Affair Labs has appear a major new funding round to farther develop the second version of its Ethereum-based rollups, zkSync.

On Mon, Thing Labs announced it had secured $50 million in a Series B circular led past Andreessen Horowitz and included participation from existing investors Placeholder and Dragonfly Capital. The new round follows Matter Labs' $vi million Series A in Feb and saw participation from many new investors including Crypto.com, ConsenSys and OKEx.

The new cash injection volition exist channeled into farther developing zkSync v2, the firm'south second-layer rollups solution for Ethereum that is currently focussed on facilitating depression-cost payments.

Rollups are a second-layer scaling solution that "rolls up" transactions data in batches for more than efficient processing on Ethereum's layer-1. Matter'southward zkSync solution uses nix-cognition proofs to minimize the information held in these bundled transactions and thus reduce the calculating and storage resources required to validate blocks

zkSync v2 will build on the current iteration by supporting Ethereum Virtual Machine (EVM) composable smart contracts. Dan Boneh, Professor of Computer science at Stanford, explained:

"zkSync will enable Ethereum transactions at a much higher rate and lower gas fees than mainnet. The math used past Matter Labs is really quite cute, and it is remarkable to see this coming to fruition at a massive scale then soon."

The first version of zkSync v2 is currently live on testnet with a port of Uniswap v2 dubbed "UniSync," with which users can experiment. The platform has processed more than than two million transactions since launching in June.

Related: Ethereum layer-twos reportedly processing more transactions than Bitcoin

Thing Labs was an early proponent of rollups, having launched the commencement-ever public zk-Rollup prototype in early 2022.

Ethereum co-founder Vitalik Buterin is confident that layertwo solutions such every bit zkSync will solve the network's scaling bug until sharding is rolled out sometime in late 2022.

In a blog mail service in January, Buterin predicted that zk-Rollups volition emerge as Ethereum's dominant scaling solution over "the medium to long term in all use cases."