zkSync outpaces Ethereum in monthly transaction volume, propelled by inscription activity

zkSync outpaces Ethereum in monthly transaction volume, propelled by inscription activity
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zkSync, a Layer 2 scaling solution for Ethereum, recorded more transactions than the Ethereum mainnet over a one-month period, processing 34.7 million transactions in the past 30 days.

A total of 34.2 million transactions were recorded on Ethereum’s mainnet during the same period, according to L2Beat data. Next in line was Arbitrum, which saw 31.4 million transactions over the past 30 days.

The recent rise in transaction volume on zkSync has been attributed to the spread of inscriptions — a feature originally created on Bitcoin — to EVM networks, including most Layer 2 chains.

Data from L2Beat highlights that zkSync experienced its biggest monthly transaction surge on Dec. 16. That’s when sync inscription was rolled out on the network and constituted 4.6 million of the 5.3 million transactions that day alone, according to Dune data aggregated by Dragonfly analyst Hildobby.

Inscription-related transactions

zkSync operates as a Layer 2 network on the Ethereum mainnet. By bundling hundreds or thousands of transactions into a single cryptographic proof, it verifies transactions much faster and more cheaply than the mainnet.

Since mid-December, inscription-related transactions have contributed to zkSync’s overall activity, helping it surpass both Ethereum and its Layer 2s.

Inscriptions are data embeds found in transaction call data, which, like Ordinals on Bitcoin, can be used to create alternate tokens and NFTs. Such tokens include Ethscriptions on Ethereum, Doginals on Dogecoin and Solana Inscriptions on Solana.

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© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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