Recently, the zkSync Era blockchain was launched. The blockchain has seen a lot of activity in a short period of time, with a total value of over $100 million stored on the network. The blockchain supports ZK rollups, which is seen as an important step in accelerating blockchain transactions and reducing costs.
Many memecoins on recently launched zkSync mainnet
The recently launched zkSync Era blockchain is seeing growing activity on the network. The total value stored on the network exceeded $100 million this weekend, partly due to many new token launches. Out data from L2Beat it turns out that more than $69 million in Ethereum (ETH) and nearly $30 million in USD Coin (USDC) stablecoins are stored on the network. The amount is likely split between various zkSync protocols such as decentralized exchanges for purchasing ecosystem tokens or providing liquidity. More than 3.3 million transactions have been made on the network since its launch on March 24. The network also has a speed of 4.4 transactions per second.
At the end of March, zkSync became available to the public public. The network supports the so-called ZK rollups, a kind of blockchain scaling system based on cryptography, also known as zero-knowledge proofs. These features are seen as a major advancement in speeding up blockchain transactions and reducing the cost of network operations. The zkSync ecosystem is currently dominated by decentralized finance (DeFi) tokens and memecoins derived from the wildly popular Shiba Inu.
‘Launch did not yield much’
The traction on these memecoins has also provided a high degree of liquidity so far, partly because the market caps of these tokens are often very low. For example, many of the projects have a market cap of less than $5 million. However, some say that the launch of zkSync has not delivered much compared to the hype.
“The recently launched zkSync Era mainnet is a sign that the evolutionary trend in the overall blockchain ecosystem is continuing, but the low number of projects building on it is a sign that the Web3.0 world is not fully ready to welcome this innovation for now, said Maia Benzimra, head of Institutional Marketing at SpoolDAO, in a Telegram post.
Benzimra added that adoption could grow rapidly as more innovative projects are built for users.
“The trend can change in an instant as innovative products that build solutions for users’ core needs are designed and launched. In particular, zkSync is an important upgrade for addressing the scalability of the Ethereum protocol and in no time it will surely find its rhythm and create a functional niche for itself in the ecosystem,” said Benzimra.
