Ethereum

Token

Empower

zkSync

zkSync, the scaling and privacy engine for the Ethereum (ETH) Layer 2 network has introduced an innovative community-driven governance framework called ZK Nation, designed to empower its community in steering the ongoing development of the zkSync protocol. According to a <a href="https://x.com/TheZKNation/status/1800093571825225974">blog post</a>, this new governance system aims to involve protocol token holders actively by allowing them to propose and vote on protocol upgrades and changes to network parameters. 
<h2 id="b-zk-nation-is-built-on-three-on-chain-bodies-b">ZK Nation is Built on Three On-chain Bodies</h2> 
The governance framework of ZK Nation is built around three on-chain bodies: the Token Assembly, the Security Council, and the Guardians. These entities are structured within various legal frameworks to ensure the highest level of protection for the Token Assembly. Their collective role is to interact with zkSync’s smart contracts and coordination channels, such as the initial delegation and voting portal on Tally. 
The Token Assembly, comprising protocol token holders, is central to this governance model. It has the authority to introduce and vote on proposals related to protocol enhancements and network parameter adjustments.&nbsp; 
Meanwhile, the Security Council plays a crucial role in safeguarding the network. Also, the Guardians serve as an additional layer of oversight, providing checks and balances within the governance system.&nbsp; 
ZK Nation’s governance system is further enhanced by its integration with zkSync’s smart contracts and coordination channels. The initial delegation and voting portal on Tally facilitates streamlined decision-making and efficient communication among community members. 
<h2 id="b-zksync-to-develop-layer-3-chain-b">zkSync to Develop Layer 3 Chain</h2> 
Recall that in 2022, Matter Labs, the developers of zkSync announced the <a href="https://thecoinrise.com/zksync-to-develop-layer-3-chain-called-opportunity/">development of a Layer-3 chain dubbed Opportunity</a>. Once completed, “Opportunity” will improve the scalability of the zkSync blockchain infrastructure. 
Meanwhile, talks about the launch of opportunity started way earlier when the developer of zkSync announced it with the name Pathfinder. When it was called Pathfinder, it was believed that this zkSync Layer 3 would be the first network built on the Ethereum blockchain.&nbsp; 
While Layer-2 serves its benefits, Layer-3 is an upgraded version that includes the features of the former with additional scaling properties. In the midst of this,<a href="https://thecoinrise.com/zksync-to-release-tokenomics-in-early-november/"> zkSync released information about its token</a>. 
<h2 id="b-ethereum-layer-2-transaction-fees-plummet-b">Ethereum Layer-2 Transaction Fees Plummet</h2> 
Interestingly, the recent Dencun upgrade on Ethereum has delivered on its promise of <a href="https://thecoinrise.com/dencuns-upgrade-impact-ethereum-layer-2-transaction-fees-plummet/">significantly reducing transaction costs across Layer 2 networks</a>, ushering in a new era of affordability for Ethereum users.&nbsp; 
Data from various Layer 2 networks, including Optimism’s ecosystem encompassing OP Mainnet, Base, and Zora, and other platforms like zkSync and Starknet, all point to significant reductions in transaction fees.&nbsp; 
Overall the successful implementation of the Dencun upgrade and the subsequent reduction in transaction fees signals Etheruem’s ongoing commitment to scalability and affordability, further enhancing its appeal to users and developers alike <a href="https://thecoinrise.com/ethereum-price-set-to-hit-5000-after-halving-and-dencun-update-altcoins-surge-on-bullish-momentum/">which has reflected in its market price</a>. 
The post <a href="https://thecoinrise.com/zksync-introduced-zk-nation-to-empower-its-community/">zkSync Introduced ZK Nation to Empower its Community</a> appeared first on <a href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

zkSync Introduced ZK Nation to Empower its Community

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