ZkSync Surpasses Ethereum Mainnet in Transaction Volume
ZkSync, a Layer 2 scaling solution for Ethereum, has processed 34.7 million transactions in the past 30 days, surpassing the transaction volume of the Ethereum mainnet.
According to L2Beat data, Ethereum’s mainnet recorded a total of 34.2 million transactions during the same period. Arbitrum came in second with 31.4 million transactions.
Rise in Transaction Volume on zkSync
The recent increase in transaction volume on zkSync is attributed to the adoption of inscriptions, a feature originally developed on Bitcoin, on EVM networks and Layer 2 chains.
Data from L2Beat shows that zkSync experienced its highest monthly transaction surge on December 16th when sync inscription was introduced, accounting for 4.6 million out of the 5.3 million transactions that day alone.
Inscription-Related Transactions
zkSync operates as a Layer 2 network on the Ethereum mainnet, enabling faster and cheaper verification of transactions by bundling them into cryptographic proofs.
Since mid-December, inscription-related transactions have played a significant role in zkSync’s overall activity, allowing it to surpass both Ethereum and other Layer 2 solutions.
Inscriptions are data embeds in transaction call data that can be used to create alternative tokens and NFTs. Examples include Ethscriptions on Ethereum, Doginals on Dogecoin, and Solana Inscriptions on Solana.
Hot Take: zkSync Takes the Lead in Transaction Volume
ZkSync’s recent achievement of surpassing Ethereum’s mainnet in transaction volume highlights the growing importance of Layer 2 scaling solutions in addressing scalability issues. With its ability to bundle transactions into cryptographic proofs, zkSync offers faster and more cost-effective transaction verification compared to the Ethereum mainnet. The adoption of inscriptions on EVM networks and Layer 2 chains has further boosted zkSync’s transaction volume, showcasing the potential for innovative features to drive network activity. As the demand for scalability continues to rise, Layer 2 solutions like zkSync are poised to play a crucial role in supporting the growing needs of the crypto ecosystem.
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