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Market News Scroll Introduces the Main Network, Increasing Competition for Ethereum Scaling Solutions

Scroll Introduces the Main Network, Increasing Competition for Ethereum Scaling Solutions

Scroll, a layer 2 scaling solution for Ethereum, has utilised zero-knowledge cryptography to launch its mainnet. The compatibility of the network with the Ethereum Virtual Machine facilitates the migration of applications by developers. The main Ethereum blockchain has been engaged in communication with Scroll, and a portion of ETH has been bridged to the new network. Scroll encounters opposition from additional zkEVM providers, including Polygon and Matter Labs.

TOP1 Markets Analyst

2023-10-13

10864

Scroll, a layer 2 scaling solution for the Ethereum blockchain, appears to have launched its primary network, as reported by CoinDesk. Under the direction of co-founder Sandy Peng, Scroll has been developing a ZK rollup, an Ethereum Virtual Machine (EVM)-compatible layer-2 network utilising zero-knowledge cryptography. This compatibility facilitates the redeployment of Ethereum-built applications by developers onto the new 'zkEVM' network. The introduction of Scroll heightens competition among zkEVM providers such as Polygon and Matter Labs.

Etherscan, a blockchain investigator, exhibited the main Ethereum blockchain interacting with the 'Scroll: L1 Gateway Router Proxy' over the past few days, following the 'Contract creation.' A blockchain analysis platform, Dune Analytics, introduced an interface for monitoring the new Scroll zkEVM. The dashboard indicates that as of Thursday, approximately 370 ETH ($565,000 value) had been bridged to the network.

Following two years of research and roughly seven months since Polygon and Matter Labs introduced their own zkEVMs, Scroll was introduced. In February, Scroll's zkEVM was initially deployed on a test network. The release of Scroll's own token has not been officially declared, and a Scroll representative declined to comment on the blockchain transactions. The Block was the first to publish the blockchain data.