Syscoin to “forgo encorcing a token model” in launch of Layer 2 rollup suite

Rick Steves

“There has recently been renewed interest in the security and scalability aspects of Optimistic rollups that have forced us to take another look at this technology even though we strongly believe in ZK-Rollups.”

Syscoin has announced the upcoming launch of Rollux, an in-house Layer 2 rollup suite that offers projects running on the Syscoin Platform, either natively or across a bridge, with the scaling solutions they need to offer Web3 services.

The Rollux Suite will be launched as a not-for-profit product of the Syscoin Foundation, which will se Syscoin “forgo enforcing a token model so often seen in competitors, which only forces unnecessary fees and adds extra costs for users and friction to adoption”, said the blockchain project co-founded and led by Dan Wasyluk.

Syscoin was founded in 2014 to launch a NEVM blockchain that combines the best of Bitcoin and Ethereum in a single coordinated modular platform. Prior to the Rollux Suite, Syscoin launched its NEVM Layer 1 back in December 2021.

Security and scalability of Optimistic rollups

Jagdeep Sidhu, Lead Developer of Syscoin, commented: “There has recently been renewed interest in the security and scalability aspects of Optimistic rollups that have forced us to take another look at this technology even though we strongly believe in ZK-Rollups. One of these reasons is code-base maturity: Optimistic rollups are already more mature than ZK because a Zk-EVM is yet to be released and tested in the wild. We also believe that with direct EVM equivalence such as Nitro and Cannon technologies, we can unlock performance and scale that will advance the space and likely give a window of a few years before ZK-Rollups will be as efficient.”

Syscoin promises to provide the speeds akin to Web2, but with the decentralization and economic feasibility made possible through the fusion of the best of Bitcoin and Ethereum.

Sysocin Rollux, a white glove service whose Optimistic rollups will offer Layer 2 capabilities upon its release, will initially employ Optimistic rollups followed by ZK rollups once they realize maturity.

The project says it will be one of the first teams to launch with Bedrock/Cannon technology and once coupled with Syscoin’s PoDA, it will be the most efficient, cost-effective, scalable and secure Layer 2 in existence. Syscoin’s NEVM also intends to be the first to utilize Proof-of-Data Availability (PoDA), designed by lead developer Jag Sidhu.

Network fees will be payable in SYS tokens and the network is run as a non-profit to create an efficient path towards mass adoption. To keep fees cheap, Syscoin uses DAOSYS and its treasury to cover costs.

Syscoin Rollux pledges to be the edge of scaling tech for Solidity-based smart contracts and, since its NEVM chain is EVM-compatible, it intends to be a tool “to onboard projects from Ethereum who can all benefit from being secured by Bitcoin’s security at scale with the miniscule fees inherent to the Syscoin Platform”.

Read this next

Retail FX

Axi extends partnership deal with Manchester City

FX broker Axi, previously known as AxiTrader, has renewed its flagship sponsorship deal with soccer giant Manchester City.

Digital Assets

Russia delays digital ruble pilot to May

Russia has postponed its central bank digital currency (CBDC) pilot indefinitely, which was originally scheduled for April 1, as it awaits specific legislation to be voted before the “crypto ruble” trial.

Executive Moves

Scope Markets promotes James Hughes to head of marketing

Belize-based FX and CFDs brokerage Scope Markets has promoted James Hughes, who until recently was its head of brand, to take on an expanded role as the company’s global head of marketing.

Retail FX

Fraudsters clone Financial Commission’s website, two ex-members under suspicion

The Financial Commission, an industry-specific dispute resolution service that caters to the financial services industry, today announced that it believes a clone website has been impersonating its membership roster.

Retail FX

CMC Markets warns of operational challenges in Q1

CMC Markets PLC (LSE:CMCX) said in a trading update for the fiscal year 2023 that February and March posed a more challenging environment with lower equity volumes and a higher proportion of lower margin institutional trading activity.


Why Is Digital PR So Important for Financial Service Providers? Buzz Dealer’s CEO Uri Samet with the Answers

Digital PR is all about spreading your message faster, wider, and stronger in the online world, through proper SEO, link-building, and organic and paid social media work.

Inside View

Why And How Are Virtual Cards Disrupting The Finance Industry

Virtual cards have the potential to revolutionize the finance industry by providing faster and more secure payments, wider acceptance, and eco-friendliness.


Sweat Economy’s Oleg Fomenko on upcoming launch of Move-to-Earn app in the US

With the crypto winter’s biggest hurdles seemingly behind us as the prices of Bitcoin et al. climb the charts again, the Web3 economy is preparing for the next phase.

Industry News

OptionMetrics acquires Woodseer to add dividend forecast data for equities

“The addition of Woodseer’s product suite will enhance our ability to serve financial market stakeholders and academic institutions in their analysis of equity market performance and risk.”