Ethereum

<p>GRVT, the hybrid crypto exchange incorporated in the British Virgin Islands, is all set to debut as zkSync’s inaugural “hyperchain,” marking a significant milestone in the zkSync ecosystem’s evolution.</p><p>zkSync represents Ethereum’s second layer solution offering cheaper and faster transactions.</p><h2 id="header-0">Combining CEX and DEX qualities</h2><p>Pronounced “gravity,” GRVT is an innovative platform that attempts to seamlessly blend the advantages of centralized and decentralized exchanges. It promises users a Robinhood-like experience while integrating self-custodial features akin to Uniswap-style exchanges. Matter Labs, the developer brains behind zkSync, <a href="https://www.theblock.co/post/258727/hybrid-crypto-exchange-grvt-zksync-hyperchain" rel="noopener noreferrer nofollow">shared</a> news of GRVT&#39;s imminent project milestone in an interview with The Block.</p><p>The introduction of GRVT as the first Hyperchain within the zkSync ecosystem has broadened the horizons of potential applications for this technology, according to Matter Labs. The project stated:</p><p>“There is nothing like GRVT being built, not in the zkSync ecosystem nor outside of it. By being able to design and deploy custom hyperchains connected through hyperbridges, teams like GRVT’s can build entirely new use cases.”</p><p>The ability to design and deploy custom hyperchains connected via hyperbridges opens the door to entirely new use cases, affording projects like GRVT the freedom to explore innovative possibilities.</p><h2 id="header-1">A layer 3 Validium</h2><p>GRVT will play a role as a Layer 3 Validium within the zkSync ecosystem. Validiums are Ethereum scaling networks that bear similarities to zk-rollups found in Layer 2 solutions. The critical differentiator is in how they handle data. Zk-rollups maintain data on-chain, whereas Validiums securely store it off-chain. This approach enhances user security by safeguarding against front-running and market manipulation.</p><p>GRVT’s alpha version is set to make its debut next month, followed by the mainnet release in the first quarter of the upcoming year. Promising a transaction speed of up to 600,000 trades per second and less than two milliseconds of latency, GRVT leverages zkSync’s “horizontally scaling” infrastructure to deliver enhanced performance.</p><p>Explaining the concept of horizontally scaling, Hong Yea, GRVT’s co-founder and CEO, told The Block:</p><p>“Horizontally scaling means to deploy additional underlying pairs as new hyperchains. Say BTC/USDT perpetual futures is one hyperchain and so on. And we can look to add other infrastructure components like this as new hyperchains to scale throughout, as they can interoperate. This allows high-frequency traders to trade more efficiently with high transactions per second similar to a central exchange.”</p><h2 id="header-2">Token launch</h2><p>GRVT enjoys the backing of CMS Holdings, Hong Kong’s digital assets wealth manager Metalpha, alongside Matter Labs and others. Yea founded the company alongside CTO Aaron Ong and CCO Matthew Quek. Although incorporated in the British Virgin Islands, the firm employs people who are based in Hong Kong, the UK, Lithuania, and Singapore.</p><p>It recently disclosed that it had successfully <a href="https://grvt.io/blog/grvt-raises-funds-at-39-million-valuation-to-build-hybrid-crypto-exchange/" rel="noopener noreferrer nofollow">raised</a> $7.1 million in pre-seed and seed funding in an equity with a token warrant round, achieving a $39 million post-money valuation. The launch of GRVT’s token is anticipated in 2024.</p><p>GRVT is also making a concerted effort to obtain trading licenses in various jurisdictions. Currently, it has attained a virtual asset service provider (VASP) license in Lithuania, with work ongoing to achieve licensing in Bermuda. The firm hopes to then expand in Europe and the Middle East going forward.</p>

GRVT Debuts zkSync’s Inaugural ‘Hyperchain’

Table of Contents

CoinNess Global

Other articles published on Oct 24, 2023

Soluna Achieves Record Low Power Costs Paving the Way for AI Computing at Project Dorothy

Bitcoin closes in on Buffet’s Berkshire Hathaway as ‘rat posion’ overtakes Tesla by market cap

MicroBT Ushers in a New Era with Energy-Efficient Whatsminer M60 Series

Daily Analysis: BTC, ETH, FIL, INJ, MINA

Bitcoin price surges as ETF anticipation grows: analysis and forecasts

Bitcoin and Ethereum Price Surge as Bullish Momentum Gains Steam

Join our free newsletter for daily crypto updates!