In its latest monthly research report, Binance Research highlighted a next-generation crypto project that has seen staggering growth across a variety of metrics.
Binance Research predicts new highs for June’s featured crypto project
Focusing on the scalability of Ethereum, zkSync Era has been the highlight of Binance Research’s latest monthly market report. According to the report, zkSync Era received significant interest and capital flows last month. Leveraging zero-knowledge (“ZK”) technology, the project emerged as a leading solution, breaking multiple records throughout June.
Surprising metrics included zkSync Era’s gain in popularity. The project has also grossed over $675 million on TVL. This represents a staggering 88.9% growth on a monthly basis. ZkSync’s TVL was under $360 million at the beginning of June. With the latest acceleration, the biggest players in the DeFi field have left behind in terms of performance…
The success of the project cemented its place as TVL’s third-largest title behind only Arbitrum and Optimism. In addition, zkSync Era experienced a significant monthly increase of 51.1% in unique deposit addresses. As a result, the cumulative total exceeded 1 million.
Why is zkSync Era in the foreground?
One of the project’s notable achievements in June was its dominance of data publishing fees on the Ethereum network. In this area, it surpassed its rivals Arbitrum and Optimism. According to the report, zkSync Era recorded 2.09 thousand ETH in fees, while Arbitrum recorded 1.67 thousand ETH. These data highlight the platform’s increased traction. It also demonstrates the potential of the project to continue to expand its user base and influence in the Ethereum ecosystem.
The momentum surrounding zkSync is likely to continue, especially with the recent announcement of zkStack. This modular software allows developers to create ZK-powered hyperchains, known as the Layer-3s version of zkSync. ZkStack provides tools and infrastructure for developers to build on zkSync Era. Thus, Ethereum further solidifies its leading position in scalability solutions.
ZK roll-up solutions are the main reason behind the success of zkSync Era
Another reason for zkSync Era’s success was linked to its use of zero-knowledge (“ZK”) roll-ups that address Ethereum’s scalability limitations by consolidating multiple transactions into a single proof. This approach significantly reduces the amount of data that needs to be processed on the Ethereum network. Thus, it increases scalability and reduces transaction costs. As a result, zkSync Era offers a more efficient and cost-effective alternative for users and developers who want to exploit the full potential of Ethereum.
cryptocoin.com As we reported, zkSync Era introduced its new toolset last month. With the new kits, the expectation of airdrops is increasing.
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