ZK (ZKsync) has risen 14.65% in the last 24 hours

Gate News Bot news, on November 5th, according to CoinMarketCap data, ZK (ZKsync) is currently priced at 0.06 USD, having pumped 14.65% in the last 24 hours, with a high of 0.07 USD and a low of 0.03 USD. The current market capitalization is approximately 517 million USD, an increase of 66.1 million USD compared to yesterday.

ZKsync is a chain network protected by cryptographic technology rather than validators. Its cutting-edge ZK innovations provide the privacy, performance, and connectivity needed for enterprises to thrive in the digital asset economy. ZKsync connects public and private chains into a single network secured by cryptography. It supports launching, controlling, and monetizing one's own chain, as well as tokenizing and monetizing real-world assets through user-level privacy. ZKsync also supports building programmable capital markets and enables real-time cross-border settlement.

Important news about ZK recently:

1️⃣ ZK contract open interest hits an all-time high The total open interest of ZK contracts across the network has surpassed 2 billion units, with an open interest market capitalization exceeding 100 million USD, setting a new historical high. In the past 24 hours, the open interest has risen by 453.92%, indicating that market interest and demand for ZK are rapidly rising. This significant rise reflects an increased confidence among investors in ZK technology and could be one of the key factors driving the rise in ZK prices.

2️⃣ New ZK perpetual contract trading options added to the Solana ecosystem The Solana-based perpetual contract trading platform Pacifica has announced the launch of ZK U-based contracts, supporting up to 5x leverage. This move expands the application scenarios of ZK across different public chain ecosystems and helps enhance the market liquidity and trading activity of ZK.

3️⃣ Ethereum Founder Discusses the Prospects of ZK Technology Applications Vitalik Buterin mentioned the potential applications of ZK proofs when discussing content moderation and privacy issues. He pointed out that ZK proofs can be used to implement anonymous posting combined with banning functions, as well as delayed release of AI content adjustments. This high-level discussion may enhance the market's confidence in the long-term development prospects of ZK technology.

From a technical perspective, the price of ZK has experienced a pullback after a strong rise earlier. On November 3, ZK recorded a single-day rise of 20.06%, reaching a high of $0.07. The current price rebound may be a result of the market's optimism regarding the prospects of ZK's technological applications. Considering the significant expansion of the contract market, a substantial increase in open interest usually indicates higher market participation, which may signal more trading activity and potential price volatility in the future.

This message is not an investment advice; investors should be aware of the market volatility risks.