According to Matter Labs’ product leader, ZkSync will provide token specifics in early November


The boss of Matter Labs said that zkSync’s tokenomics will be unveiled in early November.

Steve Newcomb, chief product officer of zkSync’s development business, Matter Labs, claimed in a Twitter Spaces conversation that the Ethereum scaling solution zkSync would disclose specifics on its native coin in the first week of November.

The announcement comes in advance of zkSync’s anticipated launch of its primary network next Friday, which has been in preparation since the beginning of the year.

When questioned about the timeframe for a prospective zkSync token, Newcomb said, “In the first week of November, and I don’t want to create too much of a stir here, expect for us to make a statement that many people are awaiting in regards to tokenomics.”

While Newcomb stated that token-related information was forthcoming, he rejected rumours of a free token giveaway for zkSync users as “simply a rumour.”

ZkSync is a ZK-Rollup-based scaling solution that seeks to provide quicker and cheaper crypto transactions by bundling transactions off-chain and trying to capitalize on Ethereum for security using zero-knowledge (ZK) proofs.

With the launch of the mainnet, the project is preparing to launch the zk-EVM environment, which it claims will fully support Ethereum smart contracts on the ZK-Rollup.

After zkSync’s mainnet debut, over 100 projects have shown interest in deploying their applications on the platform. This includes Uniswap, the biggest decentralised exchange by volume, which won a governance vote last week to deploy version 3 of its exchange on zkSync after the launch of the mainnet.

Last November, Matter Labs secured $50 million in a Series B funding round headed by Andreessen Horowitz (a16z) to support the development of zkSync.

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