It seems that the extremely exciting moves in the crypto space continue. Check out the latest reports about a first that everyone will see soon.
GRVT becomes first hyperchain in ZkSync
A new hybrid crypto exchange called GRVT (pronounced “gravity”) is set to launch as the first “hyperchain” in the zkSync ecosystem.
The exchange will combine the benefits of centralized and decentralized exchanges, and offer a Robinhood-like user experience with self-custodial features similar to those found in Uniswap-like exchanges.
Matter Labs, the developer of Ethereum Layer 2 zkSync, announced on Friday that GRVT will run as a Layer 3 Validium in the zkSync ecosystem, and will be the platform’s first “Hyperchain”.
Validiums are scaling networks that function similarly to Layer 2 network zk-rollups, but with encrypted data stored off-chain to protect users from front-running and market manipulation.
zkSync has opened the door to new use cases with platforms like GRVT, a Matter Labs spokesperson told The Block. “There is nothing like GRVT being built, not in the zkSync ecosystem nor outside of it,” they said.
“By being able to design and deploy custom hyperchains connected through hyperbridges, teams like GRVT’s can build entirely new use cases,” they added.
GRVT launch
The hybrid cryptocurrency exchange is set to release its closed alpha version in the following month, and the mainnet in the first quarter of next year. Its primary objective is to provide a lightning-fast transaction speed of up to 600,000 trades per second, with less than two milliseconds of latency, using zkSync’s horizontally scaling infrastructure.
“Horizontally scaling means to deploy additional underlying pairs as new hyperchains,” GRVT co-founder and CEO Hong Yea told The Block. “Say BTC/USDT perpetual futures is one hyperchain and so on. And we can look to add other infrastructure components like this as new hyperchains to scale throughout, as they can interoperate. This allows high-frequency traders to trade more efficiently with high transactions per second similar to a central exchange,” Yea said.
GRVT is backed by Matter Labs, CMS Holdings, and other investors.
It revealed raising $7.1 million in pre-seed and seed funding last month in an equity with a token warrant round at a $39 million post-money valuation, according to the online publication The Block.
GRVT’s token is expected to launch later in 2024.
