Matter Labs, the organization behind Ethereum layer 2 scaling protocol zkSync, has announced a $200 million decentralized autonomous organization (DAO) backed by BitDAO, a DAO-directed treasury with a balance of more than $2.6 billion.
- The new zkDAO will use the capital to help expand the zkSync ecosystem through public goods and infrastructure, security frameworks, research and development grants, and investments in other crypto organizations.
- A zero-knowledge rollup launched in 2019, ZkSync works to ease the congestion and high fees caused by scalability issues on the main Ethereum blockchain.
- “This proposal will not only benefit the collective Ethereum scaling effort but will provide tremendous value to the BitDAO ecosystem, which continues to act as a leading force across industries as it creates entirely new purpose-built DAOs that also need to scale effectively on-chain,” said Jonathan Allen, head of Mirana Ventures and a BitDAO contributor, in a statement.
Read more: Andreessen Horowitz Leads $50M Funding Round for Matter Labs