Bittime - zkSync Era, Ethereum's Layer-2 scaling protocol, just celebrated its first birthday! In 12 months of competing in the competitive Layer-2 world, they have made a number of important achievements.
What is zkSync Era?
zkSync Era is a Layer-2 solution that helps Ethereum handle more transactions. Its zk-rollup technology combines multiple transactions into a single proof, processes them off-chain, and increases Ethereum throughput.
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zkSync Era is EVM compatible, allowing Ethereum dApps to be ported easily. It offers higher transaction throughput while maintaining Ethereum's security and decentralization.
Also read: What is MEV Ethereum
In short, zkSync Era helps Ethereum scale in a safe and efficient way, providing a better experience for users and developers.
zkSync Era Innovation and Performance
Launched on March 24, 2023, zkSync Era has given birth to various innovations. One of them is ZK Stack, a modular framework for building self-sustaining "hyperchains."
As a Layer-2 scaling solution, zkSync Era is designed to overcome transaction bottlenecks that often occur on Ethereum. Over the past year, they have used the Boojum Proof System to help validators reduce hardware requirements.
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Key performance highlights include achieving the highest Transaction Per Second (TPS) of 188 during the 2023 Inscription Event. zkSync Era also hosted the largest Code4rena audit competition with over $1.1 million in prizes.
Data from analytics platform L2Beat currently ranks zkSync Era as the 3rd best performing Layer-2 with an average TPS of 16.23, up 16.94% in the last 7 days. Over the past 30 days, zkSync Era has recorded 37.77 million transactions.
Also read: What is the zkSync Ecosystem and How Does It Work?
This Ethereum Layer-2 protocol has been one of the biggest beneficiaries of the recently implemented Ethereum Dencun Update. Transaction fees on zkSync Era are down to 1 cent, making them more accessible than last year.
zkSync Era will next focus on developing Zero Knowledge (ZK) technology which is at the core of its vision.
Driving Ethereum's Evolution
Various protocols with unique technologies are competing to scale Ethereum. zkSync Era focuses on using the Zero Knowledge model, while other Layer-2 such as Arbitrum and Optimism utilize Optimistic Rollup technology.
To maintain its relevance, zkSync Era continues to innovate and encourage community building, as seen in the Code4rena audit competition.
Working together with the general public, zkSync Era collaborates with the City of Buenos Aires in Argentina to empower Blockchain Digital ID innovation. This shows how the technology can be widely applied.
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Even though it has not yet launched a native token, a series of innovations brought by zkSync Era further strengthen Ethereum's capabilities. This also has a positive impact on increasing the price of ETH coins.
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Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
zkSync vs Polygon zkEVM: Competition in Zero-Knowledge and Rollup
What Are Zero-Knowledge Rollups (ZK Rollups)?
Buy ETH: zkSync Era Becomes an Ethereum Scalability Solution with a Bright Future
ETH IDR vs ETH USDT: Ethereum Trader's Dilemma
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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