ZkSync Launches ZK Nation to Boost Decentralization

In an exciting development, the Ethereum layer-2 network, ZkSync, has unveiled its latest initiative, ZK Nation, aimed at amplifying the protocol’s decentralization. This initiative involves collaboration among the community, security professionals, and technical experts to enhance and expand the ZkSync ecosystem.

The announcement precedes further details set to be released later this week about ZkSync’s protocol token allocation. For now, the privacy-centric network has revealed that ZK Nation will manage three principal divisions dedicated to overseeing various network-related activities.

The first division, ZkSync Token Assembly, is a community-led effort focused on engaging in the on-chain governance of the protocol. The responsibilities of this assembly include proposing, voting on proposals, and delegating votes, among other governance actions.

Central to ZK Nation is the on-chain governance framework which, as the blog post states, “is designed to empower token holders to delegate, propose protocol upgrades, deliberate, and vote.” This mechanism ensures a robust participatory process for token holders within the ecosystem.

ZkSync Guardians represent the embodiment of the ZK Credo principles. This group will have the authority to enforce actions aimed at protecting the protocol, such as initiating emergency measures and vetoing decisions. Initially, the identities of the five individuals appointed as ZkSync Guardians will remain confidential, to be disclosed at a later date.

The ZkSync Security Council forms the third cornerstone of the initiative. Comprised of cybersecurity experts, engineers, and auditors, this council is tasked with technical reviews of proposed upgrades by the Token Assembly. Moreover, they possess the authority to temporarily halt the protocol or its segments to address threats from critical bugs and exploits. At its inception, the council will include twelve distinguished members.

Further revelations concerning the token airdrop, token allocation, governance structure of ZK Nation, and user engagement are expected in the forthcoming weeks.

Recently, Matter Labs, the creator of ZkSync, retracted its trademark application for “ZK” following significant criticism from competitors and the public. Over the past month, the ZkSync Era showcased a transaction success rate exceeding 98%, with a minimal median transaction fee of $0.02. The network also reported over 6.85 million unique addresses, as per a Dune query by the Matter Labs team.

The announcement also highlights the significant reduction in transaction fees following the Dencun upgrade, which was implemented on the Ethereum mainnet on March 13. Since the start of the year, the Total Value Locked (TVL) in ZkSync Era has surged by 36%, climbing to $819.68 million from $602.75 million, according to data from L2BEAT.

ZkSync’s introduction of ZK Nation marks a pivotal step towards a more decentralized and participatory governance model within the Ethereum layer-2 ecosystem. As the network continues to grow, these structured initiatives will likely play a crucial role in fostering a secure and robust environment for all users and stakeholders involved