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Polygon zkEVM onto its 2nd stage of development, details here

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The next stage of the Polygon zkEVM is about to begin, and more activities are expected to be seen on the L2 platform.

Polygon zkEVM's progress report: Second stage unveiled, but L2 dominance still a challenge

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  • Polygon zkEVM has announced its entrance into the second stage of development.
  • zkEVM remains outside the top 10 L2s.

Polygon zkEVM recently revealed its transition to the next phase of development. What does this upcoming stage involve, and how has the platform performed in its current stage?

Polygon zkEVM enters the second stage

About 10 months ago, Polygon zkEVM was launched as the first full-featured, open-source zkEVM. Despite its debut, the Layer 2 (L2) was in its initial stage until recently.

A recent announcement from Polygon revealed the commencement of the network’s second stage on 11th January. This stage is dedicated to fostering the growth of decentralized applications (dApps) on the network.

Also, it would initiate on-chain activities and introduce new dApps. Also, the third stage has been scheduled for March.

The final stage, the third stage, promises a significant upgrade to the Polygon zkEVM client, eliminating all throughput limitations.

How the Polygon zkEVM has fared so far

A comprehensive examination of transactions on the Polygon zkEVM scanner has revealed a gradual decline in daily transaction numbers over time.

Initially, upon launch, the daily transaction count was around 50,000, but it subsequently declined to the 30,000 range and even below. Currently, as of the latest data, the transaction count has experienced a modest increase and was over 29,000.

Despite the decline in daily transaction numbers, there is a notable uptick in a different metric.

A closer analysis of the transaction chart showed that the number of new addresses was over 1,700. This marked the first time in over two months that the new address count has reached such a level.

Polygon zkEVM transactions

Source: Polygon scanner

Furthermore, an evaluation of the volume on DefiLlama showed consistent and noteworthy figures, reaching almost $1.7 million as of this writing. The chart showed that the platform has not only maintained this threshold but has frequently surpassed it.

However, the Total Value Locked (TVL) experienced a decline at the beginning of the year. It dropped from over $21 million around 2nd January to about $16 million. Presently, the TVL has shown a partial recovery and was around $17 million.


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zkEVM’s dominance remains under 1%

According to data from L2 Beats, the Polygon zkEVM currently holds a market share of less than 1% in the Layer 2 (L2) space.

As of the latest available data, it stands at 0.54%. This share might change in the upcoming months, especially as the network progresses toward operating at full capacity.

 

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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