Matter Labs Raises $200 Million to Scale Ethereum Matter Labs pledged to file its core software under an open source license owned by MIT by the end of 2022
By Saptak Bardhan •
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Matter Labs on Wednesday announced to have raised $200 million in Series C round co-led by Blockchain Capital and Dragonfly. LightSpeed Venture Partners, Variant and Andressen Horowitz also participated in the funding round.
The company is better known for its work on zkSync. zkSync is an Ethereum scaling solution reduces the cost of Ethereum transactions. zkSync is a layer 2 solution provider. Layer 2 transactions are slowly gaining traction in the crypto ecosystem.The transactions are sent to layer 2 nodes for them to be processes and batched together. A group of transactions is submitted to the main Ethereum blockchain. The information cannot be altered once it makes to the main Ethereum blockchain.
The "centralized anything is evil by default, use defi and self-custody" ethos did very well this week, but remember that it too has risks: bugs in smart contract code.
— vitalik.eth (@VitalikButerin) November 16, 2022
Important to guard against it:
* Keep code simple
* Audits, formal verification, etc
* Defense in depth
Matter Labs pledged to file its core software under an open source license owned by MIT by the end of 2022. Filing core software under an open source would mean that third parties would be able to view, use and augment zkSync's code. "The one I worry about most is if we have $10B in a ZK-rollup 2y from now and it gets hacked because of a bug in the circuit constraint code or the EVM wrapper around it," tweeted Vitalik Buterin, co-founder, Ethereum.
