 transactions involving nearly 1,000 different users, according to data from Dune Analytics.
Scroll’s zkEVM is part of a broader movement within the Ethereum community to address the growing demand for scaling solutions that can alleviate congestion and reduce transaction costs on the Ethereum network. zkEVMs are Layer 2 scaling networks built on Ethereum blockchain that utilize zero-knowledge proofs to significantly enhance transaction throughput while maintaining compatibility with the Ethereum Virtual Machine (EVM) and its ecosystem of applications.
The mainnet launch is the culmination of an extensive 2-year testing phase, which includes deployment on the Goerli testnet in Feb 2023, involving a dedicated team of 60 members alongside contributions from external collaborators. Scroll’s innovative use of zero-knowledge proofs enables the offloading of computation from the Ethereum base chain, resulting in improved throughput and cost efficiency, all while preserving the fundamental tenets of Ethereum, namely security and decentralization.
Scroll has made substantial progress in its testnet phase, with its recent Sepolia testnet generating over 900 thousand wallet addresses and facilitating more than 6 million transactions. The testnet has seen the deployment of over one hundred projects, ranging from infrastructure to decentralized finance (DeFi) to gaming, demonstrating the versatility and potential of Scroll’s zkEVM.
One of Scroll’s distinguishing features is its commitment to Ethereum compatibility. The project has taken a technically challenging approach to ensure bytecode-level Ethereum Virtual Machine compatibility, making it straightforward for the developers to transition their existing Ethereum applications to the L2 network. This approach aligns Scroll with other projects such as Polygon, which have also adopted a similar strategy to enhance Ethereum’s scaling capabilities.
In a statement, Haichen Shen, co-founder of Scroll, emphasized the project’s dedication to security, stating, “At Scroll, we take security extremely seriously.”
He highlighted the project’s holistic approach to security, which includes maintaining an in house security team, undergoing comprehensive code audits by multiple blockchain audit firms, and keeping open-source since its inception.
Now that Scroll has launched on the mainnet, they want to first get companies that help with the technical stuff on board. After that, they’ll slowly bring in more software developers and get more people to use their system. They believe that, in the future, most transactions will happen on their system within Ethereum. They really want to make it a great experience for both users and developers.
Scroll has big plans for the future. They want to make their network more decentralized. Right now, some important parts of their network are controlled by their own team. They want to change that and give more control to the community. It’s all about making things fairer and more open for everyone using their technology, which means there will definitely be a SCROLL token in the future.
As of now, there is no official confirmation regarding the launch and distribution of a Scroll token. Nevertheless, Scroll’s zkEVM mainnet launch is a substantial step forward in Ethereum’s evolution, offering a scalable and efficient solution that holds great promise for the broader Ethereum community. Scroll’s commitment to security, compatibility, and open-source principles positions it as a key player in the ongoing development of the Ethereum ecosystem.
During its last funding round in March 2023, Scroll.io raised 50MillionUSD at $1.8 Billion valuation from investors including Polychain Capital, Sequoia China, Moore Capital Management, Bain Capital Crypto and more.
