zkSync is an efficient layer 2 solution that enables decentralized applications (dApps) and decentralized finance (DeFi) platforms to thrive without compromising security or decentralization. In this article, we will give a clear description of zkSync and how to bridge assets from your wallet to zkSync.
What is zkSync?
zkSync is a layer 2 protocol developed by Matter Labs to solve the problem of scalability so that mass adoption of crypto becomes possible, along with various blockchain ideas that require mass adoption as a prerequisite. It is built on top of the Ethereum blockchain and uses ZK (zero knowledge) based cryptographic proofs to process transactions. This method increases throughput while maintaining security, decentralization, and sovereignty. By leveraging zk-rollups, zkSync processes transactions off-chain, submitting only the final proof to Ethereum for verification.
The need for scalability is endless for blockchains with new dApps, DeFi, and increasing user base, and to truly solve this major challenge, blockchains need to be able to scale like Web 2. This allows blockchains to process an unlimited number of transactions without worrying about their costs or security.
How Does zkSync Work?
- By utilizing zk-rollups, zkSync transfers all transactions off-chain and then collects and bundles them into batches. This reduces the load on the mainnet, thereby increasing its efficiency and reducing the gas fees.
- zkSync processes these batches using zero-knowledge proofs to ensure they are valid while keeping the details private.
- Later, these proofs are submitted to the mainnet, where they are validated. Once verified, the transactions are recorded on the blockchain.
zkSync Official Bridge
The official zkSync bridge only supports asset transfer between Ethereum and zkSync, and communication between the networks happens through the bridge. The bridge protocol introduces two smart contracts, one on the mainnet and the other on the zkSync. To move assets to the layer 2 network, the user deposits the funds on the mainnet by calling the deposit function, and the assets are then locked on the mainnet. Then, the smart contract on the mainnet communicates with the zkSync to start the minting process, where an equal amount of locked assets are minted. Finally, the smart contract calls for the finalize deposit method to finalize the transfer. In case of withdrawals, the amount of deposited funds are transferred to the withdrawing address while an equal amount of assets are burned on the zkSync.
How to Bridge to zkSync From Ethereum?
1. First, open your browser and visit the official zkSync website.
2. On the official website, click on the Bridge Now tab, which is available at the top.
3. It will take you to a new tab and select Connect wallet. Make sure that the From address is selected as Ethereum and the To address is selected as zkSync.
4. In the window that appears, choose your wallet provider and scan the QR code on the screen with your phone.
5. Your Ethereum wallet will be connected, and on the Ethereum Mainnet tab, it will show your balance. Enter the amount you want to bridge.
6. On the zkSync tab, you can see your default zkSync Era Mainnet account. You also have the option to edit your mainnet account.
7. Under the zkSync tab, you can see the fees you are going to pay in order to bridge to zkSync. Click on Continue.
8. On the screen, a window displaying the transaction details will appear. Check whether all the details are correct and select Add funds to zkSync Era Mainnet.
9. Now, your wallet will prompt you to confirm the transaction, so sign in to your wallet and confirm it.
Note: It takes 15 minutes to bridge from ETH to zkSync and 24 hours to bridge from zkSync to Ethereum.
How to Withdraw to Ethereum From zkSync?
1. Go to the Withdraw section by clicking on Withdraw on the Bridge page.
2. Change the From address from Ethereum Mainnet to zkSync Era Mainnet.
3. Enter the account details of your wallet following the instructions mentioned above and select Continue.
4. Select Send to Ethereum Mainnet to complete the withdrawal process.
Reason to Choose Alternative Platforms to Bridge Assets
Although it is quite easy to transfer funds using zkSync, it is impossible to transfer funds from blockchains other than Ethereum. Furthermore, the waiting period is too long, and it takes hours to process the transaction. On the other hand, alternative platforms offer low fees, fast transactions, and support a variety of crypto assets. Rhino.fi is one among those alternative platforms.
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1. Open your browser and go to the official website of Rhino.fi.
2. Select Go to bridge on the home page.
3. On the Bridge page, click on Connect wallet. A window called Connect your wallet will appear on the screen.
4. Choose your wallet provider from the available options and follow the necessary steps to connect to the platform.
5. Once you have signed in, click on Deposit to deposit funds on Rhino.fi account.
6. Choose the network you want to deposit from and enter the deposit amount.
7. Select Deposit and approve the transaction on your wallet.
8. Now that your funds have been deposited on Rhino, the next step is to bridge them to the zkSync Era.
9. Click on Bridge on the menu available on the left side of the screen.
10. Choose the asset you want to bridge and enter the amount.
11. Select Review Bridge to evaluate the transfer. Once the transfer is evaluated, the process will be completed.
Conclusion
The zkSync official bridge facilitates asset transfer between Ethereum and zkSync through a structured process involving smart contracts on both networks. However, it only supports Ethereum and has high fees and long wait times. Alternative platforms like Rhino.fi offer faster transactions, lower fees, and broader asset support.
