- The increase in Polygon’s network activity caused a spike in zkEVM’s daily gas consumption.
- zkEVM’s network metrics remained lower than zkSync Era’s despite recent increases.
The last month of 2023 was an absolute moment of happiness Polygon [MATIC] zkEVM, as network activity skyrocketed. The increase in network activity indicated a huge increase in adoption and usage.
Now that we’ve entered a new year, let’s take a closer look at zkEVM’s network stats to see if the same trend will continue in January 2024.
From Polygon zkEVM’s performance in December
In a January 3 Today In Polygon tweet, a popular X-handle (formerly Twitter) noted that zkEVM‘S The number of daily active addresses increased by more than 200% in December.
Moreover, the number of daily transactions has increased by more than 130% in the last 30 days.
NEW:
Over the past 30 days, Polygon zkEVM’s daily active addresses have increased by 202% and daily transactions have increased by 134%. pic.twitter.com/qqEhuxWYGq
— Today in Polygon (@TodayInPolygon) January 3, 2024
Thanks to this increase, the gas consumption of the rollup increased. This was evident from AMBCrypto’s analysis of Polygonscan data, which showed an increase in zkEVM’s daily average gas consumption graph.
Source: Polygon scan
What about 2024?
Things are also looking quite optimistic for 2024. In particular, AMBCrypto examined the factswhich revealed that zkEVM managed to maintain its growth in terms of its Daily Active Addresses.
A similar trend was also noticed on the daily transaction chart.
However, the TVL of the rollup fell sharply after a peak was recorded on December 28, which was concerning.
Dropping TVL usually indicates a shift in demand for specific DeFi services or in the popularity of specific DeFi protocols.
Source: Artemis
Polygon zkEVM versus zkSync epoch
Because we are assessing zkEVM‘s performance, it is crucial to take a look at its top competitor, zkSync Era. AMBCrypto’s analysis of Artemis’ facts revealed that despite zkEVM registering growth on multiple fronts, it still trailed zkSync.
Both zkEVM’s daily active addresses and daily transactions were low compared to its competitor.
However, the good news was that zkEVM’s revenue was close to zkSync’s, and given the growth rate, it will be interesting to see if zkEVM manages to surpass zkSync.
Source: Artemis
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MATIC remains bearish
While Polygon zkEVM managed to maintain a growth pace on certain fronts, MATIC, on the other hand, felt the wrath of the bears. According to CoinMarketCapIn the last 24 hours, MATIC is down more than 2%.
The token’s trading volume also increased while its price fell, legitimizing the downward trend. At the time of writing it is MATIC was trading at $0.9859, with a market cap of over $9.4 billion.