Arbitrum Airdrop Boosts zkSync Growth: What You Need to Know
If you are an Ethereum user, you might have heard of Arbitrum, a layer-2 scaling solution that promises to reduce gas fees and increase transaction throughput. Arbitrum recently announced the airdrop of its ARB governance token, which has generated a lot of buzz in the crypto community. But did you know that another layer-2 solution, zkSync, has also seen a huge boost in adoption thanks to the Arbitrum airdrop? In this article, we will explain what Arbitrum and zkSync are, how they work, and why they are important for the future of Ethereum. 🚀
Source: Blockchain.News
What is Arbitrum?
Arbitrum is a layer-2 scaling solution for Ethereum that uses a technique called optimistic rollup. This means that it bundles multiple transactions into a single batch and submits them to the Ethereum mainnet as a single transaction. This reduces the amount of data and computation required by the mainnet, resulting in lower gas fees and faster confirmation times. However, unlike other rollup solutions that rely on zero-knowledge proofs to verify the validity of the batches, Arbitrum uses a different approach: it assumes that the batches are valid by default, unless someone challenges them and proves otherwise. This is why it is called optimistic. 🤞
To challenge a batch, a user has to post a bond and submit a fraud proof to the Arbitrum smart contract on the mainnet. The fraud proof is essentially a piece of evidence that shows how the batch violates the rules of the Ethereum protocol. If the challenge is successful, the batch is reverted and the challenger receives the bond as a reward. If the challenge is unsuccessful, the challenger loses the bond and pays a penalty. This creates an incentive for honest behavior and discourages malicious actors from submitting invalid batches. 😇
Arbitrum also has its own virtual machine, called ArbOS, that runs on top of Ethereum and executes smart contracts written in Solidity, the most popular programming language for Ethereum developers. This means that any existing Ethereum dApp can easily migrate to Arbitrum without changing its code or user interface. Moreover, Arbitrum supports interoperability with other layer-2 solutions and sidechains, allowing users to transfer assets and data across different platforms without going through the mainnet. 🌐
What is zkSync?
zkSync is another layer-2 scaling solution for Ethereum that uses a technique called zero-knowledge rollup. Like Arbitrum, it also bundles multiple transactions into a single batch and submits them to the mainnet as a single transaction. However, unlike Arbitrum, it does not rely on optimistic assumptions or fraud proofs to verify the validity of the batches. Instead, it uses zero-knowledge proofs, which are cryptographic constructions that allow one party to prove to another party that a statement is true without revealing any information about the statement itself. For example, Alice can prove to Bob that she knows the password to a website without telling him what the password is. 🤐
Zero-knowledge proofs are very powerful tools for enhancing privacy and security in blockchain applications. They can also be used to compress large amounts of data into small proofs that can be verified quickly and cheaply by anyone. This is how zkSync achieves scalability: it generates zero-knowledge proofs for each batch of transactions and submits them to the mainnet along with the batch itself. The mainnet only needs to check the proof and not the entire batch, saving time and resources. Moreover, zkSync uses a special type of zero-knowledge proof called zkPorter, which allows it to process up to 20,000 transactions per second on Ethereum, making it one of the fastest layer-2 solutions available.
Why are Arbitrum and zkSync important?
Arbitrum and zkSync are important because they offer scalability and usability improvements for Ethereum users and developers. Scalability refers to the ability of a system to handle a large number of transactions without compromising on speed or security. Usability refers to the ease of use and accessibility of a system for its users. Both scalability and usability are essential for the adoption and growth of Ethereum as a global platform for decentralized applications. 🚀
As Ethereum grows in popularity and demand, its mainnet becomes congested and expensive to use. This limits the potential of Ethereum to support diverse and innovative use cases, such as decentralized finance (DeFi), gaming, social media, art, and more. Layer-2 solutions like Arbitrum and zkSync aim to solve this problem by moving most of the transaction processing off the mainnet and onto their own networks, which are faster and cheaper. This way, they can offer users a better experience while still maintaining the security and decentralization of Ethereum. 😎
Arbitrum and zkSync also offer different trade-offs and features that cater to different needs and preferences of users and developers. For example, Arbitrum is more compatible with existing Ethereum dApps and has a shorter finality time (the time it takes for a transaction to be confirmed) than zkSync. On the other hand, zkSync is more scalable and privacy-preserving than Arbitrum and supports nonfungible tokens (NFTs) and atomic swaps (cross-chain exchanges of assets). Both solutions also have their own governance tokens that will allow their communities to participate in the decision-making and development of their platforms. 🙌
How to participate in the Arbitrum and zkSync airdrops?
An airdrop is a distribution of free tokens or coins to a group of users, usually as a way of promoting a project or rewarding its supporters. Airdrops can be very lucrative for users who receive them, as they can sell them for profit or use them to access the services or benefits of the project. However, not all airdrops are equally valuable or trustworthy, so users should always do their own research before participating in them. 🕵️♂️
Arbitrum announced its airdrop of its ARB governance token on March 16, 2023, with eligible receivers expected to get the token by March 23. The eligibility criteria for the airdrop were based on the usage of Arbitrum's testnet or mainnet before March 16. Users who interacted with Arbitrum's testnet or mainnet through any dApp or wallet were eligible for the airdrop, as well as users who participated in Arbitrum's bug bounty program or hackathon. The amount of ARB tokens received by each user depended on the frequency and complexity of their interactions with Arbitrum. 🎁
zkSync has not announced an official airdrop of its ZKS governance token yet, but many users believe that it will happen soon, based on the hints and clues given by the zkSync team. For example, in a blog post published on March 18, 2023, the zkSync team stated that they will “reward early adopters generously” and that they will “announce more details soon”. Users who want to increase their chances of receiving the ZKS airdrop are advised to use zkSync's bridge to deposit ETH or ERC-20 tokens to zkSync's layer-2 network and make transactions or transfers on it. 💰
To use zkSync's bridge, users need to have an Ethereum wallet that supports zkSync, such as MetaMask, WalletConnect, or Ledger. Then, they need to go to zkSync's wallet website and connect their wallet. From there, they can choose the amount and type of asset they want to deposit to zkSync and confirm the transaction on their wallet. Once the deposit is confirmed on the mainnet, they can see their balance on zkSync's network and start using it for fast and cheap transactions. 😊
The Bottom Line
Arbitrum and zkSync are two layer-2 scaling solutions for Ethereum that offer scalability and usability improvements for users and developers. They also have their own governance tokens that may be distributed through airdrops to reward their early adopters. Users who want to benefit from these airdrops should use Arbitrum's or zkSync's networks and interact with them before the airdrop deadlines. However, they should also be careful of fake or scam airdrops that may try to trick them into giving up their personal or financial information. Always verify the source and legitimacy of any airdrop before participating in it. 🙏
We hope you enjoyed this article and learned something new about Arbitrum and zkSync. If you did, please share it with your friends and leave us a comment below. We would love to hear your thoughts and feedback. And if you want to learn more about layer-2 scaling solutions for Ethereum, check out our other articles on Blockchain.News. Thank you for reading and stay tuned for more! 🙌
