Polygon zkEVM Clinches All-Time High TVL Through Adoption

Amid the growing adoption, the network’s TVL is surging.

Man in a trading office, looking at a Polygon zkEVM coin materialising infont of his eyes.
Created by Gabor Kovacs from DailyCoin
  • 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.

Polygon zkEVM TVL.
Polygon zkEVM TVL. Source: L2Beat

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

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:

Polygon zkEVM Hits 1 Million Transaction Mark as TVL Keeps Climbing

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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
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.