Bittime - Polygon zkEVM records a new milestone that shows the high use and adoption of this technology. The platform successfully completed 11 million transactions recently. Even so, zkEVM still needs a lot of improvement to compete with other similar technologies such as Starknet and zkSync Era.
New Achievements
The Today In Polygon Twitter account, which frequently shares Polygon blockchain developments, recently reported that zkEVM had successfully completed 11 million transactions.
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This increase in transactions was accompanied by a high number of unique users, which reached 671 thousand. This indicates quite good adoption of zkEVM.
Bitcoinworld's analysis of Polygonscan data suggests possible reasons behind this increase in usage.
Also read: What is Polygon (MATIC)? Listen to the explanation!
According to the analysis, zkEVM's average gas costs have fallen drastically over the past few weeks. This may attract more users and ultimately increase its total transactions.
zkEVM Encounters Problems
Despite recording recent achievements, unfortunately zkEVM experienced a decrease in network activity in May. Based on Artemis data, the number of daily active users (daily active addresses) of Polygon zkEVM has begun to decline over the last few days. As a result, the number of daily zkEVM transactions also fell.
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This decline is even more concerning because it turns out that zkEVM's revenue has also decreased sharply since the beginning of May.
When compared with other similar technologies, the performance of Polygon zkEVM can be said to be not that impressive.
zkEVM is still inferior to zkSync Era
For example, zkSync Era which launched just a few days before zkEVM had a much higher number of daily active users. To be precise, on May 2, the number of daily active users of zkSync reached 256 thousand, while zkEVM only had 2.9 thousand.
Also read: What is zkSync Era? Read the detailed explanation
A similar trend was also seen in terms of total transactions. On the same day, zkSync processed 689 thousand transactions, while zkEVM only processed 10.7 thousand transactions.
Additionally, zkSync Era's revenue and total value locked (TVL) are also significantly higher than zkEVM.
Influence on MATIC Prices
However, it should be noted that the price of the MATIC token (Polygon's original token) actually increased after reaching 11 million transactions. According to CoinMarketCap, MATIC price is up more than 2% in the last 7 days.
At the time of writing, MATIC's price was around $0.6879 with a market cap of over $6.8 billion, making it the 18th largest cryptocurrency in the world.
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This price increase also triggered bullish (optimistic) sentiment among investors, as can be seen from the increase in weighted sentiment after the decline on May 2. The MVRV ratio also rose, indicating that more investors have recently made profits.
However, Bitcoinworld's analysis of IntoTheBlock data reveals that only 14% of MATIC investors are currently in a profitable position. This means there is still a lot to do for MATIC and its community.
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Also read:
Polygon zkEVM Network Threatened, MATIC Price Soars
Polygon zkEVM Network Returns to Normal After Over 24 Hours of Disruption!
zkSync vs Polygon zkEVM: Competition in Zero-Knowledge and Rollup
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