A New Wave of Decentralized Auctions: Bounce Finance Integrates zkSync Era for Low Fees, Enhanced Security and Fast Speed
Bounce Finance, a leading decentralized auction protocol, is excited to unveil our integration of zkSync Era, an EVM-compatible ZK rollup created by Matter Labs. This significant step marks a new milestone for Bounce Finance as we continue to provide Auction as a Service and meet the burgeoning demand for decentralized auctions across various blockchain networks. With zkSync Era, Bounce Finance users will enjoy numerous benefits including reduced transaction fees, swift transaction speeds, and exceptional security.
zkSync is a ZK rollup, trustless protocol that employs cryptographic validity proofs (SNARKs) to offer scalable and cost-efficient transactions on Ethereum. In the zkSync model, computation and the majority of data storage is performed off-chain, while maintaining Ethereum-level security for all transactions. zkSync Era is designed to resemble the Ethereum environment closely but require lower fees. The smart contracts within zkSync Era are crafted in Solidity or Vyper, much like in the Ethereum ecosystem, and can be accessed using the same client interfaces as other EVM-compatible chains. This gives users and developers the advantage of Ethereum’s comprehensive toolset and community support, while significantly reducing transaction fees, enabling unlimited throughput and enhancing overall scalability.
Introducing Bounce Finance
Bounce Finance is a decentralized auction protocol that enables users to create and participate in a diverse array of auctions across numerous blockchain ecosystems. By leveraging the power of smart contracts and blockchain technology, Bounce Finance provides a trustless and permissionless environment for conducting on-chain auctions, ensuring a secure and transparent process for both buyers and sellers. Bounce Finance offers a wide range of auction products, including Token & NFT Auction, Real-World Collectible Auction, and Ad Space Auction.
Bounce Finance users can now seamlessly participate in decentralized auctions on the zkSync Era network through Bounce Finance’s user-friendly platform. The integration of zkSync Era underlines Bounce Finance’s commitment to addressing the diverse needs within the rapidly expanding digital asset market and providing users with numerous benefits that ensure a seamless and rewarding auction experience.
Low Gas Fees
A major advantage of integrating zkSync Era is the substantially lower transaction fees. zkSync Era employs a robust ZK technology suite, which encompasses an LLVM-based Solidity compiler, a top-rated GPU prover, and soon, the pioneering Redshift proof system developed by Matter Labs. This sophisticated technology stack drives down the cost of an average transaction to just a fraction of a cent. Bounce Finance users can now take advantage of the low gas fees on zkSync Era and engage in more on-chain auctions through our App, together facilitating an inclusive, frictionless auction environment.
Another key feature of zkSync Era is mainnet-equivalent security without reliance on third parties. Among all scaling solutions, ZK Rollups stand out as the most secure. Leveraging the power of mathematical proofs, they completely absorb the security parameters of Layer 1, an essential characteristic when operating in highly competitive environments. This added security measure benefits Bounce Finance users by ensuring a safe and reliable platform for their auction activities, instilling confidence in the auction process and the overall ecosystem.
Faster Transaction Speed
zkSync Era pioneers the innovative idea of Hyperchains — autonomous ZK-chains on Ethereum, connected with a network of cost-efficient and fully trustless Hyperbridges. While the throughput of each distinct Hyperchain is determined by the capacity and degree of decentralization of its nodes, collectively, Hyperchains remove any limit on the total throughput achievable within the zkSync Era ecosystem. This unlimited throughput translates to accelerated transaction speeds, providing Bounce Finance users with a swift and efficient auction experience that significantly reduces waiting times, thereby enhancing the overall user interaction with the platform.
The integration of zkSync Era with the Bounce Finance protocol represents a pivotal advancement in our mission to provide Auction as a Service, the ultimate decentralized auction experience for our users. By leveraging zkSync Era’s low fees, robust security features and fast transaction speed, Bounce Finance sets a new standard in the decentralized auction space. We are excited to embark on this journey together with zkSync Era and look forward to exploring further possibilities to enhance and expand our platform.
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