Matter Labs’ zkSync Era, a zero-knowledge (ZK) rollup designed to scale Ethereum, has been experiencing rapid growth, attracting significant capital.
The total value locked (TVL) on zkSync Era has recently surpassed $500 million, reflecting a remarkable 12% increase in just one week.
As one of the leading rollup solutions, zkSync Era offers Ethereum Virtual Machine (EVM) compatibility while incorporating native account abstraction.
According to L2Beat, a reliable data source, zkSync Era currently holds the position of the third-largest rollup by total value locked, trailing behind Arbitrum and Optimism.
The TVL metric serves as a widely recognized measure to track the total value of digital assets locked or staked on decentralized finance platforms.
With its TVL exceeding $500 million, zkSync Era has demonstrated substantial growth and growing confidence from the Ethereum community.
At present, zkSync Era hosts more than 220,000 ether (ETH), equivalent to approximately $378.3 million, along with around 121 million USDC (a dollar-pegged stablecoin) and 14.43 million MUTE, which carries a value of $7.53 million.
Notably, MUTE serves as the native cryptocurrency of Mute, a decentralized exchange operating on zkRollup technology.
The diverse range of assets locked on zkSync Era showcases the platform’s appeal to various participants within the Ethereum ecosystem.
Since its launch in March 2023, zkSync Era has experienced a steady increase in daily active addresses. Over the past four weeks, the average number of active addresses has reached 175,000, reflecting a growing user base.
Moreover, the integration of Rocketpool, a liquid staking solution, into zkSync Era demonstrates the increasing demand for layer 2 platforms among decentralized applications.
Developers within the Ethereum community have been actively prioritizing the implementation of ethereum Improvement Proposal (EIP) 4844, which is expected to enhance transaction types and reduce fees on rollups.
This emphasis on rollups reinforces the long-term scalability vision for Ethereum and encourages dapps to transition to more cost-effective rollup solutions.
The notable activity observed on zkSync Era, as well as other ZK rollups like Starknet and Polygon zkEVM, has led industry observers to anticipate a Zk season.
This term, coined within the crypto market, describes a period when ZK rollups outperform other sectors by a significant margin.