As a result of a rush of fresh token releases over the last weekend, the value locked on the network of the recently created zkSync Era blockchain has surpassed $100 million.
Almost $69 million in ether (ETH) and around $30 million in coin USD (USDC) stablecoins have been locked on zkSync, according to data from L2Beat. This website monitors activity on layer two networks built on the Ethereum blockchain. The funds are probably divided across numerous zkSync-based projects to buy ecosystem tokens or supply liquidity to network exchanges.
Since the network went live on March 24, more than 3.3 million transactions have been made. 4.4 transactions can be processed per second by the network.
The network enables “ZK rollups,” a blockchain scaling solution based on zero-knowledge proofs of cryptography.
These functions are considered a significant advancement in accelerating blockchain transactions and lowering the cost of network activity.
The zkSync ecosystem comprises meme coins modeled after the well-known Shiba Inu dog breed and decentralized financial tokens that fuel lending, trading, and borrowing services.
According to DefiLlama data, SyncSwap and Mute possess more than $30 million in locked tokens. The market value of Mute’s native MUTE coins is $47 million. As of early April, SyncSwap has not yet released any tokens.
For USDC and ether, more than $19 million is locked in SyncSwap’s liquidity pool, which paid annualized yields of 46%, one of the highest rates in the cryptocurrency market as of Monday.
As a result, meme coins are also becoming popular. According to DEXScreener data, tokens, including ZKDoge, ZKInu, and ZkSync SHIB, have garnered trade volumes worth millions of dollars since their recent releases.
So yes, these meme-coin tokens haven’t gained much traction, with extremely unstable prices and market capitalizations of less than $5 million. Yet, some claim that the zkSync launch has been underwhelming compared to the fanfare.
Benzimra noted that as and when additional cutting-edge applications are created for users, adoption might increase swiftly.
“When cutting-edge products are created and released that satisfy the fundamental demands of people, the trend can shift in the blink of an eye. ZkSync is a significant improvement in addressing the Ethereum protocol’s scalability. Benzimra predicted it would quickly settle in and carve out a useful place in the ecosystem.