The Growth of zkSync Era: A Year of Achievements
Ethereum Layer-2 scaling protocol, zkSync Era, recently celebrated its first anniversary by highlighting its major milestones and accomplishments over the past year. Since its launch on March 24, 2023, zkSync Era has made significant progress in the competitive world of Layer-2 scaling solutions. Here are some key highlights:
- The shipping of the ZK Stack, a modular framework for building sovereign hyperchains.
- Deployment of the Boojum Proof System to help validators reduce hardware requirements.
- Achieving a Transaction Per Second (TPS) rate of 188 during the Inscription Event in 2023.
- Hosting the largest Code4rena audit competition with a prize pool of over $1.1 million.
These achievements demonstrate zkSync Era’s commitment to enhancing transaction throughput and scalability on the Ethereum network. Now let’s delve into these milestones in more detail.
Shipped ZK Stack: Empowering Sovereign Hyperchains
zkSync Era introduced the ZK Stack, a modular framework that enables developers to build sovereign hyperchains. This innovation provides greater flexibility and customization options for creating scalable solutions on top of zkSync Era’s Layer-2 protocol. By empowering developers with the ZK Stack, zkSync Era aims to foster innovation and drive the adoption of Layer-2 solutions in the Ethereum ecosystem.
Reduced Hardware Requirements with Boojum Proof System
Recognizing the need for efficient hardware utilization, zkSync Era deployed the Boojum Proof System. This system helps validators on the zkSync network reduce their hardware requirements while maintaining security and performance. By optimizing hardware usage, zkSync Era enhances the accessibility and cost-effectiveness of its Layer-2 scaling solution, making it more attractive to users and validators.
Impressive Transaction Per Second (TPS) Rate
During the Inscription Event in 2023, zkSync Era achieved a remarkable Transaction Per Second (TPS) rate of 188. This high throughput capability demonstrates the scalability and efficiency of zkSync Era’s Layer-2 protocol. By significantly increasing transaction capacity, zkSync Era addresses one of the key limitations of the Ethereum network, offering users a seamless and fast experience for their transactions.
Hosted Code4rena Audit Competition
zkSync Era hosted the largest Code4rena audit competition, with a prize pool exceeding $1.1 million. This initiative aimed to ensure the security and reliability of zkSync Era’s protocol by engaging with the developer community. By incentivizing audits through a competitive program, zkSync Era strengthens the trustworthiness of its Layer-2 solution, providing users with a robust and secure environment for conducting transactions.
Driving Ethereum Evolution: zkSync Era’s Unique Approach
While there are various Layer-2 protocols available for scaling Ethereum, zkSync Era stands out with its Zero Knowledge (ZK) model. Unlike other solutions that utilize Optimistic Rollup technology, zkSync Era focuses on leveraging Zero Knowledge proofs to achieve scalability and privacy enhancements on the Ethereum network.
Building Community Through Collaborations
In order to remain relevant and foster community growth, zkSync Era has actively pursued collaborations over the past year. One notable collaboration is with the City of Buenos Aires in Argentina, where zkSync Era powers innovative blockchain solutions. This partnership showcases the versatility and real-world applications of zkSync Era’s Layer-2 protocol.
Positive Impact on Ethereum’s Price
Although zkSync Era has yet to launch its native token, its contributions to the Ethereum ecosystem have had a positive impact on the price of Ether (ETH). By enabling faster and more scalable transactions, zkSync Era enhances the overall usability and attractiveness of Ethereum, driving increased demand for ETH.
Data from L2Beat: zkSync Era’s Performance
According to data from L2Beat, zkSync Era currently ranks as the 3rd most performant Layer-2 solution, with an average Transaction Per Second (TPS) rate of 16.23. This represents a 16.94% increase in TPS over the past 7 days. Additionally, zkSync Era has recorded a transaction count of 37.77 million in the past 30 days, further highlighting its growing adoption and usage.
Hot Take: zkSync Era’s Year of Achievements
zkSync Era has made significant strides in its first year of operation, establishing itself as a leading Layer-2 scaling protocol for Ethereum. With innovative features like the ZK Stack and the Boojum Proof System, zkSync Era continues to push the boundaries of scalability and performance on the Ethereum network. By focusing on Zero Knowledge proofs and fostering community collaborations, zkSync Era is driving the evolution of Ethereum and contributing to its wider adoption.
By
By
By
By