ZkSync Era Records Over 3 Million Transactions, Lockup Volume Increases

04/02/2023 05:50 • Metaverse Matters • 92 views

According to reports, according to official data from zkSync, the current transaction volume on the zkSync Era chain has exceeded 3 million transactions, reaching 3020478 at the time of writing. Currently, the total number of submitted blocks is 635034, and the number of verified blocks reaches 564741, with a block verification rate of about 88.9%. According to L2Beat data, the current total lockup volume of zkSync Era has reached 98.45 million US dollars, an increase of 293.91%.

Data: zkSync Era’s online transaction volume exceeded 3 million transactions

Introduction

Cryptocurrency transactions have bloomed in recent years, surpassing traditional payment methods in speed and convenience. One protocol leading the innovation is the zkSync Era chain, which recently reported a record-breaking transaction of over 3 million.

What Is zkSync Era?

zkSync Era is a layer 2 scaling solution that employs zero-knowledge proofs to enhance security, decrease costs, and increase scalability of Ethereum transactions. It provides a trustless interface with fast and cheap transactions, high throughput, and robust smart contract-enabled interaction.

The Records Breaking Transaction Volume

According to official data from zkSync, the current transaction volume on the zkSync Era chain has surpassed 3 million transactions, reaching 3,020,478 at the time of writing. The platform allows for high TPS (transactions per second) rate of up to 3,000, which makes the volume milestone all the more impressive.

The Number of Submitted and Verified Blocks

Ensuring the legitimacy of a transaction, submitted blocks on zkSync Era are verified by the network before their execution. As of writing, the platform has seen 635,034 submitted blocks, of which 88.9% were verified, a testament to the robustness of the platform.

The Increase in Lockup Volume

Lockup volume refers to the amount of cryptocurrency held in contracts with no intention of immediate use in trading. According to L2Beat data, the current total lockup volume on the zkSync Era chain has reached $98.45 million, an astounding 293.91% increase. This marks an impressive upsurge in the platform’s adoption, indicating growing interest among cryptocurrency enthusiasts.

Advantages of zkSync Era

The increasing adoption rate of zkSync Era stems from the numerous advantages it provides over traditional payment methods. These include:

Security

This layer 2 scaling solution employs cutting-edge zero-knowledge proofs technology, providing an added layer of security that protects user funds from fraudulent activities. Integrating smart contracts enables auditable and transparent transactions, eliminating the need for trust-based intermediaries.

Scalability

The Ethereum network faces significant scalability issues, leading to high transaction fees and long processing times. zkSync Era addresses this problem by significantly increasing the TPS to facilitate fast and cheap transactions.

Interoperability

zkSync Era grants users the ability to execute cross-chain transactions, breaking down blockchain silos and enabling seamless trading across multiple platforms without inflating costs.

Conclusion

The impressive growth of the zkSync Era chain, evidenced by its current transaction volume and lockup volume, has established it as an essential player in the cryptocurrency world. Its record-breaking milestones, coupled with its unique value proposition, make it an attractive platform for cryptocurrency enthusiasts looking to embrace the innovative potential of blockchain technology.

FAQs

1. What Is zkSync?
zkSync is a Layer 2 scaling solution that uses zero-knowledge proofs to improve the security, scalability, and cost of Ethereum transactions.
2. How Does zkSync Era Handle Fraudulent Activities?
It employs cutting-edge zero-knowledge proofs technology, providing an added layer of security that protects user funds from fraudulent activities
3. Why Is Interoperability Important in Blockchain Technology?
Interoperability allows for seamless trading across different blockchain platforms, eliminating the need for intermediaries and reducing transaction fees.

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