Polygon zkEVM records 11 million transactions, but there is a problem

• The average gas price at Polygon zkEVM fell sharply in the past month
• Both zkEVM addresses and active transactions were significantly lower than zkSync Era addresses and transactions

ribbed zkEVM is in the news again after achieving another milestone, which reflects its high usage and adoption. Despite its recent achievement, EVM has a long way to go in order to compete with other popular EVMs like Starknet and zkEVM.

New teacher

Today on Polygon, a popular X handle shares updates on recent blockchain developments open That zkEVM has successfully completed 11 million transactions. The rise in transactions corresponds to the large number of unique addresses, which reached 671,000 – a sign of high adoption.

AMBCrypto analysis of Polygonscan Data He then revealed the possible reason behind this rise in usage and adoption. According to the same, the average gas price at zkEVM has fallen sharply over the past few weeks. This may have attracted more users to join the company, which in turn increased its total transactions.

Source: Polygonscan

However, zkEVM noticed a setback on the network activity front in May. According to Artemis data, Polygon zkEVM’s daily active addresses have started to decline over the past few days. Thanks to this, the number of daily EVM transactions also decreased, which seemed alarming.

It wasn’t so good in terms of value captured either. This was evidenced by the fact that zkEVM’s revenues declined sharply since the beginning of May.

Source: Artemis

When compared to other EVMs, one could argue that the performance of the Polygon zkEVM was not impressive. For example, zkSync Era, which launched just a few days before zkEVM, had a much larger number of daily active addresses. To be precise, while zkSync’s daily active addresses were 256k on May 2, zkEVM had only 2.9k.

A similar trend was also seen in terms of active addresses, where zkSync reached 689K, while zkEVM processed only 10.7K transactions on the same day. In addition, zkSync Era and TVL revenues were significantly higher than zkEVM revenues.

Source: Artemis

Matic replied

However, it is worth noting that MATIC turned to the upside while recording the aforementioned milestone.

according to CoinMarketCapThe price of MATIC has increased by more than 5% in the last 7 days. At the time of writing, the altcoin is trading at $0.7356 with a market capitalization of over $7.2 billion, making it the 18th largest cryptocurrency on the charts.

is reading Polygon [MATIC] Price prediction 2024-25

Thanks to higher prices, bullish sentiment also rose as weighted sentiment rose after the decline on May 2. The MVRV ratio also rose, indicating that more investors have been making profits recently.

AMBCrypto’s analysis of IntoTheBlock’s Data However, it revealed that only 14% of MATIC investors had made profits at the time of writing. Therefore, there is still a long way to go for the altcoin and its holder community.

Source: Santiment