Bitfinex to List zkSync’s Native Token ZK, Enhancing Ethereum Scalability

Caroline Bishop  Jun 15, 2024 00:39  UTC 16:39

2 Min Read

Bitfinex, a premier digital asset trading platform, has announced that it will be listing ZK, the native token of zkSync, according to Bitfinex Blog. zkSync is a Layer-2 rollup protocol designed to scale Ethereum.

zkSync Protocol and Its Features

Initiated in 2020, zkSync aims to scale Ethereum without compromising the network’s security or decentralization. It employs zero-knowledge rollups, commonly referred to as “zk-rollups,” to consolidate multiple transactions into a single one. This technology enhances transaction throughput while significantly reducing user fees. zkSync reportedly has a Total Value Locked (TVL) of over $860 million.

Utility of the ZK Token

The native token of zkSync, ZK, provides several utilities for its holders. These include staking for rewards, paying network fees, and participating in governance voting. Such functionalities are crucial for promoting the scalability and decentralization of blockchain networks, which are essential for the mainstream adoption of Web3 technologies.

Statements from Bitfinex

Henry Child, Head of Tokens at Bitfinex, commented on the listing: “Projects looking to promote scalability and decentralization are absolutely critical to the future of web3 and its mainstream adoption. We are excited to add ZK as the latest offering among our diverse slate of digital assets.”

How to Access ZK on Bitfinex

Customers interested in accessing ZK on Bitfinex can do so once it becomes available by visiting the platform’s website. It is important to note that all users of Bitfinex are subject to the platform’s terms of service. U.S. persons and other prohibited individuals are strictly forbidden from holding, owning, or operating an account on Bitfinex.

About Bitfinex

Founded in 2012, Bitfinex is a digital token trading platform that offers state-of-the-art services for traders and global liquidity providers. The platform provides advanced trading features, charting tools, peer-to-peer financing, an OTC market, and margin trading for a wide range of digital tokens. Bitfinex focuses on delivering unparalleled support, tools, and innovation for experienced traders and liquidity providers globally.

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