- OKX Ventures Invests in Ethereum L2 Scroll
- OKX says the strategic investment is to support Ethereum’s scalability.
- Scroll is expected to go live on the Ethereum mainnet in four months’ time.
OKX Ventures, Enterprise Branch cryptocurrency exchange OKX announces strategic investment in Scroll, a zkEVM-based zkRollup platform Ethereum,
A Press release Published on Tuesday, OKEx said the investment is targeted to help Ethereum scalability through off-chain transactions.
Scroll uses zk-rollups to boost Ethereum scalability
With Scroll to allow native compatibility for Ethereum-based dApps and devices, the collaboration will see the team tap into zero knowledge proofs and zkRollup technology to increase transaction speeds and lower user costs.
Scroll helps achieve high throughput through off-chain computations, with only a proof of validity being presented to the chain. That’s what zkRollup is all about – taking transactions and bundling them into one before taking them off-chain for processing.
It is a layer-2 solution designed to ensure greater usage and interactivity with the mainnet without sacrificing the underlying security mechanisms. Once live on Ethereum, Scroll can be implemented in token transfers and specialized applications. The implementation of general-purpose smart contracts will also help drive overall adoption of Ethereum applications.
Unlike some layer-2 solutions, Scroll will not require changes to the Ethereum protocol. This is because the implementation for the off-chain solution is independent of Ethereum’s layer-1 mainnet. Scroll is expected to go live on the Ethereum mainnet in four months’ time and its alpha release is now available to all.
Scroll has seen over 672,700 unique wallet addresses and recorded over 2,916,472 transactions.