zkSync Era: A Triumphant Year in the Layer-2 Arena

zkSync Era: A Year of Progress in the Layer-2 Arena

Has zkSync Era Earned Its Stripes in the L2 Race?

A year after its inception, Ethereum Layer-2 scaling protocol zkSync Era is flaunting its accomplishments in the fiercely competitive L2 landscape. Since its launch on March 24, 2023, the protocol has racked up an impressive track record, including the launch of the ZK Stack, a modular framework for building sovereign hyperchains.

Boosting Ethereum's Performance

Recognizing the challenges Ethereum faces in handling transaction throughput, zkSync Era has introduced the Boojum Proof System, enabling validators to reduce hardware requirements. This has resulted in a significant performance boost, with the Transaction Per Second (TPS) hitting 188 during the 2023 Inscription Event.

L2Beat Rankings and Community Engagement

According to analytics platform L2Beat, zkSync Era currently ranks as the third-best performing L2 with an average TPS of 16.23, a 16.94% increase over the past week. Moreover, the protocol hosted the largest Code4rena audit competition, attracting over $1.1 million in prize money, demonstrating its commitment to community building.

Zero Knowledge at the Core

zkSync Era's focus on the Zero Knowledge (ZK) approach differentiates it from other L2s like Arbitrum and Optimism, which utilize the Optimistic Rollup tech stack. To maintain its relevance, the protocol has fostered community engagement through initiatives like the Code4rena competition.

Collaborations and Use Cases

zkSync has expanded its reach through collaborations with various organizations. It powers the Blockchain Digital ID innovation of the City of Buenos Aires in Argentina, showcasing its diverse applications.

Impact on Ethereum's Value

Despite the absence of a native token, zkSync Era's innovations have highlighted Ethereum's capabilities, positively impacting the coin's price. As the protocol continues to develop, its contributions to the Ethereum ecosystem are likely to further enhance the value of the cryptocurrency.