MRHB DeFi Partners Ethereum Scaling and Privacy Engine zkSync to Power Halal DeFi Platform
MRHB DeFi the world’s first inclusive and ethical DeFi platform is integrating the Ethereum scaling solution zkSync, developed by software experts Matter Labs.
The move will mean that the MRHB DeFi ecosystem will benefit from the low fee transactions zkSync enables, while developers will be able to utilize zkSync technology on the platform’s architecture to improve efficiency, speed, scalability, security and privacy.
ZK RollUp solves Ethereum Scalability with Zero Security Compromises
zkSync is an innovative technology that is already live on the Ethereum mainnet. It allows for extremely low transaction fees, relies on a trustless protocol, and keeps funds cryptographically secure. Transactions use zero-knowledge proofs and on-chain data availability to keep users’ funds safe, with computation and storage being performed off-chain.
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“At Marhaba, we strongly believe zkSync will lead the way as a zk-RollUp solution for Ethereum,” said Deniz Dalkilic, CTO of MRHB DeFi. “Given its ability to fully support Solidity, fast finality with low fees while having the ability to secure unlimited amounts of TVL ($), it makes it the perfect L2 solution for DeFi.”
Built on ZK Rollup architecture, zkSync ensures that it strictly inherits the security guarantees of the underlying L1. Unlike sidechains, Rollup validator(s) can never be corrupted. Smart-contract friendly, exchange friendly, the technology allows for contract-interoperability and atomic swaps on different exchange protocols and even includes native support for NFTs.
MRHB CTO Dalkilic highlighted that Vitalik Buterin has declared that “in the medium to long term, ZK rollups will win out in all use cases as ZK-SNARK technology improves.”
The technology is already in use by a wide range of leading blockchain projects, including Curve, Argent, and Balancer, and was supported in its ecosystem funding round by leading names in the blockchain space, including Binance, Huobi, Coinbase and many more.
An Ethical and Inclusive DeFi Vision
MRHB DeFi was founded with a vision of providing greater access to the growing opportunities and utilities of the cryptoverse for excluded and cautious communities, and has a particular focus on delivering faith-based DeFi services which adhere to the ethical investment and financing principles rooted in Islamic Finance, many of which align with the United Nations Sustainable Development Goals. Such business practices include those that avoid interest, usury, social exploitation and other acts deemed unethical as well as support sustainability, asset/utility backed financing, transparency and equitable risk/reward sharing.
With the Islamic Finance industry sized at around USD 3 trillion of assets, bringing even a small portion of Shariah-sensitive liquidity into DeFi will represent a major boost to the total value of the DeFi sector worldwide.
MRHB DeFi has also received strategic investments from Blockchain Australia, Mozaic, Contango Digital Assets, NewTribe Capital, Sheesha Finance, Acreditus Partners and EMGS Group.
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