Introducing GRVT: The First “Hyperchain” in the zkSync Ecosystem
A new hybrid crypto exchange called GRVT, short for “gravity,” is set to debut as the first “hyperchain” in the zkSync ecosystem. This exchange combines the advantages of centralized and decentralized exchanges, offering users a Robinhood-like experience with self-custodial features similar to Uniswap.
Developed by Matter Labs, the creator of Ethereum Layer 2 zkSync, GRVT will operate as a Layer 3 Validium within the zkSync ecosystem. Validiums are Ethereum Layer 3 networks that store data off-chain and encrypt it before adding it to the blockchain. This approach safeguards users against front-running and market manipulation.
According to Matter Labs, platforms like GRVT open up new possibilities within the zkSync ecosystem. By utilizing custom hyperchains connected through hyperbridges, innovative use cases can be built that were previously unavailable.
GRVT Launch and Features
The closed alpha version of GRVT is scheduled to launch next month, with the mainnet release planned for the first quarter of next year. The exchange aims to achieve transaction speeds of up to 600,000 trades per second with less than two milliseconds of latency using zkSync’s horizontally scaling infrastructure.
GRVT co-founder and CEO Hong Yea explains that horizontally scaling means deploying additional underlying pairs as new hyperchains. This allows for efficient high-frequency trading with high transaction volumes, similar to a centralized exchange.
Backed by Prominent Investors
Matter Labs, CMS Holdings, and other investors have provided support for GRVT. Last month, the exchange announced raising $7.1 million in pre-seed and seed funding through an equity with a token warrant round at a post-money valuation of $39 million. GRVT’s token is expected to be launched later in 2024.
Hot Take: GRVT Revolutionizes Hybrid Crypto Exchanges
The introduction of GRVT as the first “hyperchain” in the zkSync ecosystem marks a significant development in the crypto industry. By combining the best features of centralized and decentralized exchanges, GRVT aims to provide users with a seamless trading experience while maintaining self-custody of their assets. With its focus on transaction speed, scalability, and protection against market manipulation, GRVT has the potential to revolutionize the way cryptocurrencies are traded. As more custom hyperchains are deployed and connected through hyperbridges, we can expect even more innovative use cases to emerge within the zkSync ecosystem.
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