Ethereum’s zkSync Network Temporarily Halts Transactions to Support Shapella Upgrade

According to reports, in order to cooperate with the upgrade of Ethereum Shapella, the second tier network zkSync of Ethereum has previously stopped zkSync Era and zkSync Lite deposit/withdrawal transactions.

ZkSync: zkSync Era and zkSync Lite deposit and withdrawal funds have been restored

Ethereum’s zkSync, a leading second-tier scaling solution, has temporarily stopped zkSync Era and zkSync Lite deposit and withdrawal transactions. The move comes in support of Ethereum Shapella, an impending upgrade of Ethereum’s Layer 1 blockchain.

What is Ethereum Shapella?

Ethereum Shapella, also known as EIP-1559, is a planned upgrade to Ethereum’s Layer 1 blockchain. The upgrade aims to introduce several improvements to Ethereum’s fee market, which has been a source of concern for many users and developers.
One of the key features of Ethereum Shapella is the introduction of a base fee that is burned when transactions are executed. This is expected to reduce the problem of high transaction fees, which have been a persistent issue on the Ethereum network.

What is zkSync?

zkSync is a second-tier scaling solution for Ethereum. It utilizes zero-knowledge proofs to provide users with fast and low-cost transactions on the Ethereum network.
In comparison to Ethereum’s Layer 1 blockchain, zkSync can process transactions at a fraction of the cost and with significantly faster execution times. This makes it an attractive solution for users and developers looking to build dApps and other blockchain applications on Ethereum.

Why Has zkSync Halted Transactions?

According to reports, the team behind zkSync has temporarily halted deposit and withdrawal transactions in order to support Ethereum Shapella. The move comes as a precautionary measure to ensure that users do not end up with coins or tokens that are incompatible with the new upgrade.
Although the timeline for the update is not yet known, it is expected that Ethereum Shapella will be implemented sometime later this year. zkSync is working to make the transition as smooth as possible for its users, and has assured them that their funds are safe and secure.

What Does This Mean for Ethereum and zkSync Users?

Ethereum Shapella is a much-anticipated upgrade that is expected to improve the efficiency and usability of the Ethereum network. The move by zkSync to halt transactions is a proactive step that will help ensure a smooth transition for its users.
In the meantime, users can continue to use zkSync for other purposes, such as trading on decentralized exchanges or making payments on dApps that support zkSync. Once the upgrade is implemented, users will be able to resume deposit and withdrawal transactions on the network.

Conclusion

Ethereum Shapella is an upgrade that promises to bring significant improvements to the Ethereum network. The team behind zkSync has taken a proactive step to support the upgrade by halting deposit and withdrawal transactions. This move will help ensure a smooth transition for its users, and is a testament to the commitment of the Ethereum ecosystem in delivering innovative and scalable solutions.

FAQs

1. What is Ethereum Shapella?
Ethereum Shapella is a planned upgrade to Ethereum’s Layer 1 blockchain that aims to introduce several improvements to Ethereum’s fee market.
2. What is zkSync?
zkSync is a second-tier scaling solution for Ethereum that utilizes zero-knowledge proofs to provide users with fast and low-cost transactions on the Ethereum network.
3. Why has zkSync halted transactions?
zkSync has halted deposit and withdrawal transactions in support of Ethereum Shapella to ensure that users do not end up with coins or tokens that are incompatible with the new upgrade.