Polygon (MATIC) zkEVM Records 11 Million Transactions Amidst Challenges: A Deep Dive into the Crypto World

• Polygon zkEVM hits a new milestone with over 11 million transactions, reflecting its high usage and adoption.
• Despite the achievement, zkEVM’s active addresses and transactions are significantly lower than those of zkSync Era.
• The average gas price for zkEVM dropped sharply last month, possibly contributing to the increase in usage and adoption.

Polygon’s zkEVM achieves a new milestone with over 11 million transactions, but its performance still lags behind other popular EVMs like Starknet and zkSync Era.

Polygon zkEVM Hits New Milestone

Polygon zkEVM has hit another milestone, successfully completing over 11 million transactions. This achievement reflects its high usage and adoption. The rise in transactions corresponds to its high number of unique addresses, which reached 671k, indicating high adoption. A possible reason behind this increase in usage and adoption is the sharp decline in zkEVM’s average gas price over the last few weeks, which may have attracted more users, thereby spurring its total transactions.

Comparison with Other EVMs

Despite the milestone, Polygon zkEVM’s performance has not been as impressive as other popular EVMs like Starknet and zkSync Era. For instance, zkSync Era, which was launched only a few days before zkEVM, had a substantially higher number of daily active addresses. On May 2, zkSync’s daily active addresses were 256k, while zkEVM only had 2.9k. Similarly, zkSync’s number of active addresses stood at 689k, while zkEVM processed only 10.7k transactions on the same day. Additionally, both zkSync Era’s revenue and TVL were significantly higher than those of zkEVM.

Impact on MATIC

It’s worth noting that MATIC turned bullish as the aforementioned milestone was recorded. According to CoinMarketCap, MATIC’s price has appreciated by over 5% in the last 7 days. At the time of writing, the altcoin was trading at $0.7356 with a market capitalization of over $7.2 billion, making it the 18th largest crypto on the charts.

Conclusion

While Polygon’s zkEVM has achieved a significant milestone, its performance still lags behind other EVMs. However, the sharp decline in its average gas price and the bullish trend of MATIC indicate potential for future growth. It remains to be seen how zkEVM will fare in the face of competition from other EVMs.