Ethereum Layer 2 Network zkSync Era Surges To $250M In Locked Value

Key Points:

• Ethereum’s zkSync Era attracts over $245M in 3 weeks after launch.
• Over 70k ETH, $81M USDC, and $8M MUTE tokens have been locked on the network.
• Users can earn up to 80% in annualized rewards by providing liquidity or executing trades on the platform.

zkSync Era, a blockchain scaling solution for Ethereum, has seen significant interest from investors since its launch on March 22nd.

As of now, the platform has attracted over $245 million in total value locked (TVL), with over 70,000 ether (ETH), $81 million in USD coin (USDC) stablecoin, and $8 million in mute (MUTE) tokens locked on zkSync. This TVL is distributed among several zkSync-based projects, which allow users to purchase ecosystem tokens or provide liquidity to exchanges on the network.

DefiLlama data indicates that Syncswap, a zkSync-based on-chain exchange, leads in TVL with over $64 million. Velocore follows at $25 million, and Mute at $15 million. Users can earn up to 80% in annualized rewards by providing liquidity or executing trades on these platforms, which may be driving capital to Era and leading to value accrual for tokens such as mute, issued by the Mute DEX.

Despite the platform’s popularity, data suggests that on-chain derivatives trading has not yet caught up among Era users. Era-based Onchain Trade, a derivatives DEX, holds just over $2 million in TVL and has seen zero volumes for futures in the past 24 hours. However, spot trading on the DEX has racked up $600,000 in volume.

Furthermore, some memecoins, inspired by the Shiba Inu dog breed, which is the basis of popular tokens dogecoin (DOGE) and shiba inu (SHIB), are seeing cycles of brisk price surges followed by a dump, according to DEXTools data.

The network has processed over 7 million transactions since its launch, with the capability to process 3.5 transactions per second. With the high levels of interest and investment, it will be exciting to see what developments will come next for zkSync Era and the Ethereum ecosystem as a whole.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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