The newly launched zkSync Era Blockchain has come to the fore with the flurry of new token launches. It also sees lively activity this weekend, with the value locked in the network exceeding $100 million. In particular, some altcoins stand out on the zkSync network. Here are the details…
Altcoins crash on zkSync network
L2Beat data shows that $69 million worth of Ethereum (ETH) and about $ 30 million worth of USD Coin (USDC) stablecoins are locked on the network. This amount is probably distributed among various zkSync-based projects to purchase ecosystem tokens or provide liquidity to exchanges on the network. More than 3.3 million transactions have been processed on the network since its launch on March 24. The network has a speed of 4.4 transactions per second.
cryptocoin.com As we reported, zkSync went public in late March. The network supports ZK rollups, a type of Blockchain scaling system based on cryptography known as zero-knowledge proof. These features are seen as a significant advance in accelerating Blockchain transactions and reducing the cost of network activities. The zkSync ecosystem includes decentralized finance (DeFi) tokens that support lending, trading, and lending services, and memecoins inspired by the popular Shiba Inu dog breed.
DeFiLlama data shows that SyncSwap and Mute, both decentralized exchanges (DEX), hold over $30 million in locked tokens. Mute’s native MUTE tokens have a market cap of $47 million, while SyncSwap has not issued any tokens as of early April. SyncSwap has over $19 million locked coins in its liquidity pool for USDC and ETH. This money provides an annual return of 46 percent. This is one of the highest numbers in the crypto market right now.
Did the launch go silent?
Also, meme coins leave a mark on the network. DEXScreener data shows that tokens like ZKDoge, ZKInu, and ZkSync SHIB have attracted millions of dollars in trading volume since their last launch. The momentum on these meme coins has been moderate so far with highly volatile prices and market caps under $5 million. But some say that the throughput remains muted compared to the excitement of the zkSync launch. Maia Benzimra, Head of Corporate Marketing at SpoolDAO, said:
The recently launched zkSync Era mainnet is a sign that the evolutionary trend in the overall Blockchain ecosystem is unstoppable. However, the small number of projects built on it is a sign that the Web3.0 world is not quite ready to meet this innovation for now.
Benzimra added that adoption could increase rapidly as more innovative projects are produced for users. “When innovative products that produce solutions that meet the basic needs of users are designed and released, the trend can change in the blink of an eye. zkSync is a particularly important upgrade to address the scalability of the Ethereum protocol. It will soon find its rhythm and create a functional niche for itself in the ecosystem.”
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