Blockchain
In such a short period of time after the launch of the mainnet, Layer 2 protocol zkSync hit several notable milestones. Compared to other long-established networks, the zk rollup Ethereum (ETH) scaling solution has recorded more transactions than expected. Based on the latest Twitter post, the protocol has processed one million transactions within a 24-hour time frame.
This milestone is a first for a zkEVM as the figure equates to approximately 12 transactions per second. Notably, it makes zkSync the second best L2 network this period in terms of number of transactions and next to Ethereum.
In addition, zkSync reached one million unique active dresses and one million Twitter followers. It is observed that the jump in activity was contributed by certain monkeys airdropa project unrelated to the protocol.
Competitive protocol arbitration (ARB) has had a similar increase in activity, but zkSync only has $260 million in assets, while ARB currently has up to $5 billion. Last month, zkSync Era on-board decentralized exchange (DEX) aggregator 1inch, rising further higher than its closest rival Polygon zkEVM which launched the mainnet beta at the end of March.
zkSync enables faster and cheaper transactions
Sergej Kunz, co-founder of 1inch, stated that zkSync is a promising L2 solution that would provide faster and cheaper transactions to its users.
“zkSync Era is a promising L2 solution and we are pleased to be one of the first projects to be deployed on that network. As zkSync Era gains momentum, 1inch users will benefit from faster and cheaper transactions,” said Kunz.
zkSync Era was released in March 2023 and leverages the power of zero-knowledge rollups. Therefore, users can complete transactions in ETH faster and cheaper. During the implementation phase, several projects including Chainlink, SushiSwap, Uniswap, AaveAave, Argent, Gnosis and Curve Finance have expressed interest in deploying to the network.
As part of the many benefits of the zkSync era, the protocol supports native account abstraction, including enhanced ERC-4337 account abstraction, LLVM compiler, data compression, and hyperscalability.
However, less than a month after the mainnet launch, the ETH scaling solution defective and went down for almost 4 hours. During this time no block was produced or added to the blockchain, but after four hours the zkSync Era Block Explorer showed normal block production.
