ZkSync DeFi Explosion: Shiba Inu Clones and $100M Locked Value Explained!

NFT Studio 24
2 Min Read

The newly launched blockchain, zkSync Era, has seen a surge in activity. As its locked value reached $100 million over the weekend, driven by a number of new token launches.

L2Beat data shows that the locked value includes over $69 million in ETH and nearly $30 million in USDC stablecoins.

ZkSync-based projects for purchasing ecosystem tokens or providing liquidity to exchanges on the network.

The network; launched on March 24, has seen over 3.3 million transactions. Conducted with a speed of 4.4 transactions per second.

zkSync supports ZK rollups

zkSync supports ZK rollups, a type of blockchain scaling system based on zero-knowledge proofs.

These are a key advancement in speeding up transactions and reducing network activity costs.

The ecosystem has many decentralized finance (DeFi) tokens. This includes power lending, trading, and borrowing services. Furthermore, the memecoins also followed after the popular Shiba Inu dog.

SyncSwap and Mute hold over $30 million in locked tokens. Additionally, Mute’s native MUTE tokens has a market capitalization of $47 million.

Moreover, tokens such as ZKDoge, ZKInu, and ZkSync SHIB have also attracted millions of dollars in trading volumes since their recent launches.

Some believe that the zkSync launch has not lived up to its hype. Others think that adoption will increase quickly with the introduction of innovative projects designed to address users’ core needs.

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