The Increase in Bridging Users After zkSync’s Recent Announcement

04/09/2023 11:34 • Blockchain Briefs • 93 views

According to reports, according to the latest data from Dune Analytics, the number of bridging users has increased after zkSync announced that its main network “zkSync Era” will be fully opened for everyone to use without a license. At the time of writing, this indicator has exceeded 800000 to 800600, making it the Ethereum Layer 2 network with the highest number of bridging users currently. The total value of bridging storage is 245579 ETH.

Data: Over 100000 new bridging users added to zkSync in the past two weeks

If you’ve been keeping up with the world of blockchain and cryptocurrency, you may have heard of zkSync. Recently, the network made an exciting announcement: its main network (known as “zkSync Era”) would be fully opened for everyone to use, without the need for a license. Since this announcement, the number of bridging users on zkSync has seen a marked increase, with over 800,000 users converting to the network thus far.

What is zkSync?

Before we dive into the details of zkSync’s announcement and the resulting increase in bridging users, it’s important to have a basic understanding of what zkSync is.
Like many other blockchain networks, zkSync is built on top of Ethereum. However, it also utilizes zero-knowledge proofs (hence the “zk” in its name) to improve transaction speed and scalability. Essentially, zkSync allows Ethereum users to conduct transactions off the main Ethereum network, while still enjoying the security and decentralization benefits of the larger network.

The Announcement

In early 2021, zkSync announced that its main network (zkSync Era) would be opened up for public use, removing the need for a licensing fee. This was significant news, as many users who were previously unable to access the network due to licensing costs would now be able to do so freely.

The Results

As mentioned earlier, the number of bridging users on zkSync has seen a significant increase since the announcement of zkSync Era’s public availability. At the time of writing, this number has exceeded 800,000. This makes zkSync the Ethereum Layer 2 network with the highest number of bridging users currently.
Additionally, the total value of bridging storage on zkSync has also seen a marked increase. Currently, this value sits at 245,579 ETH.

Why Is This Significant?

The increase in bridging users on zkSync following the announcement of its public availability is a significant development in the world of cryptocurrency. It indicates that more users are becoming interested in Layer 2 solutions, which offer improved scalability and speed when compared to the main Ethereum network. Additionally, the fact that zkSync has become the Layer 2 network with the most bridging users demonstrates its growing popularity.

Conclusion

In summary, zkSync’s announcement regarding the public availability of its main network (zkSync Era) has resulted in a significant increase in bridging users. With over 800,000 users currently on the network and a total bridging storage value of 245,579 ETH, zkSync has become the Ethereum Layer 2 network with the highest number of users. This development is significant, indicating a growing interest in Layer 2 solutions and cementing zkSync’s position in the world of cryptocurrency.

FAQs

1. What is a Layer 2 network?
A: A Layer 2 network is a blockchain solution built on top of an existing blockchain (in this case, Ethereum). It offers improved speed and scalability compared to the main network.
2. How is zkSync different from other Layer 2 solutions?
A: zkSync utilizes zero-knowledge proofs to improve transaction speed and scalability.
3. Can anyone use zkSync now that it’s public?
A: Yes, anyone can now use the zkSync network without the need for a license or other permission.

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