One of the main reasons for utilizing zkSync in the Basilisk protocol is to address the scalability challenges faced by Ethereum's Layer-1. zkSync is a Layer-2 scaling solution that leverages advanced zero-knowledge (ZK) technology to improve the performance and capabilities of the Ethereum network. Here are some key benefits of using zkSync:
Scaling Freedom: zkSync significantly enhances the transaction throughput of the Ethereum network, allowing it to process more transactions per second (TPS). This improvement helps to accommodate the growing demand for decentralized finance (DeFi) services and other Web3 applications.
Hyperscalability: To meet the exponential growth of Web3, blockchains need to scale similarly to the internet, handling a virtually unlimited number of transactions without compromising security or incurring additional costs. zkSync's Layer-2 solution offers this level of scalability, ensuring the platform can cater to a rapidly expanding user base.
Security++: Among the various scaling solutions available, ZK-rollups, like zkSync, are unique in their ability to inherit 100% of Ethereum's security. This means that even as the network scales, users can still enjoy the same level of security they have come to expect from Ethereum's Layer-1.
By building the Basilisk protocol on top of zkSync, the platform effectively addresses the scalability challenges commonly associated with Ethereum, without compromising on security. As a result, Basilisk is able to deliver a seamless, efficient, and secure borrowing and lending experience for its users.