Polygon zkEVM registers growth, but there is more to it

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Polygoon zkEVM is recovering How does Polygon zkEVM stack up against others?MATIC is less volatile

Polygon zkEVM has passed $130 million in deposits, reflecting its increased adoption.
MATIC’s price action followed a sideways path.

Polygon [MATIC] zkEVM has witnessed an increase in growth momentum, resulting in momentum on multiple fronts. Not only did rollup usage increase, but it also improved performance in the DeFi space, which had been taking a back seat for a while.

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Although zkEVM showed improvement, it was still far behind its competitors such as zkSync Era and Starknet.

Polygoon zkEVM is recovering

Today In Polygon, a popular X (formerly known as Twitter) that posts updates related to the Polygon ecosystem, revealed in a recent tweet that zkEVMs has surpassed $130 million in deposits.

In fact, the total number of unique addresses has also increased. From Polygon scanAt the time of writing, zkEVM’s total number of unique addresses exceeded 444k, with a daily increase of approximately 1,000 users.

NEW:

Polygon zkEVM has passed $130 million in deposits.

(Still in Mainnet beta) pic.twitter.com/mKhhYDF44C

— Today in Polygon (@TodayInPolygon) September 29, 2023

Furthermore, the rollup’s TVL also witnessed a promising increase of over 23% in the past week.

JUST IN:

TVL on Polygon zkEVM is up 23% over the past seven days. pic.twitter.com/iimkFXtr6K

— Today in Polygon (@TodayInPolygon) September 29, 2023

While these numbers looked encouraging, a macro view of the merger suggested otherwise. For example, several key metrics recorded declines in recent weeks.

It is striking that the daily gas consumption of the rollups has decreased in recent months. A similar decline in gas consumption was also reflected in daily transactions.

Source: Polygon scan

How does Polygon zkEVM stack up against others?

It was interesting to note that while zkEVM’s key metrics fell, competitors like zkSync and Starknet recorded increases on multiple fronts. This was evident from Artemis’ factswhich showed that zkEVM was well below its competitors in terms of daily active addresses.

A similar trend was also noticed in all daily transaction charts of the rollups, with Starknet’s chart rising while zkEVM’s chart fell.

Source: Artemis

Of the three, Statrknet’s metrics looked the most encouraging, as zkSync’s graph stagnated while zkEVM declined. A similar trend was also observed in terms of their TVLs.

Starknet’s TVL in particular turned around zkEVM while the latter declined despite the recent upward trend. zkEVM also lagged far behind zkSync in terms of fees. At the time of writing, zkSync’s fees were well over $150,000, while zkEVM’s were only above $3,000.