Ethereum is a popular blockchain platform, and its scalability has always been a challenge. To address this, layer-2 solutions like ZKSync have emerged. ZKSync allows users to enjoy faster and cheaper transactions by processing them off the main Ethereum blockchain (mainnet). However, sometimes you'll want to move your ETH from ZKSync back to the Ethereum mainnet. Here's a simple guide on how to do that.
Understanding the mechanics of transferring cryptocurrency between networks
Transferring cryptocurrency from one network to another, like moving ETH from ZKSync to the Ethereum mainnet, involves several key steps to ensure the process is secure and reliable. First, you deposit your cryptocurrency into a smart contract on the original network, which in this case is ZKSync. This locks your funds in place, making sure they can't be used anywhere else while the transfer is happening.
Next, a proof of this deposit is created. This proof is sent to the receiving network, here being the Ethereum mainnet, to show that the deposit has been made securely. The Ethereum mainnet then checks this proof to confirm that the transaction is legitimate. Once the proof is validated, the equivalent amount of cryptocurrency is released on the receiving network. In simpler terms, your ETH is now available on the Ethereum mainnet.
The finalization of the transfer process ensures that the funds are securely transferred and available for use on the new network.
A fundamental component of this process is the use of bridges. Bridges are mechanisms that allow the transfer of assets between different blockchain networks. They can be either centralized or decentralized. Centralized bridges typically involve exchanges or platforms that support assets on multiple networks.
By depositing funds via one chain and withdrawing them via another, these platforms facilitate the transfer process. Decentralized bridges, on the other hand, operate specifically to transfer assets between networks, usually by holding liquidity on both sides and charging a commission for the service.
Why transfer ETH ZKSync to ETH mainnet?
Transferring ETH from ZKSync back to the Ethereum mainnet can be necessary or beneficial for several reasons, each addressing different needs and scenarios within the crypto ecosystem.
- Access to broader ecosystem
The Ethereum mainnet is the hub of DeFi (Decentralized Finance) activities. While ZKSync provides fast and cost-effective transactions, the mainnet offers access to a vast array of dApps (decentralized applications), protocols, and services that are not available on ZKSync.
- Interoperability and flexibility
Ethereum mainnet serves as the primary chain for many tokens and wrapped assets. If you need to convert ETH to other ERC-20 tokens, or if you’re dealing with assets that are only supported on the mainnet, transferring ETH back to Ethereum becomes essential.
- Security considerations
While layer-2 solutions like ZKSync are secure, the Ethereum mainnet is considered the gold standard for security in the blockchain world. Users may prefer to keep large amounts of ETH on the mainnet to benefit from its higher security guarantees.
- Compliance and regulation
Some compliance and regulatory frameworks are designed with the Ethereum mainnet in mind. For users operating within regulated environments or jurisdictions that require specific compliance measures, transferring ETH to the mainnet can help meet these requirements.
How to transfer ETH ZKsync to ETH mainnet on LetsExchange: a step-by-step guide
To proceed with the swap, perform the following steps.
In the exchange widget, select ETH on the ZKsync network in the You Send field.
Then, select ETH on its native network in the You Get field.
Enter the amount you want to swap. In our example, we pick a default sum of 0.05 ETH.
Select the exchange rate type: fixed or market.
If you pick a fixed rate, you will receive the exact amount specified on the Check the details screen. With a fixed rate, you can use a promo code.
If you pick a market rate, the sum to receive may be different from the sum that is initially displayed in the widget. LetsExchange will select the best rate among multiple liquidity providers, and the swap will be completed at that rate.
We pick a fixed rate because, with it, you get an opportunity to receive cashback by entering a promo code.
The sum that you will get will be calculated automatically.
If you have a promo code, type it in. You will get cashback. If you don’t have a promo code but want to get one, follow us on social media for updates — from time to time, we organize some events for our users where they can be rewarded with promo codes and other valuable rewards.
Click on the Swap option.
Now, the widget will display a window where you will be asked to enter your receiving wallet address. The swapped coins will be sent there.
You can also fill in the refund address. If the swap doesn’t go as expected, your coins will be refunded there.
Check all the data once more and hit the Proceed button.
You will be displayed a deposit wallet address, to which you need to send your coins. After you do so, the coins will be swapped, and your ETH ZKsync will be sent to the receiving wallet address you’ve provided.
After the transaction is completed, you can download the receipt with all the transaction details. Also, you can track your transaction at any stage by copy-pasting its number on the Transaction status page.
Why use LetsExchange?
LetsExchange provides an exceptional user experience with a strong emphasis on security when transferring ETH from ZKSync to the Ethereum mainnet. The platform employs rigorous anti-money laundering (AML) measures to swiftly detect and block transactions involving illicit funds, ensuring that all exchanges involve only legitimate crypto assets. This guarantees that your ETH transfers are conducted safely. LetsExchange supports an extensive range of cryptocurrencies, offering the largest selection of coins among comparable services in the market. This results in millions of possible trading pairs, providing unmatched flexibility for your transactions.
The platform features an intuitive widget available in 10 different languages, making it highly accessible for users worldwide. You can choose between fixed or market conversion rates based on your preferences, giving you control over your transaction outcomes. Additionally, if any issues arise, LetsExchange's customer support team is available 24/7 to address any queries or concerns, ensuring a smooth and reliable experience.
For added convenience, check out our Telegram bot for easy exchanges. Our bot allows you to conduct transactions directly within the Telegram app, providing a seamless and efficient way to exchange cryptocurrencies on the go.
Conclusion
In conclusion, transferring ETH ZKsync to ETH mainnet on LetsExchange is a straightforward and secure process. The platform supports a wide range of cryptocurrencies, offering flexibility in the amount of ETH you can swap. With high upper limits and optional account registration, LetsExchange ensures user privacy and convenience. However, creating an account can provide additional benefits, such as advanced portfolio management tools and access to affiliate programs. By following the outlined steps, you can easily transfer your ETH between networks.