Unveiling the Remarkable Growth of Polygon zkEVM: Beyond the Surface

Overview of Polygon zkEVM Growth

Polygon zkEVM has recently surpassed $130 million in deposits, showcasing a substantial increase in adoption within the crypto community. While MATIC’s price experienced a sideways movement, zkEVM exhibited notable growth across various aspects.

Increased Adoption and Usage

Recently, Today In Polygon, a popular social media handle dedicated to Polygon updates, revealed that zkEVM’s deposits have exceeded $130 million. The platform has seen a steady rise in unique addresses, with over 444k addresses recorded on Polygonscan, witnessing a daily increase of approximately 1,000 users. Moreover, zkEVM’s Total Value Locked (TVL) surged by more than 23% in the past week.

Challenges and Competitor Comparison

Despite these positive indicators, some macro-level metrics exhibited a decline. Notably, daily gas usage and transactions reduced over recent months, posing challenges for zkEVM’s growth. In comparison to competitors like zkSync and Starknet, zkEVM lagged behind in terms of daily active addresses and transaction volumes.

Competitive Analysis

Artemis’ data revealed that while Starknet and zkSync experienced upticks in various metrics, zkEVM faced a decline. Starknet’s daily active addresses and TVL surpassed zkEVM, indicating a stronger performance. Additionally, zkEVM trailed behind zkSync in terms of transaction fees, with zkSync’s fees exceeding $150k, while zkEVM’s fees remained above $3k.

MATIC’s Market Stability

Amidst these developments, MATIC displayed relatively stable price action. According to CoinMarketCap, MATIC’s price marginally increased last week, reaching $0.5262 with a market capitalization of over $4.8 billion, positioning it as the 14th largest cryptocurrency.

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