Close Menu
  • Home
  • Economic News
  • Stock Market
  • Real Estate
  • Crypto
  • Investment
  • Personal Finance
  • Retirement
  • Banking

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Homebuyers still have down payment misconceptions

June 30, 2025

VitaminAi Joins Forces with TrustyFi to Bolster Transparency in AI and Web3

June 30, 2025

Ethereum accumulation hits record high – Will ETH explode past $3K?

June 30, 2025
Facebook X (Twitter) Instagram
  • Contact Us
  • Privacy Policy
  • Terms Of Service
Monday, June 30
Doorpickers
Facebook X (Twitter) Instagram
  • Home
  • Economic News
  • Stock Market
  • Real Estate
  • Crypto
  • Investment
  • Personal Finance
  • Retirement
  • Banking
Doorpickers
Home»Crypto»Ethereum layer-2 ZKsync faces scrutiny from Solana co-founder
Crypto

Ethereum layer-2 ZKsync faces scrutiny from Solana co-founder

September 18, 2024No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

Solana co-founder Anatoly Yakovenko has expressed concerns about the governance structure of the Ethereum layer-2 network ZKsync, stating that it still operates like a multisig system despite claims of community-led governance.

Yakovenko took to X (formerly Twitter) to argue that ZKsync’s system could potentially be compromised by legal or technical control falling under the jurisdiction of a court, thus undermining its decentralization.

In his words:

“Enough of the token holders to create a quorum and enough of the ‘professional security council’ could be within reach of a rando US bankruptcy judge that could order all of them take all the bridged assets under control of a bankruptcy trust.”

These remarks were prompted by Alex Gluchowski, co-founder and CEO of Matter Labs, defending ZKsync’s new decentralized governance system, which he claimed was not a multisig setup and marked a significant move towards Stage 2.

Stage 2 signifies the transition from partial to full decentralization, where trust is solely placed in the blockchain’s code and algorithms to ensure openness, security, and resistance to manipulation.

It is worth noting that no Ethereum layer-2 network has yet achieved complete Stage 2 decentralization.

Decentralized governance

On Sept. 12, Gluchowski announced the launch of ZKsync’s governance system.

The system incorporates a three-body structure, including the ZK token assembly comprised of token holders who delegate voting power to delegates. These delegates can propose and vote on protocol, token, and governance upgrades.

As per the team:

“This is perhaps the most important facet of the system: token holders and their Delegates can initiate ordinary upgrades to the ZKsync protocol directly onchain, instead of relying on a single multisig.”

Furthermore, Delegates are protected legally through the ZKsync Association, a non-profit entity without ownership that addresses personal liability concerns.

The second component of the governance structure is the ZKsync Security Council, consisting of engineers, auditors, and security experts. The Council has the authority to review and approve protocol upgrades, freeze the protocol, and propose time-sensitive upgrades.

However, their power is limited as they cannot unilaterally submit and approve upgrades.

Lastly, the ZKsync Guardians ensure that governance proposals align with the principles of the ZK Credo. They hold veto power and act as a check on other governance bodies.

The three governance entities—the Token Assembly, Security Council, and Guardians—collaborate to review and implement proposals, such as ZKsync Improvements, Token Programs, and Governance Advisory changes. The Token Assembly can propose, which the Guardians can veto if necessary, and the Security Council must approve protocol upgrades.

Essentially, this structure prevents any individual or group from having unilateral control over proposals and upgrades.

cofounder Ethereum Faces layer2 scrutiny Solana ZKsync
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

VitaminAi Joins Forces with TrustyFi to Bolster Transparency in AI and Web3

June 30, 2025

Ethereum accumulation hits record high – Will ETH explode past $3K?

June 30, 2025

Algorand Adds Blockchain Technology to Paycode

June 30, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

Intel sells stake in chip designer Arm Holdings By Reuters

August 27, 20240 Views

McDonald’s misses Q2 estimates across the board, as consumers pull back on dining out

July 29, 20240 Views

Dollar surges and US bond yields jump as Donald Trump closes in on victory

November 6, 20240 Views
Stay In Touch
  • Facebook
  • YouTube
  • TikTok
  • WhatsApp
  • Twitter
  • Instagram
Latest
Real Estate

Homebuyers still have down payment misconceptions

June 30, 20250
Crypto

VitaminAi Joins Forces with TrustyFi to Bolster Transparency in AI and Web3

June 30, 20250
Crypto

Ethereum accumulation hits record high – Will ETH explode past $3K?

June 30, 20250
Facebook X (Twitter) Instagram Pinterest
  • Contact Us
  • Privacy Policy
  • Terms Of Service
© 2025 doorpickers.com - All rights reserved

Type above and press Enter to search. Press Esc to cancel.