Los Angeles, CA – Polygon zkEVM, a popular blockchain platform, recently achieved a significant milestone in terms of transaction volume, showcasing its growing user base and adoption rates. Despite this achievement, zkEVM still faces tough competition from other EVMs like Starknet and zkEVM in the industry.
According to a report from a prominent blockchain news source, zkEVM processed over 11 million transactions, with a significant increase in unique addresses reaching 671k. This surge in transactions can be attributed to a notable decrease in zkEVM’s average gas price over the last few weeks, making it more attractive to users.
However, recent data also indicates a decline in zkEVM’s network activity, with daily active addresses and transaction counts on a downward trend. This decline has also impacted the platform’s revenue, which saw a sharp decrease since the beginning of May.
In comparison to its competitors, zkEVM lags behind in performance metrics. For instance, zkSync Era, a newer EVM, boasted a much higher number of daily active addresses and transactions, indicating stronger user engagement and adoption rates. Additionally, zkSync Era’s revenue and TVL (total value locked) surpass that of zkEVM by a significant margin.
Despite these challenges, the price of MATIC, the native token of Polygon, has shown a positive trend with a 5% increase in value over the past week. This price uptick has fueled bullish sentiment among investors, with MATIC currently trading at $0.7356 and holding the 18th spot in terms of market capitalization.
While the recent milestone for zkEVM is a positive development, there is still room for improvement in terms of network activity and user engagement. The overall sentiment surrounding MATIC remains positive, with indications of growing investor interest and profitability, despite some challenges in user profitability at present.