Ethereum Layer-2’s Rising Star: zkSync Outperforms Mainnet in Transactions

Ethereum’s layer-2 scaling solution, zkSync, has eclipsed Ethereum’s mainnet in monthly transactions for the first time, showcasing the shifting dynamics within the blockchain ecosystem. Data from L2beat reveals that zkSync processed a remarkable 34.7 million transactions in the past 30 days, narrowly outpacing Ethereum’s 34.2 million, and establishing itself as a formidable force in the blockchain space.

This milestone for zkSync can be attributed to the burgeoning trend of inscriptions, originally a phenomenon on the Bitcoin network. The inception of inscriptions, fueled by the innovations of blockchain figures like Casey Rodarmor and the pseudonymous Domo, has seen a surge in embedding files within call data on Bitcoin (BTC). Domo’s extension of this concept with the BRC-20 token standard, parallel to Ethereum’s ERC-20, has enabled token issuance and NFTs on Bitcoin’s network.

zkSync’s significant transaction volume spike on December 16, the day inscriptions were enabled on the network, underscores the massive impact of this trend. The technology has rapidly expanded beyond Bitcoin, influencing other blockchains such as Ethereum and Solana, occasionally leading to network strains and sequencer challenges, as witnessed on Arbitrum.

Ender Lu, CTO of Morph L2 and a former Binance Chain core developer, emphasizes the critical need for more decentralized blockchain sequencers. With the current trajectory leaning towards centralization, concerns of censorship and network stability have arisen within Ethereum’s community and the broader blockchain sphere. Lu warns of the risks associated with centralized block builders, advocating for the development of distributed validator technology to ensure the integrity and decentralization of blockchain networks.

The success of zkSync, surging ahead of Ethereum’s mainnet in transaction volume, represents not just a technological achievement but also a catalyst for further innovation and decentralization in the blockchain world. As layer-2 solutions continue to evolve and expand their capabilities, they hold the promise of enhancing blockchain infrastructure, fostering greater inclusivity, and maintaining the ethos of decentralization that underpins the blockchain community.