ZKsync, a Layer-2 scaling network that aims to increase speed and decrease gas fees on the Ethereum blockchain, today announced the listing of its native ZK token on Upbit, a major cryptocurrency exchange based in South Korea and Asia. The listing of the ZK token on the Upbit exchange is essential as it exposes the cryptocurrency to international communities, including institutional investors and retail customers.
ZKsync uses zk-rollups (zero-knowledge rollups) and ZKPs (zero-knowledge proofs) technologies to enable rapid, low-cost transactions while maintaining Ethereum’s security, allowing users (businesses and individuals) to transfer assets and financial applications seamlessly and cost-effectively across Layer-1 chains and Layer-2 networks. Since its launch in 2020, ZKsync has continued to scale Ethereum without sacrificing the blockchain’s decentralization or security. Through the use of ZK-rollups and ZKPs technologies, ZKsync bundles numerous transactions into a single transaction; as a result, it increases transaction speed while decreasing the fees that customers have to pay. Its TVL, which currently stands at $39.87 million (according to DeFIllama’s data), shows ZKsync’s traction and popularity among crypto users.
ZKsync Unlocks Liquidity with Upbit Listing
The listing of ZKsync’s native ZK token on Upbit’s crypto exchange is a substantial step for the Layer-2 network, as the move is set to massively unlock the cryptocurrency’s access for millions of Upbit users.
Founded in 2017, Upbit has become the largest crypto exchange in South Korea in terms of user base and trading volume, providing a wide variety of crypto trading pairs, NFTs, and staking services to customers. The platform rapidly rose to prominence in the Asian digital asset market and expanded its services globally, including the US, due to its strong fiat integrations and regulatory approvals.
Upbit’s move to list the ZK token on its exchange is a vote of confidence in ZKsync’s cryptocurrency. Upbit has stringent standards for crypto tokens it supports, evaluating factors like security, regularity adherence, and long-term viability. Its decision to list ZK is a strong testimony of ZKsync’s decentralized network, as the listing is set to expand the token’s accessibility, liquidity, and credibility to the wider crypto community worldwide. For ordinary customers, the listing simplifies the process of purchasing, holding, selling, and trading ZK, widening the token accessibility, an essential catalyst for mainstream adoption.
ZK Displays Bullish Momentum as the Fed Injects Liquidity
ZK’s listing on Upbit is a further boost to the cryptocurrency’s ongoing uptrend amid the new year. ZK’s price, which currently trades at $0.03805, has been up 20.9%, 30.9%, and 18.2% over the past 24 hours, seven days, and 30 days, respectively. This is a reflection of renewed investor enthusiasm being noticed in the large cryptocurrency market since the dawn of the new year.
Today, Bitcoin and Ethereum currently stand at $93,831 and $3,237, up 8.40% and 6.80% in the past week, respectively, and several other tokens show green. The bullishness comes after the US Federal Reserve injected $27.3 billion into the banking systems to bolster markets’ liquidity five days ago.
