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Polygon’s zkEVM witnesses impressive growth, but where does MATIC stand?

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Polygon’s zkEVM platform is seeing impressive growth, with unique active wallet addresses and total transactions up 300%. However, MATIC’s price is not reflecting this success.

Polygon's zkEVM witnesses impressive growth, but MATIC price remains uncertain

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  • Polygon’s zkEVM platform experienced significant growth in April, with a 300% increase in unique active wallet addresses and successful transactions.
  • However, the performance of MATIC, Polygon’s native token, remained uncertain, with a clear bearish trend observed.

Polygon’s zkEVM is among the latest zero-knowledge platforms to enter the Ethereum ecosystem, aimed at simplifying transactions on the network. But how has this particular iteration of zk technology performed since its introduction?


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


Key Polygon zkEVM metrics spikes

Polygon recently published a post on 27 April outlining the impressive performance of its zkEVM platform for April. According to the report, several key metrics experienced significant growth.

As of 24 April, the number of unique active wallet addresses on Polygon zkEVM Mainnet Beta surged by 300%, nearing 50,000. This growth trend was also reflected in the total number of successful transactions. Transactions had increased by 300% since the beginning of the month, totaling 168,000 transactions by 24 April. 

These transactions generated fees of approximately $177,000, or 95.25 ETH. Moreover, the average daily gas fee (in gwei) showed that Polygon zkEVM Mainnet Beta was seven times cheaper than Ethereum Mainnet during the same period. 

Where Polygon zkEVM ranks

Zero-knowledge technology has seen numerous projects launched in recent times, including the zkEVM. According to L2 beat, the Total Value Locked (TVL) of all rollups had exceeded $9 billion, with zkEVM making up a mere 0.06% of that value and ranking 17th. 

However, despite its relatively small share, the TVL of zkEVM stood at $5.53 at the time of writing. It also experienced an impressive growth rate of over 22%, surpassing most other platforms. This growth is especially noteworthy considering that the zkEVM had only been launched slightly over a month prior.

AutoMATIC price surge?

Despite the impressive growth of its zkEVM platform, Polygon [MATIC] has taken a different direction in terms of price. As of this writing, the former support levels of $1.1 and $1.02 had become resistance. Also, MATIC was trading at approximately $0.9 and experienced a loss of nearly 3%.

While a new support level was forming around $0.97 and $0.96, it remained uncertain how long this would hold. The Relative Strength Index (RSI) indicated a clear bearish trend, with values below the neutral line. 

Polygon (MATIC) daily timeframe price move

Source: TradingView


– Realistic or not, here’s MATIC market cap in BTC’s terms


While the outlook for Polygon’s zkEVM platform appears positive in terms of continued growth and success, it remains uncertain how this will impact the price of the MATIC token.

Currently, the token is moving in a different direction, experiencing a downturn despite the impressive performance of the zkEVM platform. It remains to be seen how these two factors will ultimately intersect and influence one another.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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