Layer 2 solution zkSync Era hits $100 million in locked value | coindesk JAPAN

The newly launched EVM-compatible Layer 2 solution, the ‘zkSync Era’ blockchain, has surpassed $100 million in total locked into the network this weekend amid a flurry of new token issuances. , showing vigorous activity.

According to L2Beat data, $69 million worth of Ethereum (ETH) and nearly $30 million worth of USD Coin (USDC) were locked in the network. These are expected to be distributed among several zkSync-based projects to purchase ecosystem tokens and provide liquidity to exchanges on the network.

The value locked in zkSync reached $100 million. (L2Beat)

Since its release on March 24th, more than 3.3 million transactions have been made on the network. The network has a transaction speed of 4.4 transactions per second.

zkSync supports zK Rollup, a type of blockchain scaling system based on cryptography known as zero-knowledge proofs. The feature is seen as a key advancement to speed up blockchain transactions and reduce the cost of network activity.

The zkSync ecosystem includes decentralized finance (DeFi) tokens that provide lending, trading and borrowing services, and Shiba Inu Coin (SHIB), a meme coin inspired by a popular dog breed.

DeFi Llama data shows decentralized exchanges (DEXs) SyncSwap and Mute have more than $30 million in locked tokens. Mute’s native token, MUTE, has a market capitalization of $47 million and SyncSwap has not issued any tokens as of early April.

SyncSwap has more than $19 million in USDC and ETH liquidity pools locked up, yielding 46% annually. This is the highest yield in the cryptocurrency market as of April 3.

Memecoins are also showing their presence. Tokens such as zkDoge, zkInu and zkSync SHIB have attracted millions of dollars in trading volume since launch, according to DEXScreener data. However, these memecoins have so far been volatile in price, with a market capitalization of less than $5 million (approximately 665 million yen), and have not gained much traction.

Some say zkSync’s launch was understated compared to the hype.

In a Telegram message, Maia Benzimra, Head of Institutional Marketing at SpoolDAO, said, “The recently launched zkSync Era mainnet has disrupted the evolutionary flow of the entire blockchain ecosystem. It shows that it can’t be done, but the small number of projects based on it shows that the Web 3.0 world is not yet fully prepared to welcome this innovation.”

She adds that more innovative projects built for users could lead to rapid adoption.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
| Image: CoinDesk
｜Original: DeFi Tokens, Shiba Inu Clones Populate zkSync as Locked Value Climbs to $100M