zkSync Era Records Over 10x TVL Growth in Less Than 2 Weeks

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.

Source: L2Beat

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.

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