Unusually High Transaction Fees on zkSync Following the Launch of zkEVM Mainnet

In a recent development, the zkSync Era network has experienced an unprecedented surge in transaction fees on its launch day.

As reported by AZCoin News, zkSync Era deployed the zkEVM mainnet on March 24th, becoming the first zkEVM network to do so. The network operates on zero-knowledge technology and is compatible with the Ethereum virtual machine. The launch day saw a rush of users interacting with the network, causing an unusual spike in transaction fees.

With users flocking to the layer 2 network, the transaction fees for zkSync skyrocketed, reaching a peak of $3 for swaps, which is comparable to Ethereum’s transaction fees at the time. However, on March 25th, the transaction fees dropped significantly to $0.2 for ETH transfers and $1 for transactions. Despite the decrease, the fees are still higher when compared to other layer 2 networks like Arbitrum and Optimism.

Transaction Fees on Layer 2 Network | Source: L2fee.info

Although zkSync has only recently launched its mainnet, it has already garnered significant attention from the community. Much of this attention is due to the hopes of receiving an airdrop from the network. Other expanding projects like Arbitrum and Optimism have already airdropped hundreds of millions of dollars to users after a period of usage.

However, Alex Gluchowski, the CEO of zkSync, emphasized that the network will not have a token at present. He believes that the project needs to decentralize its sequencer for about a year.

“After the network components are reinforced and stable, we will introduce a decentralized sequencer mechanism through staking,” Alex stated.

Despite the surge in transaction fees, the launch of zkSync Era is an important development in the evolution of the layer 2 scaling solutions. The compatibility of the zkEVM network with the Ethereum virtual machine is expected to provide faster and more affordable transactions, which could benefit Ethereum users in the long run.

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