ZKsync Pauses Aave V3 Deployment Due To Technical Issues
In Brief
ZKSync identified a technical issue during final testing, which led to the suspension of the Aave V3 deployment on its network.
Ethereum Layer 2 scaling solution ZKSync announced that a technical issue was identified by its technical team during final testing, which led to the suspension of the Aave V3 deployment on its network. According to a social media update on platform X, the issue has now been addressed, and ZKSync plans to share further updates when the launch resumes.
ZKSync had previously announced plans to deploy the liquidity protocol Aave V3 on its first zero-knowledge (ZK) blockchain, Era. The introduction of Aave V3 is anticipated to enhance decentralized finance (DeFi) functionality and composability on Era, as well as create opportunities for new institutional use cases.
Along with various other benefits, this recent update will enhance the Elastic Chain ecosystem by adding instruments for liquidity and yield generation. Additionally, Chainlink will offer secure and reliable price feeds.
The Aave Protocol operates as a decentralized, non-custodial liquidity platform, enabling individuals to take part as suppliers, borrowers, or liquidators. Aave V3 advances the platform’s main features—encompassing aTokens, instant liquidity, stable rate borrowing, as well as credit delegation—by introducing several improvements. Its V3 enhances capital efficiency, strengthens security measures, and supports cross-chain functionality, simultaneously fostering greater decentralization within the protocol.
ZKsync Introduces Scalable Network Of ZK Blockchains: Elastic Chain
ZKsync represents a Layer 2 network created to make transactions on Ethereum more cost-effective and efficient by using ZK rollups and zero-knowledge proofs (ZKPs).
Era operates as a trustless protocol that utilizes cryptographic validity proofs to deliver scalable and low-cost transactions on Ethereum. It supports EMV-compatible smart contracts, provides fast transaction confirmations, and offers low fees. Additionally, it offers SDKs in various programming languages to assist builders in creating decentralized applications (dApps) on its network. The platform also offers ZKsync Nodes, which enable individuals to run a read-replica of the main node for local verification of the ZKsync mainnet and testnet states.
Recently, ZKsync released the Elastic Chain, a scalable network of ZK blockchains that includes rollups, validiums, and volitions. This network is secured through mathematical principles and is designed for native interoperability, providing a cohesive and user-friendly experience.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
