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  • RRUPDATES📍: Scroll Stealthily Launches zkEVM Mainnet With Over $500,000 Bridged and Counting📜

RRUPDATES📍: Scroll Stealthily Launches zkEVM Mainnet With Over $500,000 Bridged and Counting📜

Ethereum's Layer 2 solution, Scroll, has quietly introduced its zkEVM on the mainnet, marking a significant stride in the realm of decentralized finance.

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The R Roundup
October 12, 2023

RRUPDATES📍: Scroll Stealthily Launches zkEVM Mainnet With Over $500,000 Bridged and Counting📜

Ethereum's Layer 2 solution, Scroll, has quietly introduced its zkEVM on the mainnet, marking a significant stride in the realm of decentralized finance.

Although no official announcement has been made by the Scroll team, on-chain data indicates substantial progress. The bridge deployment initiated on October 8 has facilitated the bridging of over 330 ETH (equivalent to $515,000) so far, as per the Dune Analytics dashboard. This development is backed by more than 850 transactions and nearly 500 unique users, underlining the enthusiastic adoption within the crypto community.

Scroll's zkEVM implementation allows users to seamlessly add the mainnet to their web3 wallets like MetaMask. Utilizing third-party bridges such as Owlto Finance, funds can be effortlessly transferred from other Ethereum-based networks to zkEVM. The minimum bridge amount stands at 0.0035 ETH, approximately $5, making it accessible for a broad spectrum of users.

One of the standout features of Scroll's zkEVM is its integration with various decentralized applications (dApps). Notably, ScrollSwap, the platform's maiden decentralized exchange, has gone live on Scroll, paving the way for users to trade assets efficiently. Additionally, Merkly, an omnichain solution, has joined the Scroll network, enriching the user experience further. These integrations highlight the burgeoning ecosystem around Scroll's zkEVM.

DefiLlama, a reputable DeFi analytics platform, is diligently monitoring ScrollSwap and three other decentralized exchanges (DEXs) on Scroll's zkEVM. Current data reveals a total value locked on Scroll applications exceeding $150,000. This early success underscores the platform's appeal to the DeFi community.

The Scroll team's approach has been meticulous and rigorous. The zkEVM implementation underwent extensive testing phases, including its deployment on the Ethereum Goerli testnet in February. Before that, the project was available for testing via its own Ethereum clone. This battle-tested approach has instilled confidence in the Scroll community and the broader crypto space.

A noteworthy aspect of Scroll's zkEVM is its compatibility with Ethereum Virtual Machine (EVM). Utilizing zero-knowledge proofs for scalability, zkEVMs are Layer 2 networks constructed on Ethereum. This compatibility allows these networks to seamlessly support Ethereum applications while operating at scale. Scroll's integration of zkEVM stands as a testament to its commitment to enhancing Ethereum's ecosystem and addressing scalability challenges.

Despite these achievements, one question looms: Will Scroll introduce its native token? As of now, there is no confirmation regarding the launch and distribution of a Scroll token. However, the community eagerly awaits further updates from the Scroll team, as they continue to shape the future of decentralized finance on the Ethereum network.

As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies.

This should not be regarded as financial advice; feel free to familiarise yourself with our NFA disclaimer.

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