The Growth of zkSync Era Chain: 160351 Addresses and 34188 ETHs

According to reports, according to Dune data, as of March 30, the number of single addresses on the zkSync Era chain had reached 160351, and 34188 ETHs had entered the zkSync Era network across the chain, with an average of about 0.2 ETHs stored per address.

The number of primary network addresses of zkSync Era has exceeded 160000, and the number of cross chain ETHs has exceeded 34000

The world of blockchain and cryptocurrencies continues to evolve, and one of the fastest-growing chains is zkSync Era. According to reports, as of March 30, 2021, the number of single addresses on the zkSync Era chain has reached 160351, with 34188 Ether (ETH) entering the network. In this article, we explore what zkSync Era is, how it works, and what these latest figures mean for its future growth.

What is zkSync Era?

ZkSync is a layer-2 scaling solution for Ethereum, designed to make transactions on the network faster and cheaper. It offers instant confirmations, low gas fees, and high throughput, making it ideal for microtransactions and decentralized applications. The technology used by zkSync is called Zero-Knowledge Proofs (ZKP), which allows for privacy, confidentiality, and security of transactions.

How does zkSync Era work?

zkSync works by bundling multiple transactions into a single batch and verifying them off-chain using ZKP technology. The validated batch is then submitted to the Ethereum main chain, which facilitates faster confirmation times and lower fees. In addition, zkSync uses rollups to reduce storage requirements, which allows for more scalability and efficiency.
zkSync Era is the latest version of the zkSync protocol, which was launched in December 2020. It has several improvements over its predecessor, including support for new assets and integrations with major decentralized finance (DeFi) protocols.

The Growth of zkSync Era Chain

As of March 30, the zkSync Era chain had 160351 single addresses, an increase of over 200% since the previous month. This growth can be attributed to several factors, including the popularity of DeFi protocols and the increasing adoption of NFTs (non-fungible tokens).
Moreover, 34188 ETHs had entered the zkSync Era network across the chain, with an average of about 0.2 ETs stored per address. This shows that users are beginning to trust the zkSync protocol to safeguard their cryptocurrency assets.
The growth of the zkSync Era chain is a testament to the scalability and efficiency of the protocol. The bundling of transactions and off-chain verification, coupled with rollups, make the network more accessible and faster than other scaling solutions, such as Ethereum Layer-1 or Bitcoin Lightning Network.

The Future of zkSync Era

As the popularity of DeFi and NFTs continue to grow, zkSync Era is expected to play a vital role in providing fast and affordable transactions on the Ethereum network. Developers and users are already exploring the possibility of integrating zkSync Era with other popular protocols, such as Aave and Uniswap, which could further drive its adoption.
Moreover, zkSync Era has recently launched several new features, including batched transfers and support for ERC-721 tokens, which are expected to attract more users to the network.

Conclusion

The growth of the zkSync Era chain has been remarkable, with over 160000 single addresses and 34188 ETHs stored on the network. The protocol’s scalability, efficiency, and privacy features make it an ideal solution for microtransactions and DeFi applications. As the ecosystem continues to evolve, zkSync Era is expected to play a significant role in shaping the future of the Ethereum network.

FAQs

1. What is zkSync Era?
zkSync Era is a layer-2 scaling solution for Ethereum that offers instant confirmations, low gas fees, and high throughput.
2. How does zkSync Era work?
zkSync Era uses Zero-Knowledge Proofs technology to bundle multiple transactions into a single batch and validate them off-chain, facilitating faster transaction times and lower fees.
3. Why is zkSync Era important?
zkSync Era is expected to play a significant role in shaping the future of the Ethereum network by providing a fast and affordable solution for microtransactions and decentralized applications.