Assessing the Performance of Polygon zkEVM after 5 Months

Achievements of Polygon zkEVM

Polygon zkEVM, a cutting-edge layer 2 solution, has marked a significant milestone as it completes five months since its deployment. The rollup has consistently achieved new all-time highs in various metrics, such as unique addresses and daily transactions. This remarkable growth underscores its increasing adoption and usage within the cryptocurrency ecosystem.

Competing in the Market

Despite its impressive journey, Polygon zkEVM faces competition from other players in the market who have also demonstrated commendable growth trajectories over recent months. Notable competitors include zkSync Era and Starknet, both of which have shown strong network activity and adoption rates.

Exploring Polygon zkEVM’s Journey

Today, Polygon’s journey is highlighted by a recent tweet from “Today In Polygon,” showcasing the rollup’s progress since its launch in March 2023. The tweet emphasizes that while Polygon zkEVM is not yet on par with the adoption of the Proof of Stake (PoS) chain, its future prospects remain promising.

The rollup’s value experienced a substantial increase as its Total Value Locked (TVL) surged to $56 million just a few months after launch. This growth is also reflected in the number of unique addresses associated with the rollup.

Unique Addresses and Mainnet Deposits

At the time of writing, the rollup boasts a total of over 393 million unique addresses—an impressive feat. Furthermore, the Polygon zkEVM Mainnet has seen more than $110 million in total deposits, indicating strong user engagement.

Transaction Metrics and Gas Usage

Usage growth is evident in the rollup’s daily transactions, which reached a record high. According to data from Polygon Scan, zkEVM achieved an all-time high in daily transactions on August 4th.

However, following the peak, the rollup’s daily transactions began to decline, subsequently affecting its gas usage in recent days.

Competition Analysis

While Polygon zkEVM’s journey is undeniably impressive, its competitors have also made notable strides in the market. One such competitor is zkSync Era, which launched shortly before zkEVM and has consistently maintained higher daily transaction volumes and active addresses.

Similarly, Starknet, another prominent rollup, has outperformed zkEVM across various key metrics.

TVL Comparison

zkEVM did manage to surpass Starknet in terms of Total Value Locked (TVL), achieving this milestone on May 26th. However, it’s worth noting that Starknet has recently closed the gap on zkEVM’s TVL, indicating a potential crossover in the near future.

Looking Ahead

Despite its commendable journey thus far, Polygon zkEVM must continue to strive for excellence in the months ahead to establish itself as a dominant force in the market.

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