- The number of zkEVM transactions hit a new all-time high on May 25.
- zkSync was still ahead of zkEVM in terms of active addresses and transactions.
Polygon [MATIC] has published a new blog highlighting zkEVM’s much-discussed performance in the month of May.
According to Polygon’s latest tweet posted on May 31, single-day transaction volume on Polygon zkEVM hit a new all-time high. The ATH was quoted on May 25, 2023 when the number of transactions passed 25,000.
In May, one-day transaction volume on Polygon #zkEVM reached all-time highs ⬆️
👉🏾 Steady TVL growth
👉🏾 Lower costsMay stats for Polygon zkEVM show activity followed liquidity. pic.twitter.com/s0XIm4EZZZ
— Polygon (Labs) (@0xPolygonLabs) May 30, 2023
A month in which Polygon zkEVM set new records
The month of May proved to be generous for zkEVM as roll-up performance looked promising. One of the results was that gas optimizations over the past two weeks have drastically reduced transaction costs on the network.
For reference, unlike Ethereum, rollups get cheaper as activity increases. This was due to the amortization of proofing costs across all transactions in a batch.
Source: Polygon
In recent weeks, there were more transactions due to a decrease in the gas fee. An increase in the number of transactions directly means that more users share the cost of generating evidence.
Not only that, the adoption of zkEVM also witnessed a surge as evidenced by the number of unique wallets. According to the blog, unique active wallets increased 54% from April 25 to May 25, with the biggest increase when the new assets were paired on May 15.
TVL from Rollups reaches new heights
DeFi-related assets surpassed the $10 million milestone, bringing the total value of the network’s assets to nearly $18 million. This resulted in a significant increase in the TVL of zkEVM.
It was also interesting to note that not only zkEVM, but also zkSync and Starnet hit records in TVL this month.
ZK Rollups quickly attract liquidity and attention.
zkSync Era, Polygon zkEVM, and Starknet all hit all-time highs in TVL today.
— Patrick | Dynamo DeFi (@Dynamo_Patrick) May 29, 2023
Polygon zkEVM vs zkSync era
While last month’s numbers looked encouraging for zkEVM, was it enough to outperform its competitor, zkSync Era?
A look at Artemis’ data provided the much-needed answer. zkSync was ahead of zkEVM in terms of almost every metric on board.
For example, while zkEVM’s daily active addresses and transactions peaked last month, they were still lower compared to zkSync. The same continued for TVL, as zkSync’s chart was higher.
Source: Artemis
A look at the performance of MATIC
While zkEVM’s performance was commendable, the same cannot be said for MATIC. According to CoinMarketCapthe price of MATIC is down more than 1% in the last 24 hours.
At the time of writing, it was trading at $0.893 with a market cap of over $8.2 billion.
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From CryptoQuant, a reason behind the price drop could be MATIC’s increasing foreign exchange reserves. An increase in the stat suggests that a token is under selling pressure.
The bullish sentiment surrounding MATIC also registered a reject of 15% in the last 24 hours, which was worrying.
Source; CoinMarketCap
