March 27, 2024
zkSync Surpasses Ethereum in Monthly Transactions
Latest Cryptocurrency News

zkSync Surpasses Ethereum in Monthly Transactions

zkSync, an Ethereum Layer 2 scaling solution, has outpaced the Ethereum mainnet in transaction volume, processing 34.7 million transactions in the last month. Comparatively, Ethereum’s mainnet recorded 34.2 million transactions during the same period, as per L2Beat data.

Arbitrum followed with 31.4 million transactions in the past 30 days. The surge in zkSync’s transaction volume is attributed to the adoption of inscriptions, originally a Bitcoin feature, across Ethereum Virtual Machine (EVM) networks, including various Layer 2 chains. On December 16, zkSync experienced a significant surge in transactions, marking its highest monthly activity.

On that day alone, sync inscription, a feature introduced to the network, accounted for 4.6 million out of the total 5.3 million transactions, according to Dune data compiled by Dragonfly analyst Hildobby. Operating as a Layer 2 network on the Ethereum mainnet, zkSync utilizes cryptographic proofs to bundle hundreds or thousands of transactions, ensuring faster and more cost-effective verification compared to the mainnet.

Since mid-December, transactions related to inscriptions have been a driving force behind zkSync’s increased activity, enabling it to surpass both Ethereum and other Layer 2 solutions. Inscriptions, functioning as data embedded in transaction call data, are akin to Bitcoin’s Ordinals. They are leveraged to create alternative tokens and NFTs.

Examples include Ethscriptions on Ethereum, Doginals on Dogecoin, and Solana Inscriptions on Solana. This trend underscores the evolving landscape of Layer 2 solutions and their impact on transaction dynamics within the Ethereum ecosystem.

Photo by Moose Photos

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