- Polygon’s zkEVM reaches a new all-time high with over 70,000 daily transactions on June 13, 2023, reflecting increased adoption and usage.
- Despite zkEVM’s success, MATIC sees a drastic market cap decrease, losing its top 10 crypto status.
Polygon’s second-layer solution, zkEVM, has been hitting impressive strides in its key metrics recently, signaling a significant increase in usage and adoption. With these recent breakthroughs, the question arises whether zkEVM is poised to overtake its main competitor, zkSync Era.
Surpassing its own records in swift succession, zkEVM reached a new all-time high with over 70,000 daily transactions on June 13, 2023. This dramatic surge was coupled with an equally impressive increase in unique addresses, solidifying that the rollup’s adoption and utilization are on an upward trajectory.
The spike in transactions is mirrored by a decline in average gas price according to Polygonscan. This decrease in transaction cost has likely played a crucial role in attracting new users and encouraging existing ones to increase transaction activity on the rollup. This assumption finds further support in the observed uptick in daily gas usage, indicating a more extensive engagement with zkEVM.
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Despite these triumphs, zkEVM still lags behind its primary competitor, zkSync Era, in key metrics. Notably, zkSync Era’s daily active addresses significantly outweigh zkEVM’s, boasting over 190,000 compared to zkEVM’s roughly 8,000. A similar disparity is seen in daily transaction volume, with zkSync Era exceeding zkEVM by more than 100,000 transactions. However, given zkEVM’s accelerating growth, it remains to be seen if the tides may turn in the coming months.
While the progress of zkEVM paints a promising picture, Polygon’s native token, MATIC, faces a more challenging landscape. MATIC has recently dropped off the list of top 10 cryptocurrencies by market capitalization, with a price decline of over 5% in the last 24 hours alone. As of this writing, MATIC trades at $0.5895 with a market cap surpassing $5.4 billion, ranking as the 12th largest cryptocurrency. This underlines that while the advancement of blockchain technology continues to break new grounds, market conditions remain unpredictable and often harsh.
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