Blockchain

Matter Labs Intended To Launch Layer 3 Testnet In Q1 2023

In Q1 2023, Matter Labs will deploy a public testnet for an Ethereum scaling prototype named ‘Pathfinder,’ which might be the first Layer 3 network built on top of Ethereum.

Matter Labs is the Ethereum development company behind zkSync, an Ethereum Layer 2 network slated to launch this month. A Layer 2 network sits on top of the main Ethereum blockchain and improves scalability, allowing it to handle more transactions at a cheaper cost.

Once this is in place, the business wants to open its testing environment for the Layer 3 network Pathfinder, which seeks to give Ethereum even more benefits.

Layer 3s increases all of the benefits of Layer 2s while making major jumps in other critical scaling areas, according to zkSync Chief Product Officer Steve Newcomb, adding that this gain will allow Bitcoin technology to be used more widely.

“Pathfinder represents a special moment for Ethereum. Not one that’s only experienced by the few, but one where we get to see history being made together as an ecosystem on a public testnet.”

Pathfinder will be in a prototype form when it launches, available to the public in a testing environment. Anyone will be able to publicly experiment, investigate, and contribute to the creation of its new scaling solution as a result of this. It will also accept feedback from other Ethereum and crypto ecosystem participants.

According to Newcomb, another important advantage of Layer 3 networks is that they enable native bridging across blockchains.

When a user wishes to move tokens or money from one blockchain to another, they may do so without having to lock or send their tokens to a third-party bridging service.

Native bridging allowed by Layer 3s has the potential to address one of the industry’s major pain problems since billions of dollars have been stolen this year through the exploitation of non-native bridges between Layer 1 and Layer 2 blockchains.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.