- Polygon zkEVM is witnessing increased adoption.
- Amid the growing adoption, the network’s TVL is surging.
- The protocol boasts significant gains in network activity.
Cryptocurrency volumes and adoption have generally waned in the wake of an extended crypto bear market. However, Polygon appears to be deviating from the trend, particularly in its zero-knowledge Ethereum Virtual Machine (EVM) compatible rollup.
Launched in March 2023, the Polygon zkEVM has continued to show strength in multiple benchmarks and clinch new milestones. In the latest instance, the network’s total value locked (TVL) has surged to a record high.
Polygon zkEVM TVL Surpasses $50M
On Tuesday, July 11, Polygon zkEVM’s TVL clinched a significant milestone by surpassing the $50 million mark for the first time, per data from L2Beat. At the time of writing, the metric is still rising, at approximately $50.64 million.
The network has managed to achieve this feat in just over three months. For context, Tezos, a leading blockchain protocol launched in 2018, has a TVL of only $57.12 million. Similarly, Near has a TVL of $38.13 million.
Behind its soaring TVL, Polygon zkEVM has witnessed significant growth in network activity.
Polygon zkEVM Enjoys Surge in Network Activity
Since its launch in March, Polygon zkEVM has experienced significant growth in terms of network activity. One user highlighted that the network had recorded the highest percentage gains in daily active addresses, daily transactions, and DEX volumes in the last three months among Ethereum Layer-2 protocols.
The zkEVM network is among Polygon Labs’ most recent efforts toward finding the optimal scaling solution for the Ethereum network. The solution promises to offer improved security and significantly lower fees.
On the Flipside
- Polygon zkEVM’s increased adoption is likely influenced by airdrop speculation.
- DeFiLlama offers a more modest estimate of the network’s TVL.
Why This Matters
Polygon zkEVM’s growth in just a short while underscores the project’s excitement.
Read this to learn more about Polygon zkEVM’s growth:
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