Polygon zkEVM and zkSync Era TVL Keeps Climbing Amid Airdrop Speculation

TVL on both networks are up double digit percentage points in the past 24 hours.

Man in a yellow jacket stands in front of a lake with colorful air balloons landing in the background.
Created by Gabor Kovacs from DailyCoin
  • Polygon zkEVM and zkSync Era are enjoying astronomical TVL growth.
  • The increased activity on both networks is linked to airdrop farming.
  • Polygon co-founder has been hinting at an airdrop for Polygon zkEVM users.

Ethereum Layer-2 scaling solutions like zkEVMs were unimaginable just a few years ago. However, two of the most anticipated zkEVMs – Polygon zkEVM and zkSync Era – launched on the Ethereum mainnet this year.

And not only did they launch – total value locked (TVL) on both networks has been increasing non-stop.

Polygon zkEVM and zkSync Era TVL Continues to Increase

Polygon zkEVM and zkSync Era both launched in late March. Since then, the two networks have seen a continuous increase in activity and TVL.

Sponsored

According to data from L2Beat, TVL on zkSync Era has reached $310 million in two months. The number is up by 15% in the past 24 hours alone. zkSync Era is now the fourth-largest Ethereum rollup.

Polygon zkEVM, zkSync Era’s main competitor, has less in TVL – $16 million. However, the figure has been pumping non-stop in the past few weeks. In the past 24 hours, TVL on Polygon zkEVM increased by 34%.

Polygon zkEVM TVL.
Polygon zkEVM TVL. Source: l2beat.com

While there are many causes why TVL on both networks is increasing, it’s primarily associated with airdrop farming.

Polygon zkEVM Co-Founder Teases Airdrop

If you’re looking for an answer to why Polygon zkEVM and zkSync Era are seeing astronomical growth in TVL, there’s one potential answer – neither of the projects has a token yet.

Sponsored

zkSync Era has confirmed that it will have a token and distribute some of its supply to early adopters. However, TVL on Polygon zkEVM had been quite low until a few weeks ago when one of Polygon’s co-founders started hinting at a possible Polygon zkEVM airdrop.

Sandeep Nailwal retweeted a tweet on Tuesday 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?”

On top of that, Nailwal tweeted last week that “there is no rule that an existing token can’t do a massive airdrop.” Nailwal was responding to a tweet that said that there are no incentives for users to use Polygon zkEVM because it has no plans to do an airdrop.

On the Flipside

  • It’s unclear whether Polygon zkEVM is really going to do an airdrop for early users. Users should always do their own research before deciding which platform to use and where to invest their funds.

Why This Matters

If zkSync Era and Polygon zkEVM will both do airdrops, users will benefit greatly. However, the activity on both networks can then be called somewhat artificial since the only incentive for users to use them is to get rewarded.

Read more about potential Polygon zkEVM airdrop:

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

Read more about Polygon (MATIC) reentering the top 10 list:

Polygon (MATIC) Reclaims Top 10 Spot as Solana (SOL) Falls Below $20

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Arturas Skur

Arturas Skur is a cryptocurrency news reporter at DailyCoin who covers Web 3.0 domains, DeFi, and Ethereum Layer-2s. With over five years of experience in journalism and public relations, Arturas brings his critical thinking and analytical abilities to deliver insightful news stories. In his free time, he enjoys hiking, playing with his dog, and reading.