Education

ETH deposits and withdrawals now available on zkSync Era!

Published on November 20, 2023

We’re thrilled to announce that Kraken now supports deposits and withdrawals of Ethereum (ETH) on zkSync Era!

What is zkSync Era?

zkSync Era is an Ethereum virtual machine-compatible Layer-2 rollup protocol by Matter Labs. Formerly known as zkSync 2.0, the project rebranded to zkSync Era in February, 2023. ZkSync Era employs zero knowledge (ZK) rollups to significantly improve Ethereum’s transaction throughput capabilities and lower fees.

Era ZK rollups work by batching together transactions and verifying their validity off-chain (separate from Ethereum’s blockchain). An operator produces a single cryptographic proof, known as a succinct non-interactive argument of knowledge (SNARK), for the block of transactions and submits it on-chain to the Ethereum blockchain.

Unlike other Ethereum Layer-2 protocols, zkSync is EVM-compatible, meaning it can easily integrate with Ethereum’s existing ecosystem of projects and decentralized applications.

Funding

ETH funding using zkSync Era is already live. You can transfer Ethereum (ETH) to your Kraken account by navigating to Funding, selecting ETH and in the drop-down box the desired deposit method (network): zkSync Era.

Note: as a security measure during the alpha phase, 7,200 confirmations (typically 24 hours) on layer 1 are required before the funds are available for trading.

Got ETH on zkSync Era? ⤵️

Here’s what you need to know about the assets

Ethereum (ETH) is a global, open-source platform for decentralized applications. Ethereum is a marketplace of financial services, games and apps that is trustless, decentralized and secure. ETH is the cryptocurrency powering the Ethereum network. It’s used to pay for transactions, as a store of value or peer-to-peer payment method, or as collateral to generate entirely different crypto tokens that run on Ethereum.

Learn how to add ETH to your crypto portfolio with our Learn Center article How to Buy Ethereum (ETH).

Ready to deposit but don’t have a Kraken account yet? Sign up today!

Will Kraken make more assets available?

Yes! But our policy is to never reveal any details until shortly before launch – including which assets we are considering. All of Kraken’s available tokens can be found here, and all future tokens will be announced on Kraken’s blog and social media profiles. Our client engagement specialists cannot answer any questions about which assets we may be making available in the future.

Trade with caution

There is no guarantee that a limit order will execute. There is also no guarantee a market order will execute at a certain price. The availability and liquidity of the particular digital asset will impact these types of orders.