zkSync Era: Ethereum’s Latest L2 Scaling Solution Attracts Thousands Of Users In Record Time

Mar. 31, 2023
zkSync Era: Ethereum’s Latest L2 Scaling Solution Attracts Thousands Of Users In Record Time

zkSync, a Layer 2 scaling solution for Ethereum, has recently launched its V2 network, zkSync Era, after the Arbitrum airdrop. The release has attracted a lot of attention from users, with over 64,000 unique wallets and 12,000 ETH bridged to the network in less than three days since its launch. According to a recent report with a closer look at the decentralized applications (dApps) currently lives on the zkSync Era mainnet.

Expanding Ecosystem of Ethereum dApps On zkSync Era

Orbiter Finance is a dApp on zkSync Era that facilitates cross-chaining. Unlike official bridges, it allows cross-chain transfers between Ethereum, zkSync Lite, Era, and various public chains. 

Users are charged a fee covering the transaction and a withholding of Gas. Due to high traffic and node limits, the cross-chain service will prioritize Orbiter-ZK-Pilots users, with plans to open to all.

Mute is a dApp on zkSync Era, with a DEX platform for users to swap, provide liquidity, Amplifier, bonds, and participate in DAO governance. Users can swap and provide liquidity for a dozen assets like Ethereum, USDC, MUTE, WETH, and ZKDOGE. 

Mute’s Bonds feature, borrowed from OlympusDAO, lets users trade MUTE/ETH LP with Mute DAO for discounted MUTE Tokens. Mute has over $270k TVL, with 180k MUTE locked up and a $7m trading volume on March 25.

SyncSwap is an early DEX on zkSync Era where people can swap and add liquidity. It works with ETH, USDC, WETH, and 15 LP pairs. The USDC/ETH Pool is its main focus, providing over 100% APR and a TVL of $1.6M+.

SpaceFi links Cosmos and Ethereum Layer2, offering a cross-chain Web3 solution. The platform launched the SPACE Token and supported Evmos and ZkSync networks. 

However, users can trade and provide liquidity for assets on the zkSync Era, including ETH, USDC, and WETH. SpaceFi goes beyond basic DEX features with upcoming offerings like FARM, NFT, SpaceBase, SpaceBridge, and Launchpad.

Rhino.fi is a comprehensive DeFi platform that supports various functionalities such as order book trade, DEX, yield strategies, and gas-free transfers. In addition, users can deposit ETH through the zkSync Era network and access six public chains, including Arbitrum and Polygon. 

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Rhino.fi also offers DVF Token for staking and governance, covering various issues, including fees, liquidity rewards, smart contract upgrades, and treasury fund allocation.

Nevertheless, the launch of zkSync Era has brought a lot of excitement and attention to the Layer 2 scaling solution for Ethereum. The ecosystem is expanding rapidly, and the dApps currently available on the network offer users a wide range of functionalities.

Ammar Raza

Associate editor
Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.