zkSync Era Hits 1 Million Submitted Blocks Milestone with 98.52% Increase in Lockdown Volume

04/07/2023 14:44 • Tech Ticker • 135 views

According to reports, according to zkSync Era’s on chain data, the current number of submitted blocks has exceeded 1 million, reaching 1001636 at the time of writing. Among them, the number of verified blocks is 932956, and the total number of on chain transactions reaches 5104679. According to data from l2beat, the lockdown volume of zkSync Era was $156 million, an increase of 98.52%.

Data: zkSync Era submitted over 1 million blocks

zkSync Era, a Layer 2 solution for Ethereum, has accomplished a significant milestone as the number of submitted blocks exceeds one million as per on-chain data. The verified blocks stand at 932,956, and the total number of on-chain transactions reaches an impressive 5,104,679. On top of this, l2beat data revealed that the lockdown volume of zkSync Era arrived at an increase of 98.52% currently sitting at $156 million. These numbers show significant progress by zkSync Era and its team of developers, making them a force to be reckoned with in the Layer 2 arena.

The Significance of Layer 2 Solutions for Ethereum

Layer 2 protocols offer a potential solution to the high fees and slow transaction times associated with using the Ethereum network. The main advantage of the Layer 2 approach is that it moves processing off the Ethereum main chain, reducing the demand for network resources and lowering gas fees. This approach allows Layer 2 protocols to process transactions more quickly and more economically, making it an excellent alternative for users who want to enjoy the benefits of decentralization while avoiding the costs and limitations of the Ethereum main chain.

zkSync Era’s Advantageous Features

One of the advantages zkSync Era brings to the table is its low gas fee requirements. zkSync transfers cost a fraction of main-chain ones, making this layer 2 solution more appealing. Another feature that stands out is its fast processing time, taking only a few seconds for a transaction to be completed. zkSync Era also maintains security and scalability, which is why it is becoming more popular with developers.

The Recent Increase In Lockdown Volume

The lockdown volume of zkSync Era has observed an increase of 98.52% and currently, it has reached $156 million. This shows that more and more users are relying on this Layer 2 solution as a viable alternative to the main chain. zkSync Era has accelerated user adoption by lowering gas fees and providing fast transaction processing times, making it an attractive alternative.

The Future of zkSync Era

As the demand for Layer 2 solutions such as zkSync Era continues to increase, the number of submitted blocks on their on-chain data points will continue to grow. Its team of developers has done an excellent job of catering to user’s needs, and zkSync Era is expected to grow even more in the future. Lower gas fees, fast processing times, and guarantees of security and scalability are factors that will continue to attract more users and make sure that zkSync Era remains a significant blockchain project for years to come.

Conclusion

The milestone of one million submitted blocks is a testament to the quality of work the zkSync Era team has put into its development. With its fast processing times, scalability, and security features, it is a great alternative for Ethereum users looking to avoid high fees and slow transactions. With the lockdown volume increasing by 98.52%, it is evident that zkSync Era is gaining more users and becoming more popular. The future looks bright for zkSync Era, making it a promising project that must be watched.

FAQs

1. What is zkSync Era?
zkSync Era is a Layer 2 solution for Ethereum that offers faster processing times, lower gas fees, and scalable processing volumes.
2. Why use Layer 2 solutions like zkSync Era?
Layer 2 solutions like zkSync Era move processing off the Ethereum main chain, reducing demand for network resources, and lowering gas fees. This approach allows for faster transaction processing times and more economical processing.
3. What is the significance of the recent increase in lockdown volume for zkSync Era?
The increase of 98.52% in lockdown volume for zkSync Era is a testament to its growing popularity and user adoption. It shows that more and more users are relying on this Layer 2 solution as a viable alternative to the main chain.

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