There are 42 days remaining until @zksync 2.0 is on mainnet.
@franklindao & @the_matter_labs have created a proposal to deploy @Uniswap V3 on zkSync.
This thread explores the benefits and consequences of the proposal in relation to performance and security.
1/ zkSync is a scaling and privacy engine for Ethereum.Its current functionality scope includes low gas transfers of ETH and ERC20 tokens in the Ethereum network, atomic swaps & limit orders, as well as native L2 NFT support.
2/ zkSync’s architecture lays its foundation on Zero Knowledge Proofs (ZKPs).
ZKPs enable an entity (the prover) to demonstrate to another entity (the verifier) that some computation took place without revealing underlying data or requiring the verifier to run the computation.
3/ For every zkSync block, a state transition zero-knowledge proof (SNARK) is generated and verified by the mainchain contract—SNARKs are a vital aspect of zkSync.
4/ zkSync is looking to support Uniswap’s multichain mission and expand cross-chain experiences by proposing the deployment of Uniswap V3 to zkSync 2.0 on behalf of the community, which has accrued large support in the Snapshot temperature check.
5/ zkSync would empower Uniswap's performance by allowing significantly lower gas fees and more transactions per second, among other benefits:
6/ Furthermore, deploying early to zkSync would help solidify Uniswap’s place as a top DEX. However, it is important to acknowledge the costs and security properties of such integration.
To explore so, this thread follows @SuccinctJT article on SNARK security and performance.
7/ The central security theme lies in SNARKs.zkSync has two default trustless bridges, one for ETH and one for ERC20 tokens, that support arbitrary message passing.A message's SNARK is secure when it is computationally infeasible to produce proof of the false message.
8/ In the context of zkSync and Uniswap, an attacker wishing to drain a certain pool would want to prove a false statement like: “I know a digitally signed transaction that transfers all ERC20 tokens in pool address to my own account.”
9/ zkSync uses RedShift SNARKs, which is described as an efficient instantiation of a potentially quantum-resistant transparent preprocessing zk-SNARK.
10/ "bits of security" refers to the logarithm of the amount of work that must be done to find convincing proof of a false message (a measure of the security level of a SNARK).