- Polygon’s zkEVM Mainnet Beta saw robust growth in May 2023, with assets related to DeFi protocols surpassing $10 million, while total assets on the network exceeded $18 million.
- The platform has successfully implemented gas optimizations, reducing transaction costs significantly, and the network is now considered among the cheapest Layer Two rollups, per L2 Fees.
An Outstanding Month for Polygon zkEVM
The progression of Polygon’s zkEVM Mainnet Beta throughout May 2023 is evidence of the network’s consistent expansion. The metrics indicate that the assets connected to DeFi protocols have exceeded the $10 million milestone, while the total assets within the network have grown beyond $18 million. It is crucial to note that Total Value Locked (TVL) is a partial measurement, often more indicative of price movements in underlying assets rather than user sentiment. Much more transpires beneath the surface.
In May, single-day transaction volume on Polygon #zkEVM reached all-time highs ⬆️
👉🏾 Steady TVL growth
👉🏾 Lower fees
May metrics for Polygon zkEVM show that activity followed liquidity. pic.twitter.com/s0XIm4EZZZ
— Polygon (Labs) (@0xPolygonLabs) May 30, 2023
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Over the fortnight, gas optimizations have substantially decreased the cost of transactions within the network. Just three weeks prior, a DeFi user had to shell out $8.55 to compound a position, a cost which fell to just $1.21 in the last week. For users keen on optimizing transaction and bridging fees further, Polygon offers a series of tips.
Driving Liquidity and Lowering Fees
Liquidity generates activity. Between April 24 and May 29, assets bridged to the network surged sevenfold, exceeding $18 million. In sync with this growth, assets associated with DeFi protocols also expanded, evidenced by the TVL on QuickSwap, which rose by more than 1000% in the 30-day period concluding on May 29.
The influx of liquidity initially seemed slow but eventually snowballed. Within just two days, from May 15 to May 17, new assets worth $5 million were bridged to Polygon’s zkEVM Mainnet Beta. This activity consequently resulted in lower fees, a unique characteristic of rollups, which become cheaper as activity heightens.
Over the past month, single-day transaction volume broke several records. On May 25, the platform processed over 25,000 transactions. Lower fees and increased liquidity subsequently attracted more users, leading to a 54% growth in unique active wallets from April 25 to May 25.
Looking Ahead: Polygon’s zkEVM Future Prospects
Polygon’s zkEVM Mainnet Beta is on an upward trajectory and continues to grow steadily. In the forthcoming months, Polygon Labs intends to unveil the roadmap for data compression and EIP-4844, strategies aimed at significantly reducing network fees. Stay connected with the Polygon Labs blog and its social media channels for the latest updates from the Polygon ecosystem.
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