Over the course of a month, zkSync, an Ethereum Layer 2 scaling solution, processed 34.7 million transactions, recording more transactions than the Ethereum mainnet.
L2Beat statistics shows that 34.2 million transactions were made on Ethereum’s mainnet in that same time frame. Arbitrum was next in line, having processed 31.4 million transactions in the previous 30 days.
The expansion of inscriptions, a feature that was first developed on Bitcoin, across EVM networks, including the majority of Layer 2 chains, has been credited with the recent increase in transaction volume on zkSync.
L2Beat data reveals that December 16th marked the largest monthly transaction spike for zkSync. At that point, 4.6 million of the 5.3 million sync inscriptions were deployed on the network transactions that day alone, based on data from Dune collected by Hildobby, a Dragonfly analyst.
zkSync functions within the Ethereum mainnet as a Layer 2 network. It verifies transactions far more quickly and affordably than the mainnet by combining hundreds or thousands of transactions into a single cryptographic proof.
Inscription-related transactions have been a major factor in zkSync’s total activity since mid-December, helping it outpace Ethereum and its Layer 2s.
Similar to Ordinals on Bitcoin, inscriptions are data embeds that may be used to build alternative tokens and NFTs. They are located in transaction call data. These tokens are Solana Inscriptions on Solana, Doginals on Dogecoin, and Ethscriptions on Ethereum.`