zkSync Era, a Layer 2 solution based on ZK rollups technology, launched its mainnet on March 24th, and has since recorded a Total Value Locked (TVL) of about $107 million as of April 3rd, a more than 10-fold increase since its launch.

According to data from L2Beat, over $69 million worth of ETH and nearly $30 million worth of USDC have been locked on zkSync Era. This amount can be allocated to various projects on zkSync to purchase tokens within the ecosystem or provide liquidity for exchanges on the network.

@azcoinnews

More than 3.3 million transactions have been executed on the network, with zkSync Era’s transaction speed currently at 4.6 TPS. These features are seen as important advancements in speeding up blockchain transactions and reducing costs for network operations.

In the zkSync ecosystem, decentralized finance (DeFi) tokens have been developed to bolster lending and trading services. Additionally, memecoins inspired by the famous Shiba Inu dog breed have also emerged.

According to DefiLlama, two decentralized exchanges (DEX) – SyncSwap and Mute – hold over $32 million in TVL on zkSync. MUTE, the token of Mute, has a market capitalization of $47 million. Meanwhile, SyncSwap has not yet issued its own token. Notably, around $21 million is locked in SyncSwap’s liquidity pool with the ETH/USDC pair, with an annual profit rate (APR) of 46%.

However, the community’s interest in memecoins on zkSync such as zkDoge, zkInu, and zkSync SHIB is still limited, with their prices fluctuating sharply and market capitalizations under $5 million, according to data from Dex Screener.

Maia Benzimra, Head of Marketing at SpoolDAO, a DeFi protocol that provides capital aggregation tools and profit optimization strategies, shared her thoughts on the launch of zkSync Era’s mainnet, stating that it is a sign that the Layer 2 trend in the blockchain ecosystem is not hindered. However, the limited number of projects being built on it indicates that the Web3 world is not entirely ready to embrace this innovation.

Benzimra added that adoption could rapidly increase when more innovative projects are built to serve users.

#zksync #zkEVM #crypto2023 #BTC #azcoinnews

This article was republished from azcoinnews.com

I've discovered a method to obtain 5 BIG airdrops by spending only $20

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Airdrop Strategy ♞

1/➮ Bridge $20 from ZkSync Lite to Arbitrum

✧ Deposit $20 in ETH in ZkSync Lite from CEX

✧ Head over to orbiter.finance

✧ Send ETH to Arbitrum

2/➮ Conduct a swap using Slightshot

✧ app.slingshot.finance/swap/Arbitrum-…

✧ Swap ETH for USDC

✧ Keep $5 worth of ETH to cover upcoming gas fees

3/➮ Bridge to get LayerZero Airdrop

✧ Head towards to stargate.finance/transfer

✧ Conduct Swap to BSC

4/➮ Use $4-5 in ARB, that we left on the first step

✧ Go on bungee.exchange/refuel

✧ Refuel ARB>BSC

5/➮ Bridge NFT to get Polyhedra & opBNB airdrop also

In the end, we engaged with LayerZero, opBNB, ZkSync, Orbiter, and Polyhedra.

Which now makes us eligible for their airdrop

Meanwhile, we still have some ETH and stablecoins left in our account.

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According to the data disclosed by Nansen Research on social media, the top 25 top giant whale bridging users on zkSync Era currently own 32% of the total token holdings on the chain, mainly concentrated in ETH, USDC, and MUTE, indicating that there is still a large amount of “idle capital” on zkSync.

In addition, data shows that activities on the zkSync Era chain mainly revolve around DEX, especially liquidity providers (LPs) on SyncSwap, iZUMi Finance, Mute.io, and Velocore. Currently, most LPs are concentrated in the ETH/USDC pool during the zkSync Era chain. The idle capital on the network is still waiting to be deployed.

🐋 What are early @zksync whales doing on-chain? Top 25 early whale bridgers to zkSync Era have an average of 32% of their total holdings on zkSync These holdings comprise spot ETH, USDC, and a distant 3rd of MUTE, signaling lots of idle capital sitting on zkSync pic.twitter.com/tv8KJM2WVS— Nansen Research (@nansen_research) April 28, 2023

iZUMi Finance, a one-stop Liquidity-as-a-Service (LaaS) DeFi protocol, has announced a $22 million fundraising round. The funds will be utilized to promote the early liquidity of its zkSync Era network on-chain Order Book DEX (Decentralized Exchange) product, iZiSwap Pro.

The name was changed from zkSync 2.0. Account Abstraction and EVM support through Solidity and Vyper are among the new features included in the first version of zkSync 2.0. zkSync 2.0 may be used with smart contracts, as well as the Zinc native programming language and zkPorter.

zkSync has not yet issued a token at the time of writing. However, Matter Labs has revealed that the token will be launched one year after the mainnet. As a result, there might be a chance for consumers to support and utilize early goods and projects in the ZkSync Era ecosystem in order to be Airdrop, like Arbitrum and Optimism, were.

#zksync #Binance #crypto2023