All about Polygon zkEVM’s growth, adoption and more

• The total number of depositors on Polygon zkEVM nearly doubled over the past month.
• Despite its achievements, the network still lagged behind zkSync Era.

L2 scaling solution Polygon [MATIC] zkEVM has been on a tear over the past month, with the total worth of assets on the network mushrooming to record highs.

Read Polygon’s [MATIC] Price Prediction 2023-2024

As per data from DeFiLlama, the total value locked (TVL), the defining feature of a project’s growth and adoption, rose to $23.31 million at the time of publication. This meant a 9.5x growth from the previous month.

Infact, Polygon zkEVM recorded highest TVL growth in May among all other blockchains.

Apparently, the activity on the rollup started moving upward after co-founder Sandeep Nailwal dropped hints of a potential AirDrop.

Source: DeFiLlama

Polygon zkEVM shines

The latest spike in Polygon zkEVM’s TVL, an increase of more than 20% over the past 24 hours, could be driven by a recent update to its Mainnet Beta. Designed to iron out deficiencies in the previous version and improve the overall experience for facilitating transactions, the upgrade had the potential to attract more users in the days to come.

The update of Polygon #zkEVM Mainnet Beta is complete, and full networks service has resumed normally.

Please ensure you are using the latest versions of the node & prover, as they are the recommended packages for Polygon #zkEVM.

— Polygon (Labs) (@0xPolygonLabs) June 8, 2023

The transaction volume on the zero-knowledge rollup (zk-rollup) continued to soar, a testament to greater usage by (decentralized finance) DeFi and other decentralized applications (dApps).

The network reached a record high of more than 30,000 daily transactions on 4 June, according to data from zkevm.polygonscan.com, continuing the strong momentum seen in May.

Source: Polygonscan

Unsurprisingly, the high frequency of transactions was because many users were bridging their assets from L1 chain Ethereum [ETH] to Polygon zkEVM for faster speeds and lower transaction fees. Data from Dune showed that the total number of depositors almost doubled over the past month.

Source: Dune

Still a long way to go

While Polygon zkEVM’s recent achievements were noteworthy, the network still lagged behind the other zk-rollup, zkSync Era. It was launched around the same time as zkEVM. At the time of writing, zkSync Era’s TVL was $437 million, as per L2Beat, well exceeding Polygon zkEVM.

A big reason behind this could be Polygon zkEVM’s considerably less transaction throughput. While zkSync continued to clock more than 7 transactions per second (TPS) on a daily basis, Polygon’s scaling solution was maintaining an average of less than 1 TPS.

Realistic or not, here’s MATIC’s market cap in BTC terms

MATIC was still reeling from the shock of United States SEC classifying the token as a security earlier this week. At the time of publication, it was valued at $0.7791, having dropped nearly 14% since the claim, per CoinMarketCap.