Polygon zkEVM logs 11 million transactions, but there is a problem
  • Polygon zkEVM average gasoline prices plummeted last month
  • zkEVM’s active addresses and transactions were both significantly lower than zkSync Era

polygon zkEVM is in the news again after achieving yet another milestone reflecting its high usage and adoption rate. However, despite the 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 the latest information related to blockchain developments. revealed zkEVM has successfully completed 11 million transactions. The increase in transactions is so high that the number of unique addresses reaches 671,000, which corresponds to the high penetration rate.

Analysis of Polygonscan with AMBCrypto data And we uncovered possible reasons behind this increase in usage and adoption. The average gasoline price on zkEVM has fallen sharply in recent weeks, the paper said. This may have led to more users participating, resulting in an increase in overall transactions.

zkEVM gasoline price falls

Source: PolygonScan

However, zkEVM noted in May that there was a setback in terms of network activity.According to Artemis data, Polygon zkEVM’s daily active addresses have started decreasing in the last few days. Thanks to that, his number of transactions per day on EVM also decreased and looked worrying.

In terms of catch value, not everything went well either. This is evidenced by the fact that zkEVM’s revenue has sharply decreased since the beginning of his May month.

zkEVM network activity decreased

Source: Artemis

Some argue that Polygon zkEVM’s performance is not that impressive when compared to other EVMs. For example, the zkSync Era, which started just a few days before zkEVM, saw a significant increase in the number of active addresses per day. To be precise, zkSync’s daily active addresses on May 2nd were 256k, while zkEVM had him only 2.9k.

A similar trend was observed in terms of active addresses, with zkSync’s number being 689,000, while zkEVM processed only 10.7,000 transactions on the same day. Additionally, zkSync Era’s revenue and his TVL were both significantly higher than zkEVM.

Source: Artemis

MATIC reaction

However, it is worth pointing out that MATIC became bullish once the aforementioned milestones were recorded.

according to coin market cap, MATIC price has increased by more than 5% in the past 7 days. As 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 of polygons [MATIC] price prediction 2024-25

Thanks to the price increase, weighted sentiment increased after the May 2 decline, and bullish sentiment also increased. The MVRV ratio has also increased, indicating that more investors have been profiting recently.

Analysis of IntoTheBlock by AMBCrypto data However, at the time of writing, only 14% of MATIC investors were making profits. Therefore, altcoins and their holder communities still have a long way to go.

MVRV ratio of MATIC increases

Source: Santimento

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