• Polygon zkEVM’s TVL has increased significantly over the past month, growing by 9.5x
• The network recently released an update to its Mainnet Beta, which could attract even more users
• The total number of depositors nearly doubled over the past month as users moved assets from L1 chain Ethereum [ETH] to Polygon zkEVM for faster speeds and lower transaction fees
Polygon zkEVM Sees Significant Growth
The total value locked (TVL) in Polygon [MATIC]’s zero-knowledge rollup (zk-rollup), Polygon zkEVM, has grown significantly over the past month, rising 9.5x to $23.31 million at the time of publication. This growth could be attributed to a recent update to its Mainnet Beta, which was designed to improve user experience when facilitating transactions.
Record Transaction Volume
The frequency of transactions on 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. Many users have been bridging their assets from L1 chain Ethereum [ETH] to Polygon zkEVM for faster speeds and lower transaction fees which is driving up deposits and transaction volume on the network.
Massive Increase In Depositors
Data from Dune showed that there was a massive increase in depositors on Polygon zkEVM over the past month with nearly double the amount of users compared before. As more people become aware of this platform’s benefits they are shifting their assets onto it in order to take advantage of faster speeds and lower fees.
High Potential For Adoption And Growth
With its recent improvements and updates giving it an edge against other blockchains like zkSync Era, Polygon zkEVM has high potential for adoption and growth moving forward as more people take notice of what it can offer them in terms of speed and cost effectiveness when dealing with digital assets or conducting transactions online.
AirDrop Could Attract Even More Users
Furthermore, hints dropped by co-founder Sandeep Nailwal about a potential AirDrop mean that even more people could flock towards this platform if they come out with such an offering which would further drive up usage numbers in turn leading to higher TVLs and potentially returns for investors who get involved early on while prices are still low enough for entry into this market segment.