ZKsync Era, a layer 2 scaling solution for the Ethereum ecosystem, saw its total value locked (TVL) more than triple in the past month alone, hitting a record $402.8 million on January 24, as per DefiLlama.
The total stablecoin value deposited on Era-based dapps has reached a record $163 million, up from $63 million at the beginning of the year.
The TVL growth is attributed to the Ignite program, which launched earlier this month. As we previously reported, ZKsync is distributing 300 million tokens (worth about $600 million) as incentives over a period of nine months. The program is part of the platform’s strategy to attract liquidity on its layer 2 network.
ZKsync Era is one of the first scaling solutions using zero-knowledge (zk) technology and being compatible with the Ethereum Virtual Machine (EVM).
Era’s mainnet was launched in March 2023, and it crossed the $200 million mark within less than three months. Thanks to the recent growth in TVL, the network has become the largest zkEVM solution, surpassing Starknet and Linea.
Lending protocols have been by far the best-performing dapps on Era, currently dominating its ecosystem comprising over 120 DeFi projects. The top three largest dapps on the network are lending protocols, including Aave V3, Venus Core Pool, and ZeroLend. Their TVL on Era ranges between $70 and $80 million as of this writing.
ZeroLend has been the best performer, as its TVL on Era has soared nearly 600% in the past month to a record $75 million, making it the third-largest dapp. Meanwhile, Era has consolidated its position on the multi-chain dapp, becoming the third-largest chain by TVL after Ethereum and Linea.
Aave V3 is the largest dapp on Era with nearly $80 million, although it represents a fraction of the protocol’s total TVL of $35 billion.
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