- Average gas prices on Polygon zkEVM have plummeted over the past month
- Both active addresses and transactions in zkEVM were significantly lower than in the zkSync Era.
polygon zkEVM is in the news again after achieving another milestone reflecting high usage and adoption rates. However, despite its latest achievements, EVM has a long way to go to compete with other popular EVMs such as Starknet and zkEVM.
new milestone
Today In Polygon is a popular X handle that shares updates related to recent blockchain developments. exposed zkEVM has successfully completed 11 million transactions. The increase in transactions corresponds to a high unique address count of 671k. This indicates a high adoption rate.
Polygonscan analysis by AMBCrypto data We then revealed the possible reasons for this increase in usage and adoption. According to this, the average gas price on zkEVM has fallen sharply over the past few weeks. This may have attracted more users and boosted the overall transaction.
Source: PolygonScan
However, zkEVM noted that network activity was disrupted in May. According to Artemis data, Polygon zkEVM’s daily active addresses have started to decline over the past few days. As a result, the number of daily transactions on EVMs has decreased, which is worrying.
Not all was well when it came to captured value. This is evidenced by the fact that zkEVM’s revenue has fallen sharply since the start of May.
Source: Artemis
One could argue that compared to other EVMs, the performance of Polygon zkEVM is not that impressive. For example, zkSync Era, which launched just a few days before zkEVM, had a much higher number of daily active addresses. To be precise, zkSync’s daily active addresses were 256k on May 2nd, while zkEVM’s was only 2.9k.
A similar trend was seen in terms of active addresses. zkSync’s number reached 689,000, while zkEVM only processed 10.7,000 transactions on the same day. Additionally, both revenue and TVL for zkSync Era were significantly higher than zkEVM.
Source: Artemis
MATIC’s answer
However, it is worth pointing out that MATIC has turned bullish since the aforementioned milestones were recorded.
According to CoinMarketCap, the price of MATIC is up more than 5% in the last 7 days. At the time of this writing, the altcoin is trading at $0.7356, with a market capitalization of over $7.2 billion, making it the 18th largest cryptocurrency on the chart.
read Polygon(MATIC) Price Prediction 2024-25
Bullish sentiment also rose, with weighted sentiment rising after a decline on May 2 thanks to rising prices. The MVRV ratio has also risen, showing that the number of investors making profits has increased recently.
AMBCrypto’s IntoTheBlock analysis data However, at the time of going to press, it was revealed that only 14% of MATIC investors had made a profit. Therefore, there is still a long way to go for altcoins and their holder communities.
Source: Santiment