Arbitrum has teamed up with modular layer-1 network zkVerify to make zero-knowledge proof verification faster for blockchain developers.
Proof verification on Arbitrum (ARB) is about to become more efficient and cost-effective as zkVerify has integrated with the layer-2 solution, reducing verification costs by 91%, crypto.news can exclusively report.
Zero-knowledge proofs let users verify information without exposing sensitive details, but they can be expensive and slow to process. By offloading this task to zkVerify, Arbitrum developers and users gain faster verification and lower costs.
For instance, the integration allows decentralized finance users to prove creditworthiness with reduced fees, while DAOs can verify votes “in hours rather than days,” the press release reads. Nina Rong, head of partnerships at Arbitrum Foundation, says zkVerify’s integration with Arbitrum demonstrates how the technology can support advanced privacy solutions.
“This advancement showcases the ability of Arbitrum’s infrastructure to enable sophisticated zero-knowledge applications while maintaining exceptional cost-effectiveness and performance.”
Nina Rong
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For testnet use only, for now
Rob Viglione, co-founder and CEO of Horizen Labs, the team behind zkVerify, called the partnership a “significant step forward for both platforms,” saying it enables Arbitrum developers to create “more sophisticated applications while maintaining the speed and cost advantages that make Arbitrum attractive.”
As of press time, the solution is live on Arbitrum’s testnet only, with a mainnet launch planned for Q2, the press release reads.
The partnership comes as Arbitrum’s ecosystem grows, potentially positioning the token for a bullish breakout. As crypto.news reported earlier, the number of active addresses on the Arbitrum network has recently surged by 77% to 2.43 million, per data from Nansen. The boost has pushed transactions up by 35%, with fees increasing by 182% to over $1 million.
With this surge in activity, Arbitrum has formed a falling wedge pattern, where two converging trendlines are nearing their confluence. This could signal a potential rebound, pushing the price to $1.2470, the upper side of the cup-and-handle pattern, a 76% increase from current levels. Measuring the depth of the cup suggests the price could rise to $2.13. However, a drop below the support level at $0.4626 would invalidate the bullish outlook.
Read more: South Korea’s Lotte Group to leverage Arbitrum blockchain for its metaverse
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