Polygon zkEVM registers growth, but there’s more to the story
- Polygon zkEVM has passed $130 million in deposits, reflecting its increased adoption.
- MATIC’s price action took a sideways path.
Polygon [MATIC] zkEVM has witnessed a hike in its growth momentum, resulting in a boost on multiple fronts. Not only did the rollup’s usage increase, but its performance in the DeFi space also improved, which had taken a back seat for some time.
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However, though zkEVM showed improvement, it was still way behind its competitors like zkSync Era and Starknet.
Polygon zkEVM is recovering
Today In Polygon, a popular X (formerly known as Twitter) handle that posts updates related to the Polygon ecosystem, revealed in a recent tweet that zkEVM’s has passed $130 million in deposits.
In fact, the total number of unique addresses has also been on the rise. As per Polygonscan, at press time, zkEVM’s total unique addresses exceeded 444k, with a daily increase of about 1,000 users.
NEW:
Polygon zkEVM has passed $130M in deposits.
(Still in Mainnet Beta) pic.twitter.com/mKhhYDF44C
— Today In Polygon (@TodayInPolygon) September 29, 2023
On top of that, the rollup’s TVL also witnessed a promising surge of over 23% in the last week.
JUST IN:
TVL on Polygon zkEVM has increased 23% over the last 7 days. pic.twitter.com/iimkFXtr6K
— Today In Polygon (@TodayInPolygon) September 29, 2023
Though these metrics looked encouraging, a macro view of the rollup suggested otherwise. For instance, several key metrics registered a drop over the last few weeks.
Notably, the rollups’ daily gas use has reduced over the last few months. A similar drop in gas usage was also reflected in daily transactions.
Source: Polygonscan
How is Polygon zkEVM faring against others?
It was interesting to note that while zkEVM’s key metrics dropped, its competitors like zkSync and Starknet registered upticks on multiple fronts. This was evident from Artemis’ data, which revealed that zkEVM was way below its competitors in terms of daily active addresses.
A similar trend was also noted on all the rollups’ daily transaction graphs, as Starknet’s chart went up while zkEVM’s dropped.
Source: Artemis
Out of the three, Statrknet’s stats looked most encouraging, as zkSync’s graph remained stagnant while zkEVM declined. A similar trend was also seen in terms of their TVLs.
Notably, Starknet’s TVL flipped zkEVM as the latter dropped despite the recent uptrend. zkEVM was also way behind zkSync in terms of fees. At press time, zkSync’s fees stood at over $150k, while zkEVM’s figure stood only above $3k.
Source: Artemis
Read Polygon’s [MATIC] Price Prediction 2023-24
MATIC is less volatile
Despite these occurrences, MATIC’s price action took a sideways path. According to CoinMarketCap, MATIC’s only over up marginally last week.
At the time of writing, MATIC was trading at $0.5262 with a market capitalization of over $4.8 billion, making it the 14th largest crypto.
