Polygon zkEVM closes in on zkSync Era with this new milestone

• zkEVM’s average gas price declined while daily gas usage increased considerably. 
• MATIC’s market cap decreased drastically, pushing it off the list of the top 10 cryptos.

Polygon’s [MATIC] zkEVM witnessed a considerable boost in its key metrics, which reflects increased usage and adoption of the rollup. The growth was to the extent that several metrics reached new all-time highs. zkEVM’s competitor zkSync Era also showed commendable performance. However, as zkEVM slowly closes in on zySync’s performance, will the former soon take over the latter?

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Polygon zkEVM makes a new record

Days after marking a new all-time high, zkEVM swiftly broke its own record. Its daily transactions reached a new ATH of over 70,000 on 13 June, 2023.

zkEVM also witnessed a steep surge in the number of unique addresses. These metrics suggested that the adoption and usage of the roll-up were on the rise. 

Source: Polygonscan

A possible reason for the increase in the number of transactions could be found in another metric. As per Polygonscan, zkEVM’s average gas price registered a decline.

Lower gas fees could have aided in luring in new users. It must have also encouraged existing users to execute more transactions on the roll-up. This possibility was further backed by an increase in daily gas usage, suggesting increased usage of zkEVM.

Source: Polygonscan

zkSync vs zkEVM

ZkEVM’s top competitor, zkSync Era, also performed admirably over the past months as its key stats remained high. However, upon comparing them, zkSync’s growth rate seemed to have halted as its charts plateaued. 

Source: Artemis

As per Artemis, though zkEVM’s daily active addresses increased, it was still way behind that of zkSync. zkEVM’s figure stood at nearly 8,000 while its peer had over 190,000 addresses.

The same trend was seen on the daily transactions chart, where the difference was more than 100,000. However, considering zkEVM’s growth rate, it will be interesting to see whether it can surpass zkSync over the coming months. 

Read Polygon’s [MATIC] Price Prediction 2023-24

MATIC lost its spot

While zkEVM set new records, MATIC slowly slipped off the list of the top 10 cryptos by market capitalization. According to CoinMarketCap, MATIC’s price declined by more than 5% in the last 24 hours alone.

At the time of writing, MATIC was trading at $0.5895 with a market cap of over $5.4 billion, making it the 12th largest crypto.