Ethereum’s zkSync Era reaches $500m in TVL
Ethereum’s Layer 2 scaling solution, zkSync Era, sees its total value locked (TVL) exceed $500 million as increased scalability continues to attract significant capital investment. In decentralized finance (DeFi), the balance of power constantly ebbs and flows with the rise of innovations. One such advancement is zkSync Era, a Layer 2 protocol that enhances the scalability of the Ethereum (ETH) blockchain. Recently, the total value locked (TVL) in zkSync Era surpassed $500 million, representing a 12% increase within a week, as indicated by data from L2Beat. zkSync Era TVL chart | Source: L2beat This rise has cemented zkSync Era as the third-largest roll-up solution by TVL, trailing behind Arbitrum and Optimism. What is the zkSync Era? zkSync Era, an initiative of Matter Labs, is designed to scale Ethereum by maintaining compatibility with the Ethereum Virtual Machine (EVM) and providing native account abstraction. Its objective is to amplify the transactional throughput of