zkSync surges past Ethereum in this metric, details here

• zkSync has exceeded Ethereum in terms of transaction volume in the last 30 days.
• The demand for zkSync has risen consistently since its launch in February. 

Layer 2 scaling solution for Ethereum zkSync has overtaken its parent network in transaction volume over the past month, data from L2BEAT revealed.

According to the data provider, zkSync has processed a staggering 35 million transactions, compared to Ethereum’s 34 million in the past 30 days.

In the last seven days, zkSync has recorded a 24% uptick in the number of average daily transactions it can process per second. At press time, this was 13.79 transactions.

On the other hand, Ethereum was five places behind with an average transaction per second (TPS) count of 13.72.

The surge in transaction volume on zkSync is linked to the introduction of inscriptions on the chain and across various Ethereum Virtual Machine-enabled (EVM) networks.

Data from a Dune Analytics dashboard prepared by analyst Hildoby showed that when inscriptions were first introduced to zkSync on 16th December, the scaling solution recorded its highest monthly transaction surge. 

For context, on that day, inscriptions-based transactions constituted 87%  of the 5.3 million total transactions completed on zkSync. Also, on the same day, its TPS climbed to a high of 62.07.

Data from L2Beat showed that this was zkSync’s highest observed TPS averaged over a single-day period. 

zkSync in 2023

Since its launch in February, zkSync has steadily grown in user activity. According to data from Token Terminal, its monthly count of active users has since risen by a whopping 3,000,000 %.

In its first month, the network’s user count totaled 69. With two days left till the end of December, it has recorded a user count of 2.7 million this month.

December’s figure already stands at a 12% increase from the 2.4 million active users zkSync registered in November.

Source: Token Terminal

As user activity grew, network fees and protocol revenue rallied as well. However, by May, monthly fees and revenue peaked at $10.2 million and have since trended downward.

 So far this month, zkSync’s fees and revenue are $7 million each, seeing a 42% rise in the last 30 days.

Regarding network total value locked (TVL), zkSync’s TVL was $160.24 million, according to data from DefiLlama. This initiated an uptick on 20th November and has since increased by 20%. 

Source: DefiLlama