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Crypto.com | 2

Research and Insights

Senior Research Analyst

William Wu PhD

Published on 3 Jul 2023

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RESEARCH DISCLAIMER
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Contents
Executive Summary 5

1. Introduction to ZK Rollups 6

2. Types of zkEVMs 11

2.1 Type 1 (Fully Ethereum Equivalent) 14

2.2 Type 2 (Fully EVM Equivalent) 14

Polygon zkEVM 15

Scroll 16

2.3 Type 3 (Almost EVM Equivalent) 17

2.4 Type 4 (High-Level-Language Equivalent) 18

zkSync 18

Starknet 21

3. Conclusion 23

References 25

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Executive Summary
● Zero-Knowledge rollups (ZK rollups) are still at a nascent stage, with the Layer-2
landscape currently dominated by optimistic rollups, such as Optimism and
Arbitrum. Nevertheless, ZK rollups like zkSync Era have been increasing in total
value locked (TVL), reaching US$668 million as of 30 June 2023, up by 660% from
$88 million on 1 April 2023.

● One of the obstacles blocking ZK rollups adoption is lack of full compatibility with
the Ethereum Virtual Machine (EVM). However, as the technology evolves,
various methods have emerged to achieve zkEVMs.

● Type 1 zkEVMs are fully and uncompromisingly Ethereum equivalent. They do

not change any part of the Ethereum system to facilitate proof generation.
However, this type of zkEVM needs a long time (in hours) for proof generation.

● Type 2 zkEVMs are fully EVM equivalent but do not meet the
Ethereum-equivalent criterion. In general, they are fully compatible with existing
applications; however, there are small modifications compared to Ethereum
(such as changes to data structures like the block structure and state tree) in
order to enable easier development and faster proof generation.

● Type 3 zkEVMs are almost EVM equivalent. In general, it is a transitional stage,

and projects typically move towards Type 2 by adding features like precompiles.

● Type 4 zkEVMs work by compiling smart contract source code written in a

high-level language (such as Solidity or Vyper) into a language that is ZK-SNARK
friendly. This means zkEVMs have very fast prover times, but their main
disadvantage is increased incompatibility.

● ZK rollups are promising in the long term given their high security and scalability.
The market for generating Zero-Knowledge (ZK) proofs is estimated to reach $10
billion by 2030.

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1. Introduction to ZK Rollups
It is well known that Ethereum has been suffering from scalability issues due to
high demand, causing gas prices to surge. Currently, Ethereum has reached the
network’s capacity of around 1-plus million transactions per day.

Hence, Layer-2 solutions have been developed to help improve the scalability of
blockchains. Layer-2 chains are built on top of Layer-1 blockchains (like
Ethereum and Bitcoin) and assist with scaling by handling some of the
transaction load from Layer-1 chains. This helps the base layer become less
congested.

Zero-Knowledge rollups (ZK rollups) are a class of Layer-2 solutions that bundles
transactions together to be executed off-chain, which reduces the amount of data
to be posted on-chain. The key feature of ZK rollups is producing validity
proofs to prove that the proposed changes to Ethereum’s state are correct.

Unlike optimistic rollups, which have to post all transaction data on-chain, ZK
rollups only need to provide validity proofs to finalise transactions (states) on
Ethereum. This leads to several benefits, such as having no delays when
withdrawing funds from a ZK rollup to Ethereum since exit transactions are
executed once the validity proof is verified. In contrast, users of optimistic
rollups have to wait at least seven days to confirm their funds are successfully
withdrawn.

A validity proof, also known as a Zero-Knowledge (ZK) proof, is a transaction

verification mechanism between the ZK rollup (to prove the correctness of its
off-chain execution) and Ethereum (which verifies the proof and applies the result
to its state).

ZK Rollups Terminology

Term Meaning

● Data that is included in external calls to smart

contract functions gets stored in calldata.
Calldata ● The calldata is subsequently published on the
blockchain, allowing the independent reconstruction
of the rollup’s state.
● The main contract of a ZK rollup stores rollup blocks,
tracks deposits, and monitors state updates.
On-chain contracts ● The verifier contract helps to verify ZK proofs
submitted by block producers.

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● The off-chain VM is the execution environment for

Off-chain virtual machine transactions on the ZK rollup and responsible for
(VM) transaction execution and state storage.
● The sequencer is the entity that executes
Sequencer transactions, aggregates them into batches, and
submits them to the L1.
As of 27 Jun 2023 Sources: Ethereum.org, Crypto.com Research

There are two main types of validity proofs: ZK-SNARK (Zero-Knowledge Succinct
Non-Interactive Argument of Knowledge) and ZK-STARK (Zero-Knowledge Scalable
Transparent Argument of Knowledge).

There are some technical differences between ZK-SNARK and ZK-STARK. For
instance, ZK-SNARKs require the creation of a Common Reference String (CRS),
which provides public parameters for proving and verifying validity proofs. This
CRS process has to be kept secure using trusted setups — if the information used
to create public parameters is leaked, malicious actors can use it to generate false
validity proofs. Nevertheless, ZK-SNARKs have benefits like small proof sizes
and constant time verification.

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ZK-STARKs are considered ‘transparent’ in the sense that they do not require the
trusted setup of a CRS. In addition, ZK-STARKs are faster than ZK-SNARKs for
proving and verifying large datasets, making them more scalable. One downside
of ZK-STARKs is that they produce larger proof sizes, which are more expensive to
verify on Ethereum. In addition, ZK-STARKs have higher specification requirements
for devices, as they need more intensive computation than ZK-SNARKs.

ZK-SNARKs vs ZK-STARKs

Metrics ZK-SNARKs ZK-STARKs

Size estimate for 1 TX: 200 bytes

45 KB
transaction (TX) Key: 50 MB

Size estimate for 10,000 TX: 200 bytes

135 KB
transactions (TX) Key: 500 GB

Ethereum verification gas

~600K ~2.5M
cost

Trusted setup required Yes No

Post-quantum secure No Yes

As of 14 Jun 2023 Sources: Matter Labs, ConsenSys, Crypto.com Research

In the table below, we list some of the main advantages and disadvantages of ZK
rollups.

Pros and Cons of ZK Rollups

Pros Cons

● The cost of computing and verifying

validity proofs is high and can
● Validity proofs guarantee the increase fees (though transaction
correctness of off-chain costs are expected to decrease with
transactions. more people using the ZK rollup
since the costs will be split amongst
more transactions).
● Faster transaction finality since ● Building EVM-compatible ZK rollups is
state updates are approved once considered difficult due to the
validity proofs are verified on L1 complexity of zero-knowledge
(this opens up more application technology.

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possibilities with ZK rollups, such as

low latency applications).
● Producing validity proofs requires
● High security due to reliance on
specialised hardware, which may lead
trustless cryptographic mechanisms
to centralised control of the chain by
for security.
a few entities.
● Stores data needed to recover the
off-chain state on L1, which ● Centralised operators (sequencers)
promotes security, can potentially influence the ordering
censorship-resistance, and of transactions.
decentralisation.
● Some proving systems (e.g.,
ZK-SNARKs) require a trusted setup to
● Users can withdraw funds from ZK
generate their cryptographic
rollups without delays.
parameters, which could potentially
compromise security.
As of 12 Jun 2023 Sources: Ethereum.org, Crypto.com Research

ZK rollups are still at a nascent stage, with the Layer-2 landscape currently
dominated by optimistic rollups, such as Optimism and Arbitrum. Nevertheless,
ZK rollups like zkSync Era have been increasing in total value locked (TVL),
reaching US$668 million as of 30 June 2023, up by 660% from $88 million on 1
April 2023.

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2. Types of zkEVMs
As shown in the above section, one of the obstacles blocking ZK rollups adoption
is their lack of full compatibility with EVM. However, with the development of the
technology, the industry has found ways to achieve the Zero-Knowledge Ethereum
Virtual Machine (zkEVM), which has begun to gain considerable adoption and
usage. For example, zkSync Era reached a high of 44,800 daily transactions on 25
March 2023, with the number stabilising between 15,000 to 20,000 in June 2023.

As its name implies, a zkEVM is an EVM-compatible ZK rollup, or even EVM

equivalent. This has many benefits, such as allowing developers to port over their
existing smart contracts without changing their code and enabling them to use
EVM tools they are familiar with.

EVM equivalence denotes that the experience of developing on the rollup is 100%
identical to the experience of developing on Ethereum. The Layer-1 smart
contracts can be directly ported over to the Layer-2 blockchain without breaking.

EVM compatibility is one step below EVM equivalence. For instance,

EVM-compatible chains might not be able to utilise the same tools and software
frameworks used on Ethereum. For chains not fully compatible, developers might

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also need to rewrite their smart contracts in order to port them over to an
EVM-compatible blockchain.

There are four types of zkEVMs, and each has their advantages and
disadvantages. Type 1 zkEVMs generally require complex engineering to
parallelise the prover in order to mitigate the long prover times. To date, Type 1
zkEVMs have not yet launched on the mainnet.

Currently, the most commonly used types of zkEVMs include Type 4 (zkSync Era,
Starknet) and Type 2 (Polygon zkEVM). Type 3 zkEVMs are considered a
transitional stage, where most projects will subsequently move towards Type 2.

In the table below, we compare the different types of zkEVMs in terms of their
type, TVL, mainnet launch date, and the token used for gas fees.

Comparisons of zkEVMs

Project TVL (USD) Type Mainnet Date Gas Fees

zkSync Era $668M Type 4 March 2023 ETH

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Polygon zkEVM $39M Type 2 March 2023 ETH

PSE Team — Type 1 — ETH

Taiko — Type 1 Early 2024 ETH

Linea
(formerly
— Type 2 Q2 2023 ETH
ConsenSys
zkEVM)

Scroll — Type 2 Q2 2023 ETH

As of 30 Jun 2023 Sources: Vitalik Buterin, Messari, L2BEAT, Crypto.com Research

During the past three months, both zkSync Era and Polygon zkEVM saw significant
growth on TVL, which surged by around 14.5x and 91x, respectively.

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2.1 Type 1 (Fully Ethereum Equivalent)

Type 1 zkEVMs are fully and uncompromisingly Ethereum equivalent. The key
features of Type 1 zkEVMs are provided in the table below:

Pros and Cons of Type 1 zkEVMs

Pros Cons

● Type 1 zkEVMs do not change any

part of the Ethereum system to
facilitate proof generation.
● The main disadvantage of Type 1
● They have perfect compatibility with
zkEVMs is the long time for proof
Ethereum and are able to verify
generation (using present
Ethereum blocks.
technology, the proofs take multiple
hours to produce), since many parts
● They are highly suited for rollups,
of the Ethereum protocol require a
since they allow rollups to re-use
large amount of computation to
infrastructure like Ethereum
ZK-prove.
execution clients (for generating
and processing rollup blocks), as
well as tools like block explorers.

As of 20 Jun 2023 Sources: Vitalik Buterin, Crypto.com Research

Teams currently building Type 1 zkEVMs include the Privacy & Scaling Explorations
(PSE) team, as well as Taiko. Both projects have not yet reached the mainnet stage,
with Taiko targeting to launch its mainnet in early 2024.

2.2 Type 2 (Fully EVM Equivalent)

Type 2 zkEVMs are fully EVM equivalent but do not meet the
Ethereum-equivalent criterion. In general, they are fully compatible with
existing applications; however, there are small modifications compared to
Ethereum (such as changes to data structures like the block structure and state
tree) in order to enable easier development and faster proof generation.

The key traits of Type 2 zkEVMs are:

Pros and Cons of Type 2 zkEVMs

Pros Cons

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● Type 2 zkEVMs still have perfect

equivalence at the VM level:
applications that work on Ethereum
● zkEVMs make changes to data
will still work on a Type 2 zkEVM
structures (such as block structure
rollup.
and state tree), which cannot be
accessed directly by the EVM itself;
● EVM debugging tools and most
hence, there is limited impact on
other developer infrastructure can
compatibility.
still be used on Type 2 zkEVMs.
● Ethereum execution clients cannot
● Type 2 zkEVMs have faster prover
be used as-is on Type 2 zkEVMs;
times than Type 1 since they
however, they can be used with
sacrifice Ethereum equivalence
some modifications.
through removing parts of the
Ethereum stack that are
complicated and ZK unfriendly.

As of 20 Jun 2023 Sources: Vitalik Buterin, Crypto.com Research

Polygon zkEVM
Polygon zkEVM (previously Polygon Hermez) is a Type 2 zkEVM. Since its mainnet
beta launch on 27 March 2023, it has experienced considerable growth in TVL,
increasing from $0.47 million on 28 March 2023 to $39.18 million on 30 June 2023.

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Polygon zkEVM offers Ethereum scalability with zkEVM performance and security.
At the time of writing, Polygon zkEVM has an average of 1.2 transactions per
second (TPS), a time-to-finality of around 2 to 3 seconds, as well as low fees of
around $0.03.

A unique feature of Polygon zkEVM is that it uses the Polygon Zero ZK proof
technology to achieve fast network finality with frequent validity proofs. Polygon
Zero is distinguished from other ZK scaling solutions due to its Plonky2
prover system, which supports efficient recursive proof generation. This allows
Polygon Zero to scale horizontally, such that the throughput of the protocol is
limited not by the weakest nodes on the network, but rather by the total
computing power available.

Scroll
Scroll is a Type 2 zkEVM on Ethereum that supports native compatibility for
Ethereum applications and tools. Scroll is currently at its Alpha Testnet phase,
which is one phase before mainnet.

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A unique feature of Scroll is its decentralised prover network, the Roller Network.
The network dispatches blocks to various provers with the help of a coordinator,
avoiding the single point of failure that is a potential drawback in centralised
systems.

In addition, Scroll is a bytecode-level zkEVM, which has the advantage of

simplifying the development process by interpreting EVM bytecode. This enables
developers to utilise existing EVM tools without having to rewrite code.

2.3 Type 3 (Almost EVM Equivalent)

Type 3 zkEVMs are almost EVM equivalent but sacrifice full EVM equivalence
in order to shorten prover times, as well as make the EVM easier to develop.

● Type 3 zkEVMs may remove some difficult-to-implement features in an

EVM implementation; for example, precompiles.

● In addition, there are some minor differences in how Type 3 zkEVMs

handle contract code, memory, or stack.

● A disadvantage of Type 3 zkEVMs is that some applications need to be

rewritten due to usage of precompiles or dependencies that the VMs
handle differently.

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In general, Type 3 is a transitional stage, and projects typically do not aim to

permanently stay as Type 3. In general, Type 3 zkEVMs transition to Type 2 by
incorporating outstanding features such as precompiles, thereby aiming to
achieve full EVM equivalence.

2.4 Type 4 (High-Level-Language

Equivalent)
Type 4 zkEVMs work by compiling smart contract source code written in a
high-level language (such as Solidity or Vyper) into a language that is
ZK-SNARK friendly.

The main advantage of Type 4 zkEVMs is very fast prover times, while the main
disadvantage is higher incompatibility.

Pros and Cons of Type 4 zkEVMs

Pros Cons

● Contracts may not have the same

addresses in a Type 4 zkEVM as they
● Directly compiling from high-level do in the EVM.
languages helps to greatly reduce
prover times, as it can avoid having ● Type 4 zkEVMs may not support
to ZK-prove all the different parts of handwritten EVM bytecode, which is
each EVM execution step. used by many applications for
efficiency.
● Compiling from high-level languages
helps to increase decentralisation ● A significant portion of debugging
since it lowers the barrier to be a infrastructure cannot be carried over
prover. to Type 4 zkEVMs since the
infrastructure may run using the
EVM bytecode.

As of 20 Jun 2023 Sources: Vitalik Buterin, Crypto.com Research

zkSync
zkSync is a ZK rollup that utilises cryptographic validity proofs to provide
scalable and low-cost transactions on Ethereum. With zkSync, the smart
contracts are written in Solidity or Vyper (same as Ethereum) and can be called
using the same clients as other EVM-compatible chains. Amongst the ZK rollups,
zkSync Era has the highest TVL, totalling US$668 million as of 30 June 2023.

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There are two versions of zkSync: zkSync Lite and zkSync Era. zkSync Lite is an
early version of the network without smart contract support, while zkSync Era
supports smart contracts.

The main workflow of zkSync Era rollup operations are as follows:

● A user creates a transaction or a priority operation (initiated on the

mainchain by an Ethereum account).

● The operator processes the request, then creates a rollup operation and
adds it to the block.

● After the block is complete, the operator submits it to the zkSync smart
contract, where portions of the logic of rollup operations is checked by
the smart contract.

● The proof for the block is submitted to the zkSync smart contract for
verification.

● Once the verification succeeds, the new state is considered final.

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There are various features of zkSync Era that help to increase its security and
usability:

● Due to its usage of ZK rollups, zkSync does not require any operational
activity to maintain safety of funds. For instance, users can go offline
and still withdraw their assets safely when they return, even if the ZK
rollup validators are no longer around.

● zkSync supports ETH and ERC-20 token transfers with instant

confirmations and fast finality on L1.

● Enables permissionless EVM-compatible smart contracts.

● Uses the standard Web3 API for greater compatibility.

● Preserves key EVM features like smart contract composability.

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Starknet
Starknet is a permissionless ZK rollup that supports general computation
and operates as an L2 network over Ethereum. Starknet smart contracts are
mainly written in the StarkWare Cairo language, which is a Turing-complete
programming language designed for STARK proofs.

At the moment, Starknet does not natively support EVM. However, Nethermind's
Warp project is in the process of building a compiler from Solidity to StarkWare's
Cairo, which will turn Starknet into a Type 4 zkEVM.

Starknet supported Cairo 1.0 contracts in its version 0.11.0 in March 2023; since
then, Starknet TVL has risen to $67 million as of 30 June 2023.

Some of Starknet’s key features and advantages include:

● It natively integrates account abstraction (AA), which enables the

combination of user accounts and smart contracts into a single type of
account.

● AA enables Starknet to support security mechanisms like social recovery

and multi-signatures (multisigs). It also increases convenience, as users
can opt to use facial ID or fingerprint login and would not need to use
their private keys to sign off on every transaction.

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● Starknet also has a natively available feature known as the ‘deadman

switch’. Users are able to utilise Starknet’s built-in coded logic to transfer
digital assets to other users when certain events occur.

Notably, Visa has proposed an automatic payments system using an account

abstraction method to set up automatic recurring payments. The system was
proposed to be deployed on Starknet due to its strengths in account abstraction.

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3. Conclusion
The main weakness of ZK rollups is their low compatibility with the Ethereum
Virtual Machine (EVM); the development of zkEVMs has significantly helped to
overcome this drawback. Each type of zkEVM has its advantages and trade-offs:
Lower-numbered types offer greater compatibility with existing Ethereum
infrastructure at the cost of slower proof generation, whereas higher-numbered
types, although less compatible with existing infrastructure, generate proofs
faster.

ZK rollups represent a new technology that is still in its nascent stage compared
with optimistic rollups. However, ZK rollups are promising in the long term given
their high security and scalability. Vitalik Buterin, co-founder of Ethereum, has said
that “in the long run, ZK rollup will eventually beat optimistic rollup because they
have basic advantages like users don't need to wait seven days for a withdrawal.”

ZK rollups have received a significant amount of funding in recent times. In May

2022, StarkWare, the creator of Starknet, raised $100 million in a Series D funding
round, reaching an $8 billion valuation. And in November 2022, Matter Labs, the
company behind zkSync, raised $200 million to scale Ethereum.

Notable Fundraisings

Project Amount (USD) Date

zkSync $200M November 2022

Starknet $100M May 2022

Scroll $50M March 2023

Taiko $22M June 2023

ZkLink $10M May 2023

As of 19 Jun 2023 Sources: Crypto.com Research

It has been projected that Web3 services will require almost 90 billion
Zero-Knowledge proofs to be executed in 2030, with market-wide completion of
83,000 transactions per second. For comparison, the Visa network processes up to
65,000 transactions per second. In addition, the market for generating
Zero-Knowledge proofs is estimated to reach $10 billion by 2030.

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Market for ZK Proofs in 2030

Metric Amount

Max L1 ZK proofs per Ethereum block 30

ZK blocks percentage penetration of

90%
Ethereum

ZK proofs per ZK block on Ethereum 810

ZK proofs per Ethereum block 21,870

ZK proofs per year on Ethereum 57.5B

ZK proofs settled on Ethereum

66%
(Percentage of total transactions)

Total ZK proofs 87.1B

Total ZK transactions 2,612B

Transactions per second 82,841

As of 20 Jun 2023 Sources: Aligned.co, Crypto.com Research

It has been estimated by Vitalik Buterin that ZK rollup technologies could take
“years of refinement”. In the meantime, it is likely there will be a lot of innovation
on the different paths to scaling Ethereum and Ethereum-based ZK rollups.

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Kessler, Sam, and Sage D. Young. “Ethereum's Rollup Race: What is a 'True' zkEVM?”
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Nijkerk, Margaux. “StarkNet's Account Abstraction Revolutionizes Crypto Wallet Security

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https://ethereum.org/en/developers/docs/scaling/zk-rollups/. Accessed 9 June
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