Matter Labs, BitDAO Back $200M DAO for ZkSync

Matter Labs, BitDAO Back $200M DAO for ZkSync

Matter Labs, the organization behind Ethereum layer 2 scaling protocol zkSync, has announced a $200 million decentralized autonomous organization (DAO) backed by BitDAO, a DAO-directed treasury with a balance of more than $2.6 billion.

The new zkDAO will use the capital to help expand the zkSync ecosystem through public goods and infrastructure, security frameworks, research and development grants, and investments in other crypto organizations.A zero-knowledge rollup launched in 2019, ZkSync works to ease the congestion and high fees caused by scalability issues on the main Ethereum blockchain.“This proposal will not only benefit the collective Ethereum scaling effort but will provide tremendous value to the BitDAO ecosystem, which continues to act as a leading force across industries as it creates entirely new purpose-built DAOs that also need to scale effectively on-chain,” said Jonathan Allen, head of Mirana Ventures and a BitDAO contributor, in a statement.

Read more: Andreessen Horowitz Leads $50M Funding Round for Matter Labs

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