Ethereum’s Layer-2 scalability solution Polygon
At the forefront of new development initiatives, Polygon continues to innovate with its zkEVM Beta. This zero-knowledge scaling solution is the first of its kind, compatible with the Ethereum Virtual Machine and seamlessly integrating developer tools and smart contracts.
Polygon Labs shares zkEVM Mainnet Beta metrics for May
In the month of May, the zkEVM Mainnet Beta showcased consistent growth with an all-time high single-day transaction volume. On May 25 alone, the Polygon zkEVM Mainnet Beta processed an impressive 25k transactions.
Expanding assets and reduced gas costs
With total assets on the Polygon blockchain network surpassing $18 million, and assets linked to DeFi protocols exceeding $10 million, Polygon’s growth is evident. Additionally, gas optimizations over the last two weeks have significantly reduced transaction costs. For instance, a DeFi user paid $8.55 for a transaction three weeks ago, while the same transaction last week cost just $1.21.
Cost-effective Layer-2 roll-ups
Data provided by L2 fees shows that the Polygon zkEVM Mainnet Beta is among the most cost-effective Layer-2 roll-up solutions. Transaction fees on Polygon zkEVM serve multiple purposes, covering expenses related to data availability and posting proofs to Ethereum. These fees contribute to the operation of the server responsible for generating proofs. Polygon Labs plans to further optimize the zkEVM, aiming to reduce fees by 20% in the coming weeks.
Addressing Liquidity Concerns
Strong network activity often translates to robust liquidity, and the Polygon zkEVM Beta testnet is no exception. Between April 24 and May 29, assets bridged to the Polygon zkEVM network grew sevenfold, reaching over $18 million. Initial liquidity accumulation was gradual but eventually surged. For instance, between May 15 and May 17, $5 million worth of new assets were bridged to the Polygon zkEVM Beta testnet.
Lower fees with increased activity on rollups
Unlike Ethereum, increased activity on rollups leads to reduced fees. The cost of proof generation is spread across multiple transactions within a batch. As more transactions occur, a larger number of users share the expense of generating proofs, resulting in lower fees.
During the period between April 25 and May 25, unique active wallets grew by an impressive 54%, following the bridging of new assets on May 15. As the Polygon zkEVM Mainnet Beta continues to grow steadily, Polygon Labs plans to share the roadmap for data compression and EIP – 4844 in the coming months.
