Can Polygon zkEVM Recreate Its 2023 Triumph in the Year 2024?

Key Metrics Surge in December 2023

Key metrics of Polygon zkEVM experienced a remarkable surge in December 2023.

Network Activity Spike and Daily Gas Usage

The increase in Polygon’s network activity led to a significant spike in zkEVM’s daily gas usage.

Comparison with zkSync Era

  • Despite recent upticks, zkEVM’s network stats remained lower than zkSync Era.

The last month of 2023 was a period of substantial growth for Polygon [MATIC] zkEVM, indicating a massive surge in adoption and usage.

Examining zkEVM’s Performance in December

Today In Polygon, a popular X (formerly Twitter) handle noted in a tweet dated January 3rd that zkEVM’s daily active addresses surged by more than 200% in December.

  • The number of daily transactions also spiked by over 130% in the last 30 days.
  • AMBCrypto’s analysis of Polygonscan’s data revealed a rise in zkEVM’s daily average gas usage.

Outlook for 2024

As we enter the new year, optimism surrounds zkEVM’s performance in 2024. Artemis’ data, examined by AMBCrypto, indicates that zkEVM has maintained its growth in terms of Daily Active Addresses and Daily Transactions.

However, there was a sharp drop in the rollup’s Total Value Locked (TVL) after a spike on December 28, raising concerns.

The drop in TVL may signify a shift in demand for specific DeFi services or changes in the popularity of specific DeFi protocols.

Polygon zkEVM vs. zkSync Era

While zkEVM has shown growth in various aspects, a comparison with its top competitor, zkSync Era, reveals that zkEVM is still behind in terms of Daily Active Addresses and Daily Transactions, as per AMBCrypto’s analysis of Artemis’ data.

Nevertheless, zkEVM’s revenue is close to that of zkSync, and considering the growth rate, it will be interesting to see whether zkEVM manages to outshine zkSync.

MATIC’s Bearish Performance

Despite zkEVM’s growth, MATIC faced bearish trends. According to CoinMarketCap, MATIC was down by more than 2% in the last 24 hours.

  • The token’s trading volume increased while its price dropped, confirming the downtrend.
  • At the time of writing, MATIC was trading at $0.9859, with a market capitalization of over $9.4 billion.

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