- zkSync generated more than $4 million in fees in the last 30 days.
- The fee generated is the highest fee among L2s.
Sure, ether [ETH] layer 2 networks have been quite active over the past month. However, the fees they generated differed. Recent data indicated that zkSync outperformed the other Tier 2 solutions in terms of reimbursement generation during this period.
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To what extent has zkSync dominated in fee generation, and what is the current state of play in key network metrics?
zkSync leads the race in L2 fees
According to a recent report from Coin98 Analysis, zkSync generated the most costs over the past 30 days among the Layer 2 (L2) networks analyzed. During this period, zkSync has accrued $4.1 million in fees.
However, there are also other L2 solutions, including Arbitrum [ARB]Basics and Optimism [OP]generated $2.2 million, $1.4 million and $1.35 million, respectively.
Source: Coin98Analytics
Layer 2 networks, or L2s, leverage the security of an underlying Layer 1 blockchain to enable faster and more cost-effective off-chain transactions.
Although cryptocurrencies such as Bitcoin [BTC] have their own L2 solutions, Ethereum’s offerings, including zkSync, seem particularly popular.
It is worth noting that while the fees generated by these L2 networks are commendable, Ethereum understandably still witnesses significantly higher daily fees.
At the time of writing, the daily fees for Ethereum are as reported by Crypto feesmore than $3 million.
How zkSync volume and TVL fared
The Total Value Locked (TVL) chart of DefiLlama indicated that zkSync’s TVL trend has not shown significant growth in recent months. The chart showed a relatively stable TVL over the past few months, with TVL per time being around $115.5 million.
However, it is important to note that despite the relatively flat TVL trend, there is noticeable activity when it comes to trading volume.
At the time of writing, trading volume in the last 24 hours was almost $63.5 million. This increased trading activity helps explain how zkSync managed to generate substantial fees.
Greater trading volume is often associated with higher transaction activity, which in turn results in a greater fee.
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How the TVL stacks up
According to data from L2 strokesTVL in L2 solutions at the time of this report was approximately $12 billion. Among the various L2 solutions, zkSync held the fourth highest position in terms of TVL contribution.
Its contribution accounted for a 3.79% market share, with Arbitrum being the dominant player in the L2 space and holding the controlling share.