zkSync Era Closes in on Ethereum in Transactions Per Second as TVL Hits Record

zkSync Era has become one of the most popular Ethereum layer 2 scaling projects.

Man dressed in sequins holding a disco zkSync ball in front of speed lights.
Created by Kornelija Poderskytė from DailyCoin
  • zkSync Era processed almost as many transactions per second as Ethereum on Sunday.
  • TVL on zkSync has hit a new high.
  • There’s reason to believe that such activity on zkSync Era is unsustainable.

Ethereum Layer-2 projects are one of the most promising scaling solutions believed to be the answer to scaling the second-most popular blockchain.

This is increasingly evident as zkSync Era, a zkEVM scaling solution, is processing almost as many transactions per second (TPS) as Ethereum itself.

zkSync Era Closes in on Ethereum in TPS

zkSync Era, a zero-knowledge Ethereum Virtual Machine (zkEVM), is becoming popular by the hour.

Sponsored

On Sunday, zkSync Era almost overtook Ethereum mainnet in transactions per second. zkSync Era processed 10.04 transactions per second, while Ethereum – 10.82, according to data from L2Beat.

TPS on Ethereum and layer 2s.
TPS on Ethereum and layer 2s. Source: L2Beat.

TPS on zkSync Era has grown by 26.30% in the past seven days. On Ethereum, TPS has decreased by 6.68% over the same period.

Total value locked (TVL) on zkSync Era has also grown to record highs.

zkSync Era TVL Hits Record High

TPS isn’t the only metric that has increased exponentially on zkSync Era. TVL has also grown substantially.

Sponsored

On Monday, TVL on zkSync Era hit a record high of $628 million, just days after breaking the $500 million mark, according to data from L2Beat. Out of the top 20 Ethereum Layer-2s, zkSync Era has seen the largest TVL growth over the past 24 hours, with a 21.49% increase.

zkSync Era is currently the third largest Ethereum Layer-2 in TVL. Arbitrum ($5.9 billion) and Optimism ($2.26 billion) are the two leading optimistic rollups.

On the Flipside

  • The high activity on zkSync Era is related to airdrop farming, as zkSync has yet to release a token.
  • zkSync Era’s maximum TPS has so far been 12, while Ethereum’s is 22.37.

Why This Matters

Ethereum Layer-2 protocols growing exponentially is a sign Ethereum is giving way to rollups and other types of scaling projects.

Read more about recent Polygon (MATIC) price action:

Polygon (MATIC) Price Struggles to Hold, Falls More Than Closest Competitors

Read more about Crypto.com obtaining a license in Spain:

Crypto.com Secures License in Spain After Closing U.S. Institutional Service

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Arturas Skur

Arturas Skur is a cryptocurrency news reporter at DailyCoin who covers Web 3.0 domains, DeFi, and Ethereum Layer-2s. With over five years of experience in journalism and public relations, Arturas brings his critical thinking and analytical abilities to deliver insightful news stories. In his free time, he enjoys hiking, playing with his dog, and reading.