Cryptocurrency News

DeFi liquidity protocol adds Consensys-developed zkEVM rollup Linea

[ad_1]

Amid the growing popularity of zero-knowledge (ZK) proof based layer-2 scalable solution, decentralized finance liquidity protocol Symbiosis has added support for Linea, a zkEVM-based Consensys-developed scalable solution for cross-chain swaps.

Symbiosis said in a statement that Linea is a developer-ready zkEVM roll-up type, which means it is Ethereum-compatible and thus lets developers reuse a lot of existing infrastructure for creating multi-asset-based solutions. Linea comprises 100+ protocols, developer tools, and decentralized applications (Dapps), making it a useful scalable tool for developers in the Ethereum ecosystem.

Symbiosis Finance broke into the mainstream with its stablecoin liquidity solution in March 2022. Since then the cross-chain liquidity provider has integrated several other layer-2 scalable solutions.

Earlier in April, the protocol integrated zkSync, another zk rollup developed by Matter Labs. The integration helped the protocol to provide one-click swaps from Ethereum, Polygon, Avalanche, BNB Chain, Telos and other blockchains to zkSync and back. Apart from zkSync, the cross–chain liquidity protocol has also added other popular L2 solutions, including Polygon’s zkEVM, Optimism, and Arbitrum since April.

Cointelegraph contacted Symbiosis co-founder Nick Avramov to get insight into the protocol’s tryst with L2 solutions, what made them choose Linea and how the solution stands in comparison to other L2s. Avramov told Cointelegraph that Linea perfectly aligns with the protocol’s strategy to support the most popular L2s and the decision to integrate it was based on the community feedback and requests from partners such as OpenOcean, OKX DEX and more, that are using Symbiosis SDK/API.

Talking about the rise of ZK rollups as a prominent L2 force, Avramov said:

“zk roll-ups have better user onboarding capabilities as they are targeting new domains like Gamefi, Social etc. to engage more people without security sacrifice as most of these new domains rely on Ethereum + cost less.”

Zk solutions are a natural evolution of rollups, he said, adding “I believe at some point Optimistic rollups will cease to exist.”

Related: ConsenSys zkEVM set for public testnet to deliver secure settlements on Ethereum

Avramov noted that zk rollups are the true L2 solutions and have the potential to resolve the cross-chain/multi-chain dilemma, an issue that was raised by Ethereum co-founder Vitalik Buterin in January 2022.

Symbiosis said the integration of zk rollups has already helped it scale and increase its transaction throughput by 300% month on month with cross-chain trading volume soaring past $500 million. The liquidity provider believes with the integration of Linea, cross-chain swaps can surpass the billion dollars in volume in the coming couple of months.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Crypto audits and bug bounties are broken: Here’s how to fix them