Polygon zkEVM records 11 million transactions, but there is a problem

• The average gas price on Polygon zkEVM fell sharply last month
• Both zkEVM’s active addresses and transactions were significantly lower than zkSync Era.

Polygon zkEVM is back in the news after reaching another milestone, one that reflects its high usage and adoption. However, despite its latest achievement, EVM has a long way to go to compete with other popular EVMs such as Starknet and zkEVM.

New milestone

Today In Polygon, a popular X handle that shares updates related to blockchain developments, recently https://twitter.com/TodayInPolygon/status/1786004937215754458 that zkEVM has successfully completed 11 million transactions. The increase in transactions corresponded to its high number of unique addresses, which reached 671,000, a sign of high adoption.

AMBCrypto Analysis by Polygonscan data He then revealed a possible reason behind this increase in usage and adoption. According to the same report, in recent weeks the average gas price at zkEVM has decreased considerably. This could have attracted more users, which, in turn, boosted their total transactions.

However, zkEVM noticed a setback on the network activity front in May. According to Artemis data, Polygon zkEVM’s daily active addresses started to decline in the past few days. Thanks to the same, EVM’s daily transaction count also fell, which seemed worrying.

All was not well when it came to captured value either. Proof of this is that zkEVM’s revenue has decreased considerably since the month of May began.

Compared to other EVMs, it can be argued that Polygon zkEVM’s performance has not been as impressive. For example, zkSync Era, which launched just a few days before zkEVM, had a substantially larger number of daily active addresses. To be precise, while zkSync’s daily active addresses were 256k on May 2, zkEVM only had 2.9k.

A similar trend was also observed in terms of active addresses, as the number of zkSync was 689 thousand, while zkEVM processed only 10.7 thousand transactions on the same day. Furthermore, both zkSync Era’s revenue and TVL were significantly higher than zkEVM’s.

MATIC’s response

However, it is worth noting that MATIC turned bullish when the aforementioned milestone was recorded.

According CoinMarketCap, MATIC price has appreciated more than 5% in the last 7 days. At the time of writing, the altcoin was trading at $0.7356 with a market capitalization of over $7.2 billion, making it the 18th largest cryptocurrency on the charts.

Read polygon [MATIC] Price prediction 2024-25

Thanks to the price rally, bullish sentiment also increased as its weighted sentiment rose after a drop on May 2. Its MVRV ratio also increased, indicating that more investors have been making profits lately.

AMBCrypto Analysis by IntoTheBlock data revealed, however, that only 14% of MATIC investors made profits at the time of this publication. Ergo, there is still a long way to go for the altcoin and its community of holders.

This is an automatic translation of our English version.