Expanded TVL of ZKsync Era soars to $400M following the introduction of their incentive plan
In the rapidly evolving world of decentralised finance (DeFi), the Era network is making significant strides. According to recent data, the top three largest dapps on Era are Aave V3, Venus Core Pool, and ZeroLend, in that order.
Leading the pack is Aave V3, the largest dapp on Era, with a Total Value Locked (TVL) of nearly $80 million. This lending protocol has been the best-performing dapp on Era, dominating its ecosystem comprising over 120 DeFi projects.
The growth in TVL on Era can be attributed to the Ignite program, which was launched earlier this month. This initiative is distributing 300 million tokens as incentives over a period of nine months, aimed at fostering the DeFi ecosystem and attracting new users.
ZeroLend, currently the third-largest dapp on Era, has also seen remarkable growth. Its TVL on Era has reached a record $75 million, marking a nearly 600% increase in the past month.
Venus Core Pool, the second-largest dapp on Era, follows closely behind with a TVL of around $70 million.
The total stablecoin value deposited on Era-based dapps reached a record $163 million, up from $63 million at the beginning of the year. This surge in TVL has consolidated Era's position on the multi-chain dapp, making it the third-largest chain by TVL after Ethereum and Linea.
One of the key factors contributing to Era's success is its compatibility with the Ethereum Virtual Machine (EVM) and the use of zero-knowledge (zk) technology. ZKsync Era, one of the first scaling solutions using zk technology, is part of this success story.
ZKsync Era has recently experienced notable growth, becoming the largest zkEVM solution, surpassing Starknet and Linea. As part of its strategy to attract liquidity on its layer 2 network, ZKsync is distributing 300 million tokens (worth about $600 million) as incentives over a period of nine months.
The Era mainnet was launched in March 2023 and crossed the $200 million mark within less than three months. As of this writing, the TVL on Era for the top three largest dapps ranges between $70 and $80 million.
This bullish environment on Ethereum Layer 2s, driven by reduced gas fees and rising institutional interest, supports broader Layer 2 adoption and transaction volume. The growth in TVL on Era is a testament to this trend, positioning it as a promising player in the DeFi landscape.
The best-performing dapp on Era, Aave V3, boasts a Total Value Locked (TVL) of nearly $80 million, making it the largest dapp among over 120 DeFi projects. In the realm of technology, ZKsync Era, a zkEVM solution, has become the largest, surpassing Starknet and Linea, in an effort to attract liquidity on its layer 2 network.
