• 14 July, 2024

ZkSync Era Surpasses $500 Million in TVL: Becomes the Third Largest Rollup

According to the data revealed by the analytics and research platform, L2BEAT, Ethereum Layer 2 Network zkSync Era has surpassed $500 million in the Total Value Locked (TVL), exhibiting a 12% increase over the last 7 days.

The DeFi analytics platform TOP7 ICO shared a Twitter thread on June 19, shedding light on the massive surge in zkSync’s TVL:

Notably, TVL is a metric used for tracking the total number of digital assets locked on a decentralized finance (DeFi) platform. In other words, the TVL of a DeFi platform shows the overall health of the platform; a platform with higher TVL value is considered more trustworthy.

As per the current data, zkSync Era has secured the position of the third largest rollup in terms of the total value locked, following Arbitrum and Optimism, which have secured the first and second ranks respectively. The increasing value of TVL indicates that zkSync is gaining serious momentum.

Significantly, zkSync Era holds more than 220,000 ETH, worth $378 million, 14.43 million MUTE, worth $7.53 million, and 121 million USDC, marking a total of 511 million.  Since the launch of the ZK rollup in March 2023, the daily active addresses have been showing a steady increase, averaging 175,000 in the last four weeks.

Source: L2BEAT

TOP7 ICO further stated that the zkSync had raised a “solid $450M in funding”, adding:

High network activity is connected with discussions about zkSync launching a governance token and rewarding early adopters through a retro drop. To improve your eligibility for a potential airdrop, interact with zkSync itself (bridge and transfer assets) and major ecosystem projects.

It is evident that the growth of the platform represents the increasing adoption of the zkSync Era among DeFi applications. Recently, the liquid staking solution, Rocketpool, integrated with zkSync Era, entering into the list of protocols moving towards the layer 2 platforms.

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