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LD Capital: How has the ecosystem developed two months after the launch of Zksync mainnet?

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Currently, zksync has been online for 2 months. How is the development of its network ecosystem? Let's explore it.

Original Title: "Report on the Development of the Zksync Mainnet after Two Months"

Source: LD Capital

zkSync is an Ethereum layer 2 network expansion solution based on the ZK Rollups architecture. It launched its mainnet Fair Onboarding Alpha on February 16, 2023, which only allows registered projects to test and is not open to end users. On March 24, 2023, zkSync Era mainnet will be open to everyone, and zkSync2.0 will be renamed zkSync Era, while zkSync1.0 will be renamed zkSync Lite.

Currently, zksync has been online for 2 months. How has its network ecosystem developed? Let's take a look.

1. TVL

Zksync's TVL maintained stable growth in the three weeks before its launch, with growth stagnating in mid-April and recovering since mid-May. Currently, TVL is $283 million, with a growth of 9.5% in the past week, accounting for 3.29% of the overall layer2 TVL and ranking fourth.

2、Chain Activity

According to browser data, since the launch of Zksync era, it has processed approximately 21 million on-chain transactions and has 1.7 million unique addresses. Due to the impact of the Arbitrum airdrop, Zksync had a high level of chain activity upon launch, with daily active addresses fluctuating around 60-80k in the early stages and dropping to a low of around 30k in early May, before rising sharply due to events and airdrops.

On May 11th, OKX Wallet launched a one-stop DApp exploration and airdrop interaction platform called Cryptopedia. The platform features zkSync Era as the theme for its first phase and has set up a dedicated zkSync Era interaction area. Users who complete the interaction tasks not only have the potential to receive airdrop rewards, but also have the chance to win one of five different NFTs with varying degrees of rarity, jointly designed by OKX Wallet and zkSync. As a result of this activity, the activity level on the zksync era chain has significantly increased. Additionally, on May 20th, OKX opened up the deposit and withdrawal of zkSync Era mainnet assets.

The zkSync Era's metaverse project zkApes launched its $ZAT airdrop on May 10th, and subsequently shortened the time for claiming the airdrop to one week. Before the deadline of May 17th, the on-chain activity of zkSync Era reached a new high. On the day the airdrop ended, the number of $ZAT holders was 655,000, surpassing USDC to become the second largest token in terms of holders on zkSync Era, after ETH.

On May 21st, zkSync's ERA domain platform, ERA Name Service, also conducted an airdrop of $ERA tokens, with a total of 43,500 addresses participating.

3、Cross-Chain Fund Situation

The official bridge data also shows similar activity. Stimulated by the Arbitrum airdrop, the number of active addresses increased significantly in the three weeks before the mainnet went live, and decreased from mid to late April to early May. After mid-May, the data resumed growth and the number of active addresses increased.

4、Ecological Projects

According to Defillama statistics, the top five TVLs in the Zksync era ecological projects are all decentralized exchanges.

SyncSwap has trading, liquidity mining, and launchpad (not yet started) functions, with 85% of TVL currently concentrated in the USDC/ETH Pool, with an APR of 25%.

Syncswap plans to issue 1 billion SYNC tokens (not yet launched) and launch a trading mining activity called "SyncSwap Loyalty Program" on April 10th. The platform will distribute a total of 900,000 SYNC tokens for the genesis epoch, which will last for 30 days and end on May 10th.

For every $1 transaction fee generated by the user, they can receive 1 ySYNC. In the genesis epoch, users collectively minted 1.18M ySYNC (equivalent to generating $1.18 million in transaction fees). The 900,000 SYNC tokens are distributed evenly based on the amount of ySYNC held, resulting in approximately 0.76 SYNC per ySYNC. Currently, this activity is on hold after the genesis epoch.

is a multi-chain one-stop Liquidity as a Service (LaaS) protocol that currently supports four chains: ETH, Arbitrum, Polygon, and zksync era.

The innovative Discretized Liquidity AMM (DL-AMM) mechanism used by iZiswap is similar to Trader Joe's liquidity book mechanism, but was released earlier and did not receive the same widespread discussion as liquidity book at the time. DL-AMM distributes liquidity at certain fixed prices to further improve capital efficiency. Additionally, iZiswap Pro also offers trading through an order book.

LiquidBox is a liquidity mining solution based on Uniswap V3 LP by iZUMi. The project can incentivize LPs within a specific value range through LiquidBox. Users can receive corresponding incentives by staking V3 LP tokens to the iZUMi protocol.

The relevant data of this agreement, defilama, has significant differences from its official website. The following image shows the situation of TVL and trading volume displayed on the official website.

The platform token IZI was launched in December 2021 and has been listed on exchanges such as Bybit, KuCoin, and Gate. After a long period of decline, it rebounded significantly with the launch of ZKSync in April of this year.

Mute is the first batch of DEX on zkSync Era. In addition to trading and providing liquidity, Mute also launched the Amplifier, Bonds, and DAO governance functions. Users can purchase MUTE Tokens with Bonds at a discount using MUTE/ETH LP with a lock-up period of 7 days. MUTE Tokens have been listed on Bitget and the token price surged when it was launched on the zkSync Era mainnet, but has since followed a trend of oscillating decline. The current main TVL is concentrated in the USDC/ETH Pool, with an APR of 28%.

Velocore is the first ve(3,3) DEX built on Solidly and Velodrome on the zksync era. It conducted private and public sales on its own launchpad platform on April 3rd and 4th, 2023, with a hard cap of 90 ETH for private sale and 450 ETH for public sale. It achieved over 500% and 1814% oversubscription respectively, with a fundraising price of 0.0000207 ETH and 0.0000229 ETH, equivalent to about $0.037/$0.041. The price rose to about 6 times the original price at its peak and is currently maintaining a return of about 2 times.

SpaceFi is a cross-chain platform that connects the Cosmos and Ethereum Layer2 ecosystems. It currently integrates Evmos and ZkSync, and its products include DEX+NFT+Launchpad+Spacebase. Spacebase is an on-chain community, and creating and joining Spacebase can increase mining rewards. Currently, there are 18 spacebases created, and about 30,000 people have joined space. On May 6th, SpaceFi adjusted the economic model of its platform token SPACE, reducing the maximum supply from 600m to 100m, and burned 40M Initial Supply. Currently, the circulating market value of SPACE is only $780,000, and the trading volume is also relatively low.

Zigzag is a decentralized order book exchange, the first dex on zkSync 1.0, currently supporting zksync lite and arbitrum. On March 3, 2023, over 100,000 users received a platform token $zz airdrop, accounting for 34% of the total token supply. The zigzag team also developed a decentralized betting platform zkasico, with bet tokens including usdc, usdt, zz, and eth.

Nexon is the first lending protocol to go live on zkSync Era, now renamed as Eralend. From the disclosed token model, 61% will be used for community incentives, 10% for IDO, 15% allocated to DAO, 12% allocated to the team, and 2% allocated to advisors. The portions allocated to the team and advisors will have a 6-month lock-up period. Due to the delayed launch of the token and the diversion of activity to other protocols, Eralend's TVL growth is currently slow, at only around $2.5 million.

Reactor Fusion is currently the largest lending protocol in terms of TVL on zkSync Era and one of the few projects that have issued coins on zkSync. The TVL is around $3.43 million and currently only supports ETH and USDC assets.

UniDex is a derivative DEX protocol founded in April 2022. It was initially launched on the Fantom chain and has since expanded to other public chains and layer 2 solutions such as Optimism and zksync era. Currently, the TVL is $3.87 million, with TVL on zksync era accounting for approximately $1.6 million.

Onchain Trade is a spot and derivative DEX protocol built on the zksync era, with a current TVL of $670,000, which is relatively small. Its token is OT, which had an IFO in March 2023 with a public offering price of $0.15. After being listed, it once surged to nearly $1, but then fell and is currently around $0.18.

Cheems is a meme project on zksync era. From May 4th to May 6th, holders with a wallet balance greater than 0.01ETH or $PEPE or $AIDOGE on zksync era could claim $Cheems tokens. A total of 65,000 addresses participated in the claim, with 51,000 current holding addresses and a circulating market value of $27 million. The current price still has a high return compared to the opening price.