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In a bid to sufficiently decentralize its protocol, Ethereum layer-2 network ZkSync has introduced ZK Nation, an initiative where the community, security experts, and technical experts will work in tandem to maintain and grow the ZKSync ecosystem.
The news come ahead of the team sharing more details later this week about "ZkSync’s protocol token allocation," according to the blog post. For now, the privacy-focused network said its ZK Nation will oversee three major divisions, which will be responsible for all network-related activities.
ZkSync Token Assembly will be a community-driven initiative whose primary objective is to participate in the on-chain governance of the protocol. These will include putting forth proposals, voting on proposals, delegating votes, and more.
“The ZKsync protocol token, through ZK Nation's onchain governance framework, is designed to empower token holders to delegate, propose protocol upgrades, deliberate, and vote.” The blog post read.
ZkSync Guardians will embody the principles of ZK Credo. Its members will have the ability to enforce actions to safeguard the protocol such as taking emergency actions, vetoing actions, and more. Initially, five individuals will take on the mantle of being a ZKsync Guardian. Their identities will be revealed later.
The ZkSync Security Council will be the third pillar of the initiative. It will consist of cybersecurity professionals, engineers, and auditors. They will provide technical reviews of the upgrades put forth by the Token Assembly. Further, they will have the power to halt the entire protocol or parts of the protocol in order to combat threats arising from critical bugs and exploits. At launch, twelve individuals will be part of this group.
More details regarding the token airdrop, token allocation, governance structure of ZK Nation, and user participation will be unveiled in the coming weeks.
Last week, Matter Labs, the company behind ZkSync, withdrew its trademark application for the term “ZK” after it faced severe backlash from its competitors and from the public.
In the past 30 days, ZkSync Era had a transaction success rate of over 98%, while the median transaction fee stood at 0.02$. Further, the total unique addresses exceeded 6.85 million, according to a Dune query created by the Matter Labs team.
This rapid decrease in transaction fees can be attributed to the Dencun upgrade, which went live on the Ethereum mainnet on March 13.
ZkSync Era Total Value Locked (TVL) shot up by 36% since the beginning of the year. Its TVL rose to $819.68 million from $602.75 million at the start of the year, according to L2BEAT.
Edited by Stacy Elliott.