- zkSync Era witnessed an uptick and so did StarkNet and zkEVM
- MATIC, however, had challenges to address as its price plummeted
zkSync Era, the first to launch the Ethereum roll-up, recently witnessed an uptick in its network activity, which looked promising. Not only did network activity increase, but the rollup’s adoption was rising as a key metric reached a new all-time high. While this happened, zkSync’s top two competitors, namely Polygon [MATIC] zkEVM, and StarkNet, also witnessed similar uptrends.
Read Polygon’s [MATIC] Price Prediction 2023-24
zkSync Era reaches new highs
Artemis recently posted a tweet highlighting the achievements of zkSync Era in the recent past. As per the tweet, over the past few weeks, Artemis observed a significant increase in activity surrounding zkSync.
The rollup’s daily transactions hit an ATH, averaging 867,000 per day. The rollup’s daily transactions were also on the rise, reflecting increased usage and adoption. Things got even better when a sharp and continuous rise in zkSync’s TVL was seen, which was a positive signal for the rollup.
Source: Artemis
While zkSync’s performance was commendable, its competitors were also closing in, if metrics are to be believed. For instance, two of the rollups biggest competitors, zkEVM and StarkNet, also registered upticks in terms of daily active addresses and daily transactions.
In fact, StarkNet even managed to flip zkSync in terms of both addresses and transactions on 9 May 2023. It was interesting to note that though zkEVM’s chart went upwards, the difference between the figures when compared to the other two roll-ups was huge.
Source: Artemis
Does zkEVM stand a chance against the rest?
Though zkEVM’s current numbers were no match for the others, things might change over the coming months. Such a possibility seemed likely considering the hype around the zkEVM airdrop news.
The co-founder of the Polygon blockchain, Sandeep Nailwal, used Twitter in the first few days of May to tease a forthcoming airdrop intended for Polygon zkEVM users. This episode stirred excitement in the community, the effects of which were still seen on charts.
Not only that, but zkEVM’s gas price has also been declining for multiple weeks. A decline in the metric meant that users need to pay less in order to execute a transaction. Therefore, this might help attract new users onboard as the roll-up becomes more cost-effective.
Source: Polygonscan
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MATIC has other challenges to tackle
While Polygon’s zkEVM registered an increment in key metrics, the blockchain’s native token, MATIC, was struggling. As per CoinMarketCap, MATIC’s price sank by more than 5% in the last 24 hours alone.
At the time of writing, it was trading at $0.6298 with a market capitalization of over $5.8 billion. Surprisingly, this did not impact the sentiment around MATIC, as evident from the plummet in its negative sentiment and rise in weighted sentiment.
Source: Santiment
