Polygon zkEVM Achieves All-Time High Transaction Volume
Polygon zkEVM, a high-performance scaling solution on the Ethereum network, has achieved a new milestone in terms of growth and transaction volume. According to data, the Polygon zkEVM has set a new all-time high (ATH) in transaction volume, indicating the platform’s growing popularity and adoption amongst users.
Growth and Performance Metrics
As revealed by the platform, it saw a 70% increase in Total Value Locked (TVL), recording its biggest week-over-week jump since its inception. Additionally, with over 130,000 transactions, it marked a record for successful transactions on a single day. Expectedly, during this period, the gas fee went down as more transactions would mean users get to share the cost of posting call data.
Polygon’s Role as a Leading Layer-2 Network
Recall that last month marked a very significant month for the Ethereum-based layer-2 network as it shared the performance metrics for its zkEVM protocol. According to the platform, the zkEVM protocol maintained steady growth with a rate exceeding 300% in April.
Polygon was built to help scale Ethereum and has gained significant recognition in the industry since its inception. While Polygon is known for its cost-effectiveness compared to Layer-1, the zkEVM protocol takes it a step further by offering enhanced features.
Enhanced Privacy and Security
The Polygon zkEVM utilizes zero-knowledge proofs (zk-proofs) to enhance the privacy and security of transactions. This technology allows users to prove the validity of transactions without revealing sensitive information, such as the amount or the parties involved. This makes the platform ideal for financial applications that require a high level of privacy and security.
Low Fees and Fast Confirmation Times
Notably, the Polygon zkEVM offers low transaction fees and fast confirmation times. This is achieved through the use of Layer-2 scaling solutions, which reduce the load on the main Ethereum (ETH) network and improve transaction speed.
Increasing Popularity and Future Growth
The recent ATH in transaction volume on the Polygon zkEVM platform is a testament to its growing popularity among users. The platform’s fast and cheap transactions, compatibility with ETH, and advanced privacy and security features have contributed to its surge in usage. With the rising demand for fast and cost-effective transactions in the decentralized finance (DeFi) space, it is expected that the Polygon network will continue to experience significant growth in the future.
