- zkSync Era drives L2 network costs.
- Recent networks have seen a mix of positive and negative indicators.
zkSync was created as a layer 2 (L2) solution to provide a faster and more cost-effective alternative to Ethereum (ETH). How successful has it been, especially in terms of transaction fees?
zkSync Era transaction fees
recent data It highlighted the cost-effectiveness of using a layer 2 (L2) platform such as zkSync Era for transactions.
The chart compares the fees charged by various L2 networks for ETH transfers and token swaps. As of press time, zkSync’s ETH transfer fee is $0.06 and the swap fee is $0.11.
Notably, these fees are the lowest among major L2s, including Arbitrum (ARB) and Optimism (OP).
The chart also shows the fees associated with the same transaction on the Ethereum network. Sending ETH on the Ethereum network incurs a fee of over $1, while token swaps cost over $5.
This stark contrast highlights the cost advantages that L2 solutions offer, contributing to their growing popularity over the past few years.
Active accounts and transactions in zkSync Era
According to data from Blockscout, the total number of transactions in the zkSync Era was over 240 million.
According to information from OKX Scanner, the network has witnessed over 138,000 transactions in the last 24 hours.
A deeper analysis of Blockscout data shows that the total number of accounts in the zkSync Era currently stands at approximately 5.5 million.
Additionally, the number of active accounts has been increasing recently.
The number of active accounts at the end of the previous year was approximately 140,000, and at the time of this writing, the number of active accounts exceeded 443,000.
Collectively, these indicators suggest that the level of interaction with the network has increased significantly in recent times.
Source: Block Scout
Trading volume and TVL plummet
Despite some positive aspects of the zkSync Era, both trading volume and Total Value Locked (TVL) have been on the decline recently.
AMBCrypto’s analysis of DeFiLlama’s L2 volume trends shows a significant decline over the past eight days. As of January 20, the network recorded over $54 million in trading volume.
However, at the time of writing, trading volume has decreased to approximately $16 million.
Source: DefiLlama
We also reviewed L2 Beats’ TVL and found that it has decreased by almost 6% in the last 24 hours. Moreover, zkSync Era’s market share remains relatively low at just over 2% at the time of this writing.