Layer 2 protocol zkSync has made significant strides since its mainnet launch, recently recording one million transactions in a 24-hour timeframe. This impressive figure is particularly noteworthy for a zkEVM and equates to around 12 transactions per second. It places zkSync as the second top L2 network in terms of transaction count, right behind Ethereum. The protocol also managed to achieve one million unique active addresses and one million Twitter followers.
While these accomplishments are undoubtedly positive, some may argue that competing protocol Arbitrum (ARB) is outperforming zkSync, holding up to $5 billion in assets compared to zkSync’s $260 million. Nevertheless, zkSync has attracted partnerships with projects like decentralized exchange aggregator 1inch, which speaks to its potential.
In terms of boosting transaction speed and reducing fees, Sergej Kunz, 1inch co-founder, states that zkSync is a promising L2 solution that will benefit its users. zkSync leverages zero-knowledge rollups to enable faster transactions and lower fees for ETH users. Numerous projects, including Chainlink, SushiSwap, Uniswap, Aave, Argent, Gnosis, and Curve Finance, have expressed interest in deploying on the network.
The zkSync Era, which was launched in March 2023, offers various advantages such as native account abstraction, improved ERC-4337 account abstraction, LLVM compiler, data compression, and hyperscalability. However, it is essential to acknowledge the potential drawbacks or challenges it may face.
In particular, not long after its mainnet launch, the ETH scaling solution experienced a malfunction and went offline for almost four hours. During this period, no blocks were produced or added to the blockchain, raising concerns about the protocol’s reliability. Thankfully, the zkSync Era Block Explorer returned to normal block production after this brief hiccup.
In conclusion, zkSync has achieved remarkable milestones and attracted interest from numerous projects, indicating its potential as a Layer 2 solution for Ethereum. However, one cannot ignore the challenges it has faced, such as the recent system malfunction. Users must be aware of these potential risks while keeping an eye on the protocol’s progress. Conducting thorough market research is crucial before investing in cryptocurrencies, as they are subject to fluctuating market conditions. Neither this article’s author nor the original publication holds any responsibility for readers’ personal financial losses.
Source: Coingape
