The Ethereum scaling blockchain zkSync Era has attracted over $245 million in around three weeks after launch. Data from L2Beat shows over 70,000 ETH, $81 million in USDC stablecoin, and $8 million in MUTE tokens have been locked on zkSync since March 22, distributed among several zkSync-based projects. On-chain exchange Syncswap leads in total value locked (TVL) among Era-based services, followed by Velocore and Mute. Users can earn up to 80% in annualized rewards by providing liquidity or executing trades on these platforms. On-chain derivatives trading has not caught up among Era users so far, and some memecoins fashioned after the Shiba Inu dog breed are seeing cycles of brisk price surges followed by a dump. ZkSync is named after the so-called "ZK rollups," which are a type of blockchain scaling system based on cryptography known as zero-knowledge proofs, seen as a key advance in speeding up blockchain transactions and reducing the cost of network activity.

(By Shaurya Malwa)