zkSync overtakes Ethereum transaction volume as inscriptions gain traction
zkSync has witnessed a surge in transaction volume over the last 30 days, primarily driven by the recent craze for inscriptions.
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zkSync became the first Ethereum layer 2 scaling protocol to handle more transactions in a single month than Ethereum, according to data from L2Beat.
The scaling solution processed more than 35 million transactions over the last 30 days, surpassing Ethereum (34.2 million) and Arbitrum One (31.4 million) in the same period.
zkSync has also become the first project to handle more transactions than Ethereum in a month, according to L2Beat researcher Luca Donno.
— donnoh.eth 💗 (@donnoh_eth) December 28, 2023
The surge in transaction activity on zkSync is linked to the growing popularity of its inscriptions. On December 16, the network reached an all-time high in transactions, coinciding with the launch of its sync inscription. Data from on-chain analytics firm Dune reveals that 4.6 million inscriptions were minted on zkSync that day, fueling a record-breaking 5.3 million transactions.
The high number of transactions led to network congestion on the same day. A similar incident happened on December 24 when the zkSync developer team announced a temporary shutdown due to another inscription-related spike.
zkSync Era is currently encountering network issues.
Teams are actively addressing the situation and are committed to resolving it as swiftly as possible.
We will share a post-mortem report once the issue has been fully addressed and analyzed.
— zkSync Developers (∎, ∆) (@zkSyncDevs) December 25, 2023
As much as Ordinals-inspired inscriptions have sparked excitement, their popularity has also caused network outages and gas fee spikes. This phenomenon isn’t unique to zkSync, as other top chains like Arbitrum, Polygon, and The Open Network (TON) have faced similar problems when dealing with surges in activity.