Circle is pleased to announce the official release of zkEvict, which is introduceable for developers and users without requiring any bridged movement and incorporates USDC native on zkSync. Circle Mint and Circle APIs, two of the leading companies in this market, are brought together by this integration, and USDC fully supports both of their iterations on the zkSync platform.
With its use of zero-knowledge technology in the Ethereum scaling process while maintaining security integrity, zkSync, a well-known Layer 2 rollup, is turning heads. Zero-knowledge rollups use off-chain processing to limit the amount of data that is submitted back to Ethereum, resulting in a remarkably large transaction capacity.
Business users and developers can profit from this technology in a number of ways, such as reduced transaction times and costs, the option to pay network fees in USDC, and integrated account abstraction for easy subscription payments and wallet recovery. Enhancing Ethereum’s scalability while upholding the fundamental principles of decentralisation, freedom, and self-sovereignty is the aim of zkSync.
With more than 180 dApps and more than 5.7 million distinct active wallet addresses during the last 30 days, the zkSync ecosystem has demonstrated its steady influence and acceptance inside the Ethereum network as of April 9, 2024. With the addition of USDC support to zkSync, organisations interested in DeFi and user-focused apps now have a reliable currency to utilise for a variety of activities, including trading, lending, remittances, payments, and borrowing.
Differentiating between the native and bridged versions of USDC must be made explicit. In order to facilitate the development of new blockchain networks and provide developers with a solid foundation, Circle immediately issues USDC native. Native USDC is always tradable at a 1:1 ratio with US dollars. Conversely, USDC was first issued by Circle and moved from Ethereum, and it is bridged to zkSync, or USDC.e.
Developers who wish to incorporate USDC into the zkSync platform can switch from the bridged USDC to the native USDC by using Circle’s migration document. It is important to note that sending USDC.e bridged from a Circle Mint account could result in a permanent loss of funds.
The cryptocurrency can now be used by exchange platforms, digital wallets, institutional traders, and developers thanks to its listing on zkSync. The range of options included stable savings in digital dollars devoid of bank assistance, 24/7 trading on DEX and CEX platforms like Koi Finance, SyncSwap, and ZeroLend, as well as cross-border payments and transfers at reduced costs globally.
Businesses that want to use zkSync to convert from fiat to USDC can apply for a Circle Mint account. In parallel, developers interested in working with USDC on zkSync can refer to our developers’ manual for guidance. The decentralised, uncontrolled, and impartial USDC protocol invites participation from all users in its ecosystem.
By working together, Circle and zkSync are taking a big step towards adding the most stablecoins to Layer 2 solutions, which will ultimately result in improved efficiency, security, and accessibility for a large number of cryptocurrency users throughout the globe.
