🧵 PANews Exclusive | Vitalik Endorses ZKsync, But On-Chain Activity Remains Tepid as Ethereum L2s See a Partial Rebound 1/ Over the weekend, @ethereum co-founder @VitalikButerin publicly endorsed @zksync on social media, stating that ZKSync's contributions to the Ethereum ecosystem are severely undervalued. The post sparked a rally, with the ZK token surging over 150% in a single day and reigniting interest in the broader Layer 2 sector.

2/ Major Breakthroughs in Atlas Upgrade At the same time, ZKsync’s Atlas upgrade introduced several major technical breakthroughs, including real-time L1-L2 liquidity, throughput exceeding 15,000 TPS, sub-second finality, and near-zero fees. The upgrade also launched the "ZK Gateway" to facilitate interoperability between L2s—an ambitious step toward unifying the Ethereum L2 landscape.

3/On-Chain Metrics Lag Behind Market Hype Despite these advances, ZKsync’s current on-chain activity remains relatively weak. Its TVL sits at just $44.55M, with daily active users hovering around 10K, reinforcing its positioning more as backend infrastructure than a vibrant onchain economy. Zooming out, Ethereum #L2s collectively processed over 530 million transactions in October—a new all-time high—driven largely by @base, which accounted for 64.2% of the total.

4/ Ethereum L2s Hit Transaction ATH, But Fundamentals Still Recovering While user activity and fee revenues are still below peak levels, the upcoming Fusaka upgrade on December 3 may further reduce L2 costs and boost scalability. Still, sustainable growth across the L2 ecosystem will ultimately hinge on real-world adoption, ecosystem maturity, and healthier capital flows.