ZkSync, a layer-2 blockchain developed by provider Matter Labs and focused on scalability and privacy, has surpassed the Ethereum mainnet for the first time in terms of number of transactions executed.
In the last 30 days, Zksync has recorded a total of 34.7 million transactions compared to Ethereum’s 34.2 million.
This is mainly due to the new trend of inscriptions, which after targeting the Bitcoin network, is now expanding within the EVM chains sector.
We will see if the attention on this type of digital products will remain high even in 2024.
All the details below.
Summary
ZkSync, a privacy and scalability-focused rollup, outperforms the Ethereum blockchain thanks to the trend of inscriptions
The zero-knowledge rollup ZkSync, which focuses its efforts on optimizing scalability and privacy, has managed to outperform the Ethereum blockchain, which it relies on as a second-layer solution.
In the last 30 days, according to L2Beat data, there have been a total of 34.7 million transactions on ZkSync, while on its main network there have been 34.2 million transactions, resulting in a positive difference of approximately half a million transactions.
With this record, L2 ranks first in the EVM network ranking that has recently recorded the most tx, ahead of competitors Arbitrum, Optimism, DyDx v3, Base, and ImmutableX.
These data are justified by the recent introduction and diffusion of “inscriptions”, which is a metadata registration feature originating from Bitcoin, on all networks that support the Ethereum virtual machine, including the vast Ethereum L2 landscape.
Registrations allow you to obtain alternative NFT to the classic resources generated through smart contracts, adding information such as text, images, videos, and even additional code within the ID of a transaction, all without losing the advantages of privacy and security.
This, although it may seem more cumbersome and sometimes even obsolete, allows you to save fees when it comes to including complex data within a smart contract and therefore is preferred by developers and users.
The data from L2Beat shows that the zkSync blockchain recorded its largest increase in monthly transactions on December 16th.
It was then that the synchronization registration was launched on the network and accounted for 4.6 million out of the 5.3 million transactions on that day alone, according to Dune’s data aggregated by Dragonfly analyst Hildobby.
It is rare for an L2 network to surpass its main network in on-chain metrics, but given the interest and development that has been revolving within the Ethereum rollup sector lately, and the increasingly captivating narrative of inscriptions, it is possible that in the future these opportunities will become more frequent.
The ZkSync Cryptographic Ecosystem
This is not the first time that the layer-2 blockchain Zksync has made headlines, having become the protagonist of several records in the last year, thanks above all to a growing cryptographic ecosystem.
The zero-knowledge rollup solution was launched in March and has immediately succeeded in scaling the Ethereum mainnet, without compromising the security and privacy of the infrastructure.
In a short time, it has established itself as one of the leading players in the EVM chain sector, reaching a significantly high Total Value Locked.
Specifically, as of today ZkSync has a TVL of 581 million dollars, second only to Arbitrum and Optimism’s optimistic rollup versions, which have locked values exceeding one billion dollars, and to competitors Metis and Base.
It is not excluded that the cryptographic solution of Matter Labs will be able to further climb the rankings in the coming months, reaching the top 3 of the most used L2s in the world, especially if a gas token is launched to support its growth.
Looking closer at the composition of this blockchain, we see that the protocols that have contributed the most to its growth are mostly DEX, which allow on-chain cryptocurrency exchange through an AMM (Automated Market Maker) platform.
Among these, the favorites of DeFi users have been ZKSwap, SyncSwap, Mute.io, Maverick, Velocore, Space.Fi, IziSwap, Pancakeswap, and ZkSwap Finance.
Overall, DEXs on Zksync encompass the majority of TVL managed on the network, channeled into a multitude of decentralized pools that allow for the free exchange of cryptographic resources.
The category that has had the most impact on the success of ZkSync is the Lending platforms such as Reactor Fusion, Zero Lend, and ZkLend.
Finally, we find decentralized applications for derivative trading such as Derivio, Holdstation, Satori, Rollup Finance, and Fulcrom.
Furthermore, it is necessary to consider the boost of on-chain activities that has been given thanks to the narrative of crypto airdrops, which have encouraged Ethereum rollup users to prefer this blockchain precisely because of the possibility of a reward for its early adopters.
With $458 million raised in funding from external investors, Zksync promises to carry out one of the largest airdrops in the history of the blockchain world.
This factor, together with the new trend of inscriptions, could bring the L2 network to another level, where imagination still cannot reach.
