Bittime - zkSync Era, a new blockchain network, is already widely used. Many are interested because the transactions are fast and the fees are cheap. This article discusses how to move assets (such as cryptocurrency) from the Ethereum network to zkSync Era using a bridge.
Before discussing further, let's first find out what zkSync Era is, prepare before using it. We can find out the details below.
What is zkSync Era?
ZkSync Era is a layer-2 (L2) scaling solution for Ethereum developed by Matter Labs. Launched in June 2020, zkSync 1.0, the initial version of zkSync, does not yet support smart contracts.
Even so, the blockchain managed to attract more than $170 million in Total Value Locked (TVL) at its peak, primarily in the form of ETH and stablecoin USDC.
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ZkSync 2.0, which launched in October 2022, brings significant improvements over the previous version. zkSync 2.0, now known as zkSync Era, supports smart contracts and is compatible with the Ethereum Virtual Machine (EVM).
In addition to its own programming language, Zinc, zkSync Era can also accept and compile code written in Rust, Yul, Vyper, and Solidity, the main languages on Ethereum.
In February 2023, zkSync Era opened for registered projects to deploy on mainnet. The mainnet launch for all users occurred in March 2023, becoming the first in a series of large-scale zkEVM launches.
Also read: What is the zkSync Ecosystem and How Does It Work?
ZkSync Era becomes the first zkEVM to reach mainnet, marking an important milestone for zk-rollup technology. The dominance of optimistic rollups such as Arbitrum and Optimism in the L2 space may be challenged by the presence of zkSync Era and other zkEVM projects that will follow.
Preparation for Using ZkSync Era
Source: zkSync Era
To use zkSync Era, a crypto wallet is the first thing you need.
While some decentralized applications (DApps) on zkSync Era will support multiple wallets via WalletConnect, the official zkSync Era bridge currently only supports MetaMask. Therefore, MetaMask is likely to be the best choice.
Fortunately, several other bridge solutions have also added support for zkSync Era, allowing users to switch networks via bridges such as Multichain, Celer, and Orbiter Finance.
The final step is to set up ETH tokens to pay for transactions on zkSync Era, as is the case on most other layer-two blockchains. ETH can be found on most blockchains and should be easy to obtain and then bridged to zkSync Era.
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zkSync Era: Fast and Cheap
Since its launch, zkSync Era has been widely used. Total daily transactions on crypto asset exchanges operating on this network reach $30 million. In fact, on July 16 2023, the number of daily transactions on zkSync Era exceeded Ethereum, its main blockchain.
The speed and cheapness of transactions is what makes zkSync Era popular. zkSync Era uses “rollup” technology to aggregate thousands of transactions into one, so fees are much lower.
Users can save up to 70% on transaction fees compared to fees on the Ethereum network. Currently, the average transaction fee on zkSync Era is only around $0.30.
Also read: Top 5 Most Popular Layer 2 Blockchains: zkSync Top Era, What's Next?
Transferring Assets with a Bridge (Bridge)
There are two ways to move assets to zkSync Era: using the official zkSync bridge or using third-party bridges such as Orbiter Finance, Rhino.fi, LayerSwap and others. This article will cover the use of the official zkSync bridge.
Official zkSync Era Bridge
The official bridge can only be used for asset transfers between the Ethereum network and zkSync Era. The two networks communicate via this bridge using "L1-L2 interoperability" technology.
When you send assets using the bridge, the data is sent as a signed message, not as a transaction on the Ethereum mainnet.
This bridge uses two smart contracts, one on the main network and one on zkSync Era. When you send assets from Ethereum to zkSync Era:
- Your wallet will call the “deposit” function on the smart contract on Ethereum.
- The assets you send will be locked on the Ethereum network.
- The smart contract on Ethereum will communicate with the smart contract on zkSync Era to create a new asset (the same amount you sent).
- The smart contract then executes the “finalizeDeposit” function to complete the transfer.
The reverse process occurs when you withdraw assets (withdraw) from zkSync Era to Ethereum. Your assets will be burned on the zkSync Era network and the same amount will be sent to your withdrawal address on the Ethereum main network.
How to Transfer Assets From Ethereum Network to zkSync Era
- Visit the zkSync Era bridge website.
- Connect your wallet and select the Ethereum network.
- Select the asset you want to transfer and enter the amount.
- Your wallet address will be automatically filled in as the recipient address. You can change it if necessary, but make sure the address is correct and supported by the zkSync Era network.
- Click "Continue" and check the transaction details on the next page.
- Click "Send to zkSync Era" to complete the transfer.
Withdrawal to Ethereum
- Go to the “Withdraw” section of the zkSync Era bridge and connect your wallet.
- Select the "zkSync Era Mainnet" network in your wallet.
- Enter your wallet details and click "Continue".
- Click "Send to Ethereum Mainnet" to complete the withdrawal.
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Conclusion
So, that's an explanation of how to transfer assets from the Ethereum network to zkSync Era. As previously known, by using zkSync Era, we can reduce transaction costs and transfer assets easily and quickly.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Buy ETH: zkSync Era Becomes an Ethereum Scalability Solution with a Bright Future
One year into existence, zkSync Era achieves major achievements as an Ethereum Layer-2 solution
4 DeFi Tokens Based on zkSyncs that Make Money
Polygon zkEVM Network Returns to Normal After Over 24 Hours of Disruption!
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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