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Will Polygon benefit from upcoming zkEVM launch? Facts suggest… 

Published

2 years ago

on

  • As Polygon zkEVM launch date approaches, MATIC’s unique addresses see a rise.
  • The coin’s price action favored the investors, and metrics remained bullish.

The wait is coming to an end soon, as the much-talked-about launch of Polygon [MATIC] zkEVM is just 10 days away.

Ahead of the launch, Polygon recently announced that its zkEVM started supporting Etherscan. It is a major development as Etherscan is a leading block explorer and analytics platform for Ethereum [ETH].

Read Polygon’s [MATIC] Price Prediction

2023-24

State of Polygon zkEVM

A look at zkEVM’s metrics suggested that it has registered considerable growth over the last few months. As per the official data, there have been more than 148,000 transactions on zkEVM so far, and its average block time was 1.3 minutes.

Moreover, the total number of wallet addresses also exceeded 29,000. The blockchain’s co-founder, Mihailo Bjelic, also revealed that the average proving cost per zkEVM transaction is $0.000084, which is a commendable figure, proving zkEVM’s efficiency.

zkEVM helping Polygon grow

As the hype around zkEVM continued to rise, the Polygon network as a whole received increased traction. Dune’s data revealed that unique addresses on the Polygon gained upward momentum for a few weeks.

Source: Dune

Furthermore, the blockchain’s NFT ecosystem also witnessed similar growth, as its sales volume increased by more than 400% in the last 24 hours.

Polygon Daily, a popular Twitter handle that posts updates related to the Polygon network, mentioned in a tweet about the top NFT collections of the last week.

As per the tweet, CollectTrump, The Sandbox, and GN Ape House, topped the list of the most traded Polygon NFT collections on OpenSea in the last seven days. Apart from these, Lens Protocol, Meta Force Space, and Polygon Ape YC also made it to the list. 

Is your portfolio green? Check the Polygon Profit Calculator 

MATIC is also benefiting from this scenario

MATIC painted its charts green recently, thanks to the positive market sentiment. As per CoinMarketCap, MATIC’s price increased by nearly 5% in the last 24 hours. At press time, it was trading at $1.17 with a market capitalization of over $10.19 billion.

The good days might continue further. Consider this- MATIC’s net deposits on exchanges were low compared to the 7-day average, suggesting less selling pressure.

Weighted sentiments remained relatively high, indicating increased confidence among investors in MATIC. In addition to that, MATIC’s MVRV Ratio increased considerably over the last few days, which was again a bullish signal. 

Source: Santiment

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