Total Network Lockup Volume (TVL) of zkSync Era Reaches $93.92 Million After Launch

According to reports, according to L2BEAT data, the total network lockup volume (TVL) of zkSync Era has now reached $93.92 million after its launch, surpassing zkSync Lite ($86.22 million).

Currently, zkSyncEra TVL reaches $93.92 million, surpassing zkSync Lite

Introduction

The world of blockchain is constantly expanding, and new innovations are being introduced every day. Recently, reports have shown that the total network lockup volume (TVL) of zkSync Era has reached $93.92 million after its launch. This figure is currently higher than zkSync Lite, which has a lockup volume of $86.22 million. Let’s explore more about the technology of zkSync Era and how it has been able to gain such attention in the blockchain community.

What is zkSync Era?

zkSync Era is a highly scalable, secure and decentralized solution for Ethereum L2 scaling. It offers faster and cheaper transactions on Ethereum by utilizing zero-knowledge proofs, which allow for increased privacy and security. Zero-knowledge proofs enable a user to prove the validity of data without revealing the data itself.
zkSync Era is built on top of the zkSync protocol, which is a rollup technology that aims to tackle the scalability issues of Ethereum. Rollups bundle multiple transactions into a single transaction, which allows for a significant reduction in gas fees and transaction speeds. In this way, zkSync Era has been able to provide a more efficient and cost-effective option for users of the Ethereum network.

How Does zkSync Era Work?

zkSync Era utilizes zero-knowledge proofs to ensure the privacy and security of transactions. These proofs allow for the verification of data without the need for the data itself to be revealed. In zkSync Era, the zero-knowledge proof is used to bundle multiple transactions into a single transaction, which is then added to the Ethereum mainnet.
The rollup technology used in zkSync Era allows for the processing of more transactions per block, which enables faster and cheaper transactions. Users can benefit greatly from this technology as it drastically reduces the costs of transaction fees and increases the speed of processing transactions.

Benefits of zkSync Era

zkSync Era has several benefits for users, including:
1. Increased speed and scalability – zkSync Era offers a highly scalable and secure solution for Ethereum transactions, which is faster and more cost-effective than the traditional Ethereum network.
2. Cost savings – Users can save a significant amount on transaction fees due to the reduced gas fees associated with zkSync Era.
3. Enhanced privacy – The use of zero-knowledge proofs ensures that user data and transactions are kept private and secure.

Conclusion

The blockchain industry is constantly evolving, and zkSync Era is a prime example of how innovation can drive progress. This technology offers a highly scalable, cost-effective and secure solution to Ethereum transactions. It has been able to gain significant attention in the blockchain community due to its use of zero-knowledge proofs and rollup technology.

FAQs

1. What is the difference between zkSync Era and zkSync Lite?
– zkSync Era offers a more scalable, cost-effective and secure solution for Ethereum transactions than zkSync Lite.
2. Can anyone use zkSync Era?
– Yes, anyone can use zkSync Era for their Ethereum transactions.
3. How does zkSync Era help with privacy and security?
– zkSync Era utilizes zero-knowledge proofs to ensure the privacy and security of transactions by allowing the verification of data without revealing the data itself.