🔎 币研究 — ZKsync（ZK） — 2026年2月20日

TL;DR

• Idea: ZKsync 是一个与 EVM 兼容的 zkRollup Layer 2 扩容解决方案，为以太坊提供低费用和高吞吐量，通过零知识证明实现
• Catalyst: 模块化架构（ZK Stack），高性能证明器（Airbender），强力风投 backing（a16z、Dragonfly、Blockchain Capital），扩展 Elastic Network，即将推出的治理收入模型
• Risks: 来自 Arbitrum 与 Optimism 的激烈竞争，空投后 TVL 与活跃地址下降，未来解锁可能增加卖压
• Score: 7.00/ 10

Coin

• Name/ Ticker: ZKsync (ZK)
• Segment: Layer 2
• Status: live
• Price: $0.019850

Key Metrics

• Market Cap: $249 026 975
• FDV: $595 029 319
• Circulating Supply: 8 788 754 285
• Total Supply: 21 000 000 000
• Inflation: 9.60%

Sources

1. https://www.coingecko.com/en/coins/zksync
2. https://defillama.com/chain/zksync-era

Technology

• USP: 首个与 EVM 兼容的 zkEVM 叠加（rollup）解决方案，具备模块化 ZK Stack，能够定制应用链
• Core Technology: 零知识证明（zkRollup），以太坊桥接安全，Airbender RISC-V 证明器实现亚秒级证明

Roadmap

• 2025-06-24: Airbender 证明器上线
• 2025-07-11: solx Beta 发布
• 2025-10-07: Atlas 升级引入
• 2025-12-04: L1 互操作性升级
• 2026-01-06: Upbit 列出扩展
• 2026-01-13: ZKsync 路线图 2026 公布

Team & Investors

Team

• CEO & Co-Founder — Alex Gluchowski: 15+ 年在密码学与初创公司领域，ZKsync 的共同发明人
• COO — Zoe Gadsden: 10+ 年在谷歌的增长与产品领导岗位
• CFO — Ankur Rakshit: 15 年金融领域经验，前 Kraken 财务计划与分析主管
• CPO — Steve Newcomb: 15+ 年作为企业家和产品经理
• Director of Marketing — Shazia Hasan: 多年金融与加密传播经验

Investors

• Blockchain Capital — Series C • 2022-11-16
• Dragonfly Capital — Series C • 2022-11-16
• Lightspeed Venture Partners — Series C • 2022-11-16
• Variant Fund — Series C • 2022-11-16
• a16z — Series C • 2022-11-16

Total funding: $200.00M

Tokenomics

• Utility: Governance, transaction fees, staking, module upgrades
• Vesting: 4-year vesting with 1-year cliff for team and investors, monthly unlocks up to 0.8% of supply until June 2028
• Next Unlock: 2026-03-17 (1.97% of circulating)

Pros & Cons

Strengths

• EVM-compatible zkRollup securing Ethereum-grade security
• Highly modular ZK Stack framework for custom chains
• Fast and low-cost proofs via Airbender prover
• Strong VC backing and governance model
• Expanding Elastic Network with multiple interoperable chains

Weaknesses

• TVL and active addresses have declined since the airdrop
• Fierce competition from other L2s like Arbitrum and Optimism
• High P/F valuation may deter some investors
• Large future unlocks pose sell-pressure risk
• Onchain activity remains below peak airdrop levels

Market Signals (7d)

• TVL trend: -0.84%
• Active addresses trend: -36.4%

Price Scenarios (target: 2026-08-20)

• Bear: $0.015000 — 假设未来 TVL 继续下降和市场情绪疲软，对当前价格打 20% 折扣
• Base: $0.020000 — 假设网络活动与采用稳步增长后趋于稳定
• Bull: $0.030000 — 假设强劲的生态系统增长和治理收入提升需求

How to Buy & Store

CEX

• Binance
• OKX
• MEXC
• Bybit
• Coinbase Exchange

DEX

• SyncSwap (ZKsync Era)
• Uniswap V3 (Ethereum)
• 1inch (ZKsync Era)
• Curve (ZKsync Era)
• Matcha (ZKsync Era)

Storage

• MetaMask
• ZKsync Portal Wallet
• Ledger
• Trezor (via MetaMask)
• imToken

Verdict

ZKsync 提供前沿的 zkEVM 技术和强力 backing，但面临采用挑战与链上活跃度逆风；适度买入。

Official Links

• Whitepaper
• GitHub
• Messari