Introduction

What is zkSync?

zkSync is a Layer 2 scaling solution that offers cheaper and faster transactions than the main Ethereum blockchain (Layer 1). Layer 2 solutions move most activity away from Layer 1, while still inheriting its security and finality.

What are its benefits?

zkSync significantly reduces gas costs without sacrificing security or user control.

zkSync gives you:

• Low gas: up to 1/100 of L1 gas & cheaper than using optimistic rollups
• High speeds: 2000+ transactions per second (tps) compared to 14tps on L1
• Security: secured by the main Ethereum blockchain
• Frictionless transfers: effortlessly move your crypto between L1 and Layer 2 without delays
• Censorship resistance: you can move your assets back to L1 at any time

Who’s behind zkSync?

ZkSync has been developed by Matter Labs. They’ve received funding from both the Ethereum Foundation and top tier investors, such as Union Square Ventures. zkSync has been live since September 2020.

In chart below we have the amount of distinct wallets that deposit ETH to zkSync in last 60 Days. Amount of Wallets from 240 in Apr 14th has reached 2600 in Jun 11th which shows a growth of almost 10 times.This growth tells us that users' trust in this platform has increased greatly in the last two months.One of the possible reasons is the news about the growth of the network.

Unlike the previous chart, which was bullish, we do not see an bullish trend in this chart. A significant amount of ETH is deposited daily, which indicates the trust and interest of users in ZkSync.

Conclusion

zkSync doesn't have much history and not many platforms have been launched yet, so it's natural for it to grow slowly.Of course, I have to say that zkSync has done a great job so far, but it needs to grow more to gain the trust of users.

Thanks for reading

All data used are from Flipside Crypto
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