What zkSync Era’s latest milestone means

• In the past 3 days, zkSync Era has achieved its highest and second-highest volume.
• The TVL and stablecoin market cap has, however, declined.

The zkSync Era has recently achieved a historic milestone in its transactional capabilities. How has this achievement affected other important metrics of the L2 solution?

zkSync Era sets new transactions record

A recent update from Ethereum Daily reported that zkSync Era has achieved a significant milestone, surpassing 100 million transactions. Analyzing the volume metric on DefiLlama showed that the volume had been upward since the start of August. Before August, the volume ranged between $35 million and $40 million. 

However, the average daily volume in August surpassed $40 million, indicating a consistent upward trend, according to Defillama. Notably, on August 26, the volume spiked to over $105 million, marking the platform’s highest recorded volume.

Similarly, on August 27, the volume remained impressive, exceeding $96 million and securing the second-highest volume ever observed by zkSync Era. 

Source: DefiLlama

Additionally, data from L2 Beats revealed that zkSync Era held the top position among other Layer 2 solutions regarding mainnet transactions.

As of this writing, it boasted the highest transaction count within the last 30 days, surpassing 28 million transactions. The closest competitor trailed behind with over 18 million transactions.

TVL on zkSync Era continues to spiral

Despite the notable increase in volume, the Total Value Locked (TVL) on zkSync Era was yet to recover from its declining trend. Based on a DefiLlama chart, the TVL was currently downward. This decline began after it peaked at over $196 million in July.

As of this writing, the TVL was approximately $120 million, showing no signs of a reversal in the downtrend.

Additionally, according to data from L2 Beats, considering the current TVL of the platform, zkSync Era held the third-largest market share percentage. As of this writing, the market share was 4.23%, in contrast to Arbitrum’s dominance at around 56% and Optimism’s share at approximately 26%. 

Stablecoin market cap also on a decline

Similar to the TVL, the stablecoin market cap on the platform has been experiencing a decline. Data from DefiLlama indicated that the stablecoin market cap reached its zenith, surpassing $150 million in July, only to start descending subsequently.

As of this writing, the zkSync Era stablecoin market cap hovered around $108 million.

Source: DefiLlama

Although other metrics have not yet mirrored the positive trajectory in transaction volumes, this scenario could shift if the sustained transaction volume continues.