I am trying to run android studio on Mac M1, but getting the following error :

The daemon has terminated unexpectedly on startup attempt #1 with error code: 1. The daemon process output:
1. Error occurred during initialization of VM
2. Could not resolve "ZIP_Open": /Applications/Android Studio.app/Contents/jbr/Contents/Home/lib/libzip.dylib 

Full Stacktrace:

My gradle.properties:

.gradle.jvmargs=-Xmx2048m -Dfile.encoding=UTF-8 
android.useAndroidX=true 
kotlin.code.style=official
android.nonTransitiveRClass=true

I tried uninstalling and reinstalling android studio as well as changing JAVA_HOME environment variable. I tried searching the error but nowhere I found the exact same error.