Polygon zkEVM Airdrop Incoming? Co-Founder Teases as TVL Hits $14M

• Polygon co-founder Sandeep Nailwal hinted again at a possible Polygon zkEVM airdrop.
• This is the second time in two weeks that Nailwal has suggested Polygon zkEVM might do an airdrop.
• TVL on Polygon zkEVM has hit $14 million.

Airdrops are one of the most sought-after things in crypto. Users from all over the world try to use various networks early to be eligible for rewards later.

One such network is Polygon zkEVM, which has seen an uptick in activity after Polygon’s co-founder Sandeep Nailwal hinted at an airdrop last week. On Tuesday, Nailwal again suggested Polygon might do an airdrop.

Airdrop on the Way?

Polygon co-founder Sandeep Nailwal seems to be on a mission to spread the word about Polygon zkEVM.

On Tuesday, Nailwal retweeted a tweet in which a user shared a chart depicting the rising total value locked (TVL) metric on Polygon zkEVM.

At the end of the tweet, the user rhetorically asked, “Airdrop incoming?” 

I can see the same candlestick growth for zkevm as it was in the early stages of PoS. QuickSwap dominance on PoS was around 90% on PoS at that time.

History is repeating itself. Another chance to ride the purple wave for the users who missed it the last time.#Airdrop incoming? https://t.co/njXU8Ak6av

— Sameep Singhania (@sameepsi) May 23, 2023

Nailwal’s retweet comes after he hinted at an airdrop for Polygon zkEVM last week. Polygon co-founder responded to a tweet saying that TVL on Polygon zkEVM is very low compared to zkSync Era’s because there’s no incentive for users to use the network.

Nailwal said, “there is no rule that an existing token can’t do a massive airdrop.” This comment has encouraged users to use Polygon zkEVM, as the rising TVL shows.

According to data from L2Beat, TVL on Polygon zkEVM has hit $14 million. Just a week ago, before Nailwal’s airdrop hints, it was around $2 million. However, Polygon zkEVM’s biggest competitor zkSync Era has almost $300 million in TVL.

Polygon’s current native token, MATIC, is trading at $0.86, down 1.7% on the day, according to data from CoinGecko. MATIC has just reentered the top 10 cryptocurrency list and now has an $8.08 billion market cap.

On the Flipside

• TVL does not indicate how secure a network is or its potential. An argument can be made that most of the activity on zkSync Era is related to airdrop farming.

Why This Matters

If Nailwal is speaking the truth and Polygon is going to do an airdrop, users might consider using Polygon zkEVM and helping it to stand up on its own legs. However, users should always do their own research before deciding what network to use or where to put their funds.

Read more about rising ETH staking participation:

ETH Staking Participation Could Rise to 50% Next Year: Bitfinex Report

Read more about continued crypto outflows:

Crypto Outflows Continue as Weekly Trading Volume Hits Historical Lows