zkSync Daily Users Dropped By 99%
Bitcoin Miners Are Selling Again Amid Low Revenues, Crypto Liquidations Drop by 80%
zkSync, one of the most popular and hyped up L2 scaling technology providers, has seen a dramatic decrease in daily users, currently barely exceeding 100 (106 on June 15th, 15.32k on January 15th - see below)
This comes following zkSync’s problematic airdrop campaign where fairness and safety was in question, as well as its owner Matter Labs dropping the ZK trademark application amid industry backlash and “oppressive behavior“.
The approximate drop is 99.34%, as per Dune dashboards.
Source: Dune user “sixdegree” and CryptoMode magazine Era are different solutions/protocols for scaling low-cost payments
Network activity was already dropping before the widely frowned upon airdrop.
Daily transactions on zkSync also saw a massive decline, overall since mid-2023. But the shorter term decline started in April 2024, collectively dropping from ~340k to ~147k, then to ~95k daily transactions in May.
Source: Dune user “sixdegree” and CryptoMode magazine The rather poorly executed airdrop campaign infused with Sybil attacks and other effects, was just one of the contributors to this decline.
Also, zkSync is seeing more valid competitors appearing by the day, a rapidly changing Ethereum environment where core is working to make Ethereum highly scalable itself, and other factors that are slowing its growth down.
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