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To sufficiently decentralize the protocol, the Ethereum layer 2 network ZkSync introduced ZK Nation, an initiative where communities, security experts, and technical experts collaborate to maintain and grow the ZKSync ecosystem.
According to the blog post, this news comes before the team shares more details about “ZkSync’s protocol token allocation” later this week. The network, which is now focused on privacy, said ZK Nation will oversee three main departments that will be responsible for all network-related activities:
The ZkSync Token Assembly will be a community-driven initiative with the primary goal of participating in the on-chain governance of the protocol. This includes submitting proposals, voting on proposals, and delegating votes.
“Through ZK Nation’s on-chain governance framework, the ZKsync protocol token is designed to allow token holders to delegate, propose, deliberate, and vote on protocol upgrades.” I read your blog post.
ZkSync Guardians embody the principles of the ZK Credo. Members will have the ability to take action to protect the protocol, including taking emergency action and refusing to take action. Initially, five individuals will assume the role of ZKsync Guardian. Their identities will be revealed later.
The ZkSync Security Committee will be the third pillar of this plan. It is comprised of cybersecurity experts, engineers, and auditors. They will provide a technical review of the upgrades presented at the token assembly. You will also have the power to suspend the entire protocol or parts of the protocol to combat threats posed by serious bugs and exploits. At launch, 12 individuals will be in this group.
More details about the token airdrop, token allocation, ZK Nation’s governance structure, and user participation will be released in the coming weeks.
Last week, Matter Labs, the company behind ZkSync, withdrew its trademark application for the term “ZK” after facing heavy backlash from competitors and the public.
Over the past 30 days, ZkSync Era’s transaction success rate has been over 98%, with a median transaction fee of $0.02. Additionally, Dune queries generated by the Matter Labs team showed that the total number of unique addresses exceeded 6.85 million.
This drastic reduction in transaction fees can be attributed to the Dencun upgrade applied to the Ethereum mainnet on March 13th.
ZkSync Era Total Value Locked (TVL) is up 36% since the beginning of the year. According to L2BEAT, TVL increased from $602.75 million at the start of the year to $819.68 million.
Edited by Stacey Elliott.
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