Polygon zkEVM completes 5 months; how has it fared?
- zkEVM’s daily gas usage declined as its daily transactions dipped.
- zkSync Era and Starknet’s network activity were higher than zkEVM.
Polygon [MATIC] zkEVM completes five months of being deployed. Since the launch, the rollup has consistently reached new milestones, reflecting its increased adoption and usage.
Read Polygon’s [MATIC] Price Prediction 2023-24
However, Polygon zkEVM had a few competitors in the market, which too have showcased a commendable growth trajectory over the last few months.
A look at Polygon zkEVM’s journey
Today In Polygon recently posted a tweet highlighting the rollup’s journey since its launch in March 2023. The tweet mentioned that Polygon zkEVM has witnessed remarkable organic growth. Although it may not be near the adoption of the PoS chain yet, the future for the zkEVM looks promising.
Polygon zkEVM after < 5 months on Mainnet
Let's take a look at the impressive growth of this new chain so far??
— Today In Polygon (@TodayInPolygon) August 17, 2023
The rollup’s value registered a massive uptick as its TVL reached $56 million within a few months after launch. The growth of the rollup was also noted in terms of the number of unique addresses.
At the time of writing, the rollup’s total number of unique addresses exceeded 393 million, which was commendable. Additionally, over $110 million has been deposited onto the Polygon zkEVM Mainnet.
Not only that, but growth was also seen in usage as the rollup’s daily transactions reached a new high. Polygon Scan’s data revealed that zkEVM’s daily transactions reached an all-time high on 4 August.
However, not everything looks perfect. After touching an ATH, the rollup’s daily transactions started to decline. Thanks to the drop in transactions, zkEVM’s gas usage also witnessed a drop over the last few days.
How is zkEVM faring against competition?
While Polygon zkEVM has had a remarkable journey, it also had a few competitors in the market that also performed well. In fact, zkSync Era, which launched just a day ahead of zkEVM, managed to outperform Polygon zkEVM in multiple areas.
For instance, since launch, zkSync Era’s daily number of transactions and daily active addresses have remained considerably higher than those of zkEVM. Not only that, Starknet, yet another popular rollup, also outshined zkEVM in the aforementioned metrics.
Is your portfolio green? Check out the Bitcoin Profit Calculator
zkEVM did, however, overtake Starknet in terms of TVL. Artemis’ chart revealed that zkEVM’s TVL surpassed Starknet on 26 May. But it should also be noted that over the last few days, Starknet once again closed in on zkEVM’s TVL, increasing the chances of a crossover.
Though Polygon zkEVM’s journey has been admirable, the rollup still has a lot to achieve in the coming months to become the market leader.