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Home»EXCHANGE NEWS»Investors back zkSync’s Zyfi with $2 million to solve DeFi problems.
EXCHANGE NEWS

Investors back zkSync’s Zyfi with $2 million to solve DeFi problems.

By Crypto FlexsJune 11, 20244 Mins Read
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Investors back zkSync’s Zyfi with  million to solve DeFi problems.
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Zyfi aims to democratize access to DeFi and promote the development of the blockchain ecosystem by leveraging cutting-edge ZK Rollup technology and focusing on user-centric solutions.

Zyfi, Switzerland-based zkSync’s Paymaster-as-a-Service platform, has successfully secured $2 million in a private funding round. Led by renowned investors such as Everstake Capital and Tenzor Capital, the funding aims to further Zyfi’s mission to revolutionize the decentralized finance (DeFi) landscape by enhancing the on-chain experience through advanced gas extraction technology.

Decentralized finance opens the door to financial inclusion by enabling individuals with limited access to traditional banking services to participate in financial activities. DeFi provides the ability for anyone with an internet connection to access services such as lending, borrowing, and trading, regardless of location or economic background.

Historically, one of Ethereum’s biggest challenges has been managing high and volatile gas prices, especially with the added complexity of on-chain smart contract transactions. These inflated gas prices are primarily driven by the surge in demand coupled with the rise of DeFi applications. As network usage surges, the limited supply of cryptocurrency assets like ETH drives their prices higher.

Zyfi has quickly established itself as a pivotal player in the DeFi ecosystem by solving one of the most important pain points for users: the cumbersome process of gas fee management. Traditional Web3 wallets often disrupt on-chain activity by leaving users stranded mid-transaction due to gas shortages.

Zyfi’s solution leverages zkSync’s native account abstraction to allow users to pay gas fees with ERC-20 tokens or allow dApps to sponsor transaction costs. This innovative approach is based on APIs that simplify the integration process for developers, allowing them to focus on improving their products.

Zyfi Impressive Growth and Consolidation

Since launch, Zyfi has processed more than 815,000 transactions and facilitated gasless flows for more than 110,000 users on zkSync. The platform is integrated with several major protocols, including Zerolend, Increment Fi, PancakeSwap, zkMarkets, and a diverse collection of NFTs from zkSync. These extensive integrations highlight Zyfi’s commitment to providing a seamless and efficient on-chain experience across the DeFi ecosystem.

ZK Rollup, the underlying technology of zkSync, provides a powerful solution for scaling Ethereum by bundling transactions into batches that are executed off-chain and then verified on-chain using zero-knowledge proofs. This method significantly improves network throughput, reduces congestion, and lowers transaction fees.

Unlike optimistic rollups, which rely on proof of fraud and can take up to a week for transactions to complete, ZK rollups provide instant verification, ensuring faster and more secure transactions.

Recent advancements in ZK Rollup include the development of Zero-Knowledge Ethereum Virtual Machines (zkEVM), which integrates EVM computation and zero-knowledge proofs to further enhance scalability and privacy. Platforms like zkSync and StarkNet are at the forefront of this innovation and continue to push the boundaries of what is possible in the DeFi space.

Future prospects and use of funds

The newly acquired funds will play an important role in expanding Zyfi’s capabilities. The company will develop a software development kit (SDK) and paymaster service for dApps, improve utility for governance token holders, and conduct research on account abstraction across various blockchain networks, including implementing EIP-7702. It’s a plan.

Gauthier Vila, founder of Zyfi, said:

“Our mission is to solve critical challenges within the DeFi ecosystem and help builders create seamless user experiences. With this funding, we are well-positioned to drive innovation and expand our impact across the blockchain industry.”

Denys Vashchuk, general partner at Everstake Capital, added:

“Zyfi’s technology will accelerate zkSync adoption and help developers prioritize innovation. This is the technology stack for every dApp developer, supported by a strong team and visionary approach.”

With financial backing and a clear vision, Zyfi is ready to lead the DeFi space toward a more efficient and user-friendly on-chain experience. Zyfi aims to democratize access to DeFi and promote the development of the blockchain ecosystem by leveraging cutting-edge ZK Rollup technology and focusing on user-centric solutions.

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