zkSync Overtakes Ethereum in December Transactions, Fueled by Inscription Craze
In a monumental turn of events, zkSync, a layer 2 blockchain solution, has processed more transactions than the Ethereum network in the month of December. The majority of these transactions have been linked to the burgeoning trend of Inscription, particularly involving token minting and NFT creation.
Data from L2Beat reveals that zkSync managed a total of 34.67 million transactions in the past 30 days, surpassing Ethereum’s recorded 34.16 million transactions. Following closely in the rankings is Arbitrum, with 31.43 million transactions in December. The surge in transaction volume on zkSync can be traced back to the growing popularity of Inscription, a solution for minting and engraving tokens and NFTs. On December 16th, zkSync announced the launch of Inscription synchronization features, further fueling its usage.
Recent days have witnessed a resurgence of the Inscription trend, notably with the introduction of the PRC-20 token standard on the Polygon network. This development saw a surge in users engaging in the minting of PRC-20 tokens, particularly POLS—a coin name bearing resemblance to the substitute token for MATIC.
PRC-20, a new token standard, shares similarities with Bitcoin Ordinals’ BRC-20 mechanism. Through this standard, users can “engrave” (inscription) data to store information within a block. Inscription involves engraving content onto sats to create Bitcoin NFTs. In simpler terms, users can perceive Inscription as NFTs on the Bitcoin network.
However, amidst the fervor, zkSync encountered a setback on December 25th when the Layer 2 network Era paused block creation for three hours. The project team is currently investigating the cause to resolve the issue. As reported on zksync.io, the Layer 2 network has been inactive for a continuous three-hour duration, with the last block created at 12:48 PM on December 25th (Vietnam time).
This incident mirrors a similar occurrence on December 16th when Inscription led to a substantial surge in network usage, rendering users unable to send transactions for 15 minutes.
The tumultuous rise of Inscription as a driving force behind heightened network activities on zkSync signifies both its promise and the challenges posed by overwhelming demand. As the blockchain landscape continues to evolve, managing scalability issues while catering to escalating user interest remains a pivotal challenge for these burgeoning technologies.
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