L2 scaling solution Polygon [MATIC] zkEVM’s growth
Polygon zkEVM, a Layer 2 scaling solution, has experienced significant growth and adoption in recent months. The total value of assets locked on the network has reached record highs, totaling $23.31 million according to data from DeFiLlama. This represents a remarkable 9.5x increase compared to the previous month.
Notably, Polygon zkEVM achieved the highest growth in total value locked among all other blockchains in May.
Polygon zkEVM’s recent surge
The recent surge in Polygon zkEVM’s total value locked, with an increase of over 20% in the past 24 hours, can be attributed to a recent update to its Mainnet Beta. This update aimed to address previous shortcomings and enhance the overall transaction experience, potentially attracting more users in the future.
The transaction volume on the zero-knowledge rollup (zk-rollup) has been steadily increasing, indicating greater usage by decentralized finance (DeFi) and other decentralized applications (dApps). On June 4th, the network reached a record high of over 30,000 daily transactions, continuing the strong momentum observed in May.
This surge in transaction activity is largely due to users bridging their assets from the Ethereum (ETH) L1 chain to Polygon zkEVM, seeking faster speeds and lower transaction fees. Data from Dune reveals that the total number of depositors nearly doubled in the past month.
Comparison with other zk-rollup solutions
Despite Polygon zkEVM’s impressive achievements, it still lags behind other zk-rollup solutions like zkSync Era. While both were launched around the same time, zkSync Era currently boasts a TVL of $437 million according to L2Beat, significantly surpassing Polygon zkEVM.
A significant contributing factor to this discrepancy is Polygon zkEVM’s lower transaction throughput. While zkSync continues to process over 7 transactions per second (TPS) on a daily basis, Polygon’s scaling solution maintains an average of less than 1 TPS.
MATIC’s recent challenges
MATIC has faced challenges, including the recent classification by the United States Securities and Exchange Commission (SEC) as a security. As a result, the token’s value has declined by nearly 14% since the announcement, currently valued at $0.7791 according to CoinMarketCap.
