ZkSync Era records over 10x TVL growth in less than 2 weeks

Activity on the newly launched zkSync Era blockchain has been brisk, as more than $100 million in value locked on the network was locked in a series of new token offerings over the weekend.

data from the website L2 beat Tracking activity on the Layer 2 network built on Ethereum shows more than $69 million in ETH and nearly $30 million in USDC locked on zkSync. This amount may be distributed among several projects on zkSync to purchase ecosystem tokens or provide liquidity to exchanges on the network.

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Since its launch on March 24, the network has seen more than 3.3 million transactions. The network can handle 4.4 transactions per second.

The network supports “ZK rollups,” a blockchain scaling system based on cryptography, aka zero-knowledge (ZK) proofs.

These features are considered important steps to speed up blockchain transactions and reduce network operating costs.

Popular in the zkSync ecosystem are decentralized finance tokens that support lending, trading, and lending, and memecoins inspired by the famous Shiba Inu breed.

DefiLlama data shows that decentralized exchanges SyncSwap and Mute hold more than $30 million in locked tokens. Mute’s native MUTE token has a market cap of $47 million. As of early April, SyncSwap had yet to issue tokens.

More than $19 million is locked in SyncSwap’s USDC and ETH liquidity pools — paying out a 46% annualized return, one of the highest in the crypto market as of Monday.

Therefore, memecoins also shine. data Tokens such as ZKDoge, ZKInu and ZkSync SHIB have attracted millions of dollars in trading volume since their recent launches, according to DEXScreener.

So far, the memecoins have had little traction, with wildly volatile prices and a market cap of less than $5 million.

On the other hand, some say that this zkSync launch was not hyped.

“The recently launched mainnet zkSync Era shows that the evolutionary trend of the entire blockchain ecosystem cannot be challenged. However, the low number of projects based on it shows that the Web3.0 world is not yet fully prepared for this innovation,” Maia Benzimra, head of marketing for the SpoolDAO organization, said in a message on Telegram.

Benzimra added that adoption is likely to accelerate as more innovations are built for users.

“Trends can change in the blink of an eye as innovative product-building solutions that meet users’ core needs are designed and brought to market. Notably, zkSync is a major upgrade addressing the scalability of the Ethereum protocol and will soon , it is bound to find a rhythm and create a functional segment for itself in the ecosystem.”


According to Coindesk

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