Can Polygon zkEVM replicate 2023’s success in 2024?

• The hike in Polygon’s network activity caused a spike in zkEVM’s daily gas usage. 
• zkEVM’s network stats remained lower than zkSync Era, despite recent upticks. 

The last month of 2023 was absolute bliss for Polygon [MATIC] zkEVM, as its network activity skyrocketed. The hike in network activity indicated a massive surge in adoption and usage.

Since we have entered a new year, let’s take a closer look at zkEVM’s network stats to see whether the same trend will continue in January 2024.

Of Polygon zkEVM’s performance in December

In a tweet dated the 3rd of January, Today In Polygon, a popular X (formerly Twitter) handle noted that

Also, its number of daily transactions spiked by over 130% in the last 30 days.

Thanks to that uptick, the rollup’s gas usage increased. This was evident from AMBCrypto’s analysis of Polygonscan’s data, which showed a rise in zkEVM’s daily average gas used chart.

Source: Polygonscan

What about 2024?

Things for 2024 also look quite optimistic. Notably, AMBCrypto’s examined Artemis’ data, which revealed that zkEVM managed to maintain its growth in terms of its Daily Active Addresses.

A similar trend was also noted on its Daily Transactions chart.

However, the rollup’s TVL dropped sharply after registering a spike on the 28th of December, which was concerning.

Dropping TVL usually indicates a shift in the demand for specific DeFi services or in the popularity of specific DeFi protocols.

Source: Artemis

Polygon zkEVM vs. zkSync Era

Since we are assessing zkEVM’s performance, it’s crucial to take a look at its top competitor, zkSync Era. AMBCrypto’s analysis of Artemis’ data revealed that despite zkEVM registering growth on multiple fronts, it was still behind zkSync.

Both zkEVM’s Daily Active Addresses and Daily Transactions were low compared to those of its competitor.

However, the good news was that zkEVM’s revenue was close to that of zkSync, and considering the growth rate, it will be interesting to see whether zkEVM manages to outshine zkSync.

Source: Artemis

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MATIC remains bearish

While Polygon zkEVM managed to maintain a growth rate on certain fronts, MATIC, on the other hand, felt the wrath of the bears. According to CoinMarketCap, in the last 24 hours, MATIC was down by more than 2%.

The token’s trading volume also witnessed an increase while its price dropped, which legitimized the downtrend. At the time of writing, MATIC was trading at $0.9859, with a market capitalization of over $9.4 billion.