The newly launched zkSync Era blockchain is seeing an increase in activities as the amount of value locked on its network recently crossed the $100 million milestone. It is estimated that the locked value consists of both ether (ETH) and USD Coin (USDC) stablecoins, and more than 3.3 million transactions have been completed on the network since its launch in late March. zkSync is built on the zero-knowledge proofs, a cryptographic system intended to scale up blockchain transactions and reduce their fees.

On the network are DeFi tokens, empowering lending, borrowing and trading services, as well as memecoins resembling Shiba Inu dog breed. DEXScreener data suggests that these memecoin tokens have declined traction so far, but projects such as SyncSwap, Mute and liquidity pools for USDC and ether have seen over $30 million in locked tokens and yields of around 46%.

However, those familiar with the launch feel that the hype is not being fully represented, given the low number of projects built on the network. Maia Benzimra of SpoolDAO also points out that the adoption of zkSync may surge rapidly when more innovative projects are released, as it promises to address core solutions for users by improving the Ethereum protocol's scalability.



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