Ethereum Scaling Solution Thrives in 2024

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The Ethereum scaling solution zkSync Era is making remarkable strides in 2024, continuing its exceptional performance. This Layer-2 (L2) blockchain, utilizing zero-knowledge rollup (zk-rollup) technology, has consistently outpaced other Ethereum scaling solutions in transaction processing.

zkSync Era leads the pack

In the most recent 24-hour period, zkSync Era recorded an impressive 1.5 million daily transactions, surpassing its counterparts like Arbitrum (ARB) and Optimism (OP), which secured the second and fourth positions, respectively. Ethereum Daily’s report highlighted zkSync Era’s dominance, emphasizing its leading position in the current landscape.

🔥Top 5 Rollups in Daily Transactions:

1. zkSync Era
2. Arbitrum One
3. Mantle
4. OP Mainnet
5. Arbitrum Nova pic.twitter.com/CQKRdRPCya

— Ethereum Daily (@ETH_Daily) January 7, 2024

Delving into the statistics provided by L2Beat, it becomes evident that zkSync Era has maintained its supremacy over the past month. The L2 network settled over 40 million cumulative transactions in the last 30 days, setting a new benchmark among Ethereum Layer-2 solutions.

Notably, zkSync Era exhibited a robust average throughput of 16.11 transactions per second (TPS) in the last 24 hours. What distinguishes zkSync Era further is its consistent delivery of double-digit TPS throughout the preceding month, culminating in a peak of 62.07 TPS on December 16th. These performance metrics solidify zkSync Era’s position as the forefront Ethereum scaling solution, showcasing its reliability and efficiency in handling a substantial volume of transactions.

In addition to its dominance in transaction processing, zkSync Era has asserted its leadership in terms of daily active users over the last two months, as revealed by AZC News analysis of Artemis data.

As of January 6th, zkSync Era boasted 399.89K unique active addresses, surpassing the combined count of the next four competitors in the ranking. This substantial user base underscores zkSync Era’s popularity and widespread adoption.

zkSync Era fares lower in TVL

However, despite its robust performance in network fundamentals, zkSync Era faces challenges in attracting decentralized applications (dApps) and the associated liquidity. The total value locked (TVL) on the rollup currently stands at $541 million, a figure notably lower than competitors such as Arbitrum, OP Mainnet, and even Base.

The discrepancy in TVL prompts speculation about the possibility of an airdrop in 2024, a common occurrence following periods of strong network activity. It’s worth noting that zkSync has not made any official announcements or provided hints regarding such a scenario.

The debate surrounding airdrops within the cryptocurrency community continues, with some viewing them as mere marketing tactics, while proponents believe they can significantly impact user engagement and contribute to the overall success of a project. Whether zkSync Era will implement an airdrop remains uncertain, adding an element of anticipation to its future developments.