• zkSync Era has recently achieved a milestone, surpassing 100 million transactions.
• The Total Value Locked (TVL) on zkSync Era was yet to recover from its declining trend.
• Despite the notable increase in volume, the stablecoin market cap on the platform was also on a decline.
zkSync Era’s Milestone
Recently, zkSync Era has achieved a significant milestone by surpassing 100 million transactions. According to data from Ethereum Daily and DefiLlama, the volume had been upward since the start of August and peaked at over $105 million on August 26. Additionally, L2 Beats revealed that zkSync Era held the top position among other Layer 2 solutions regarding mainnet transactions with 28 million transactions within the last 30 days.
Declining TVL and Stablecoin Market Cap
Despite achieving this significant milestone, other important metrics such as Total Value Locked (TVL) and stablecoin market cap have declined in recent weeks. The TVL had peaked at over $196 million in July but is currently downward at approximately $120 million according to DefiLlama’s chart. Additionally, considering the current TVL of the platform, zkSync Era holds 4.23% of total market share which is lower than Arbitrum’s dominance at around 56% and Optimism’s share at approximately 26%. Similarly, despite recording an impressive volume recently, the stablecoin market cap has also declined on zkSync Era.
Opportunities Ahead
The latest achievement of surpassing 100 million transactions presents an opportunity for zkSync Era to build upon it and grow its ecosystem further. With more users transacting through their platform due to increasing volumes they can look forward to a potential rise in TVL and stablecoin marketcap as well as further improve their rankings among other Layer 2 solutions like Arbitrum and Optimism.
Conclusion
In conclusion, while reaching 100 million transactions is certainly a great achievement for zkSync era there are still opportunities ahead for them to capitalize on if they wish to continue growth in terms of transaction volume as well as Total Value Locked (TVL) and stablecoin market cap figures within their ecosystem moving forward into 2021 and beyond.