Data storage system and method for managing transaction requests to the data storage system utilizes a write ahead log to write transaction requests received at the data storage system during a current checkpoint generation. After the transaction requests in the write ahead log are applied to a copy-on-write (COW) storage data structure stored in a storage system, one of first and second allocation bitmaps is updated to reflect changes in the COW storage data structure with respect to allocation of storage space in the storage system, and one of first and second super blocks is updated with references to central nodes of the COW storage data structure. After the allocation bitmap and the super block have been updated, an end indicator for the current checkpoint generation is written in the write ahead log to indicate that processing of the transaction requests for the current checkpoint generation has been completed.