- Polygon zkEVM has hit a new TVL milestone.
- The metric experienced an explosion in October 2023 amid broad on-chain growth.
- The developments follow the advancement of the Polygon 2.0 roadmap.
Polygon zkEVM has experienced steady growth since its launch in March 2023. With continued efforts from developers, this growth has shown little signs of slowing down. In the most recent instance, the network’s TVL has surged to new highs amid a strong showing in October 2023.
Polygon zkEVM TVL Explodes
Polygon zkEVM’s TVL has surged to a new all-time high. The network’s TVL ended October by breaking above the $70 million mark for the first time. The milestone followed a blistering 45% run within the month from an initial $48.41 million.
At the time of writing, the metric continues to rise. L2Beat data places the network’s TVL at $71.2 million, representing a 6.62% gain in the past seven days.
Polygon zkEVM’s TVL rise follows a general uptick in the network’s on-chain metrics.
All Round Growth in October
Polygon zkEVM witnessed broad growth in October. Aside from its TVL, the network also witnessed a 16% rise in daily transactions and a 5% increase in unique addresses, according to data from Polygon zkEVM Explorer.
These developments come as Polygon’s zero-knowledge-based ambitions take shape with the 2.0 roadmap. As part of this roadmap, the Polygon Labs team recently launched contracts for its new ecosystem token POL on the Ethereum mainnet.
On the Flipside
- Rising crypto prices have likely also influenced the growth in TVL.
- Daily transactions on Polygon zkEVM are considerably lower than the high of over 122k formed in August 2023.
- Competing Ethereum Layer 2 solution, Arbitrum boasts a TVL of $6.5 billion.
Why This Matters
Polygon zkEVM’s growing TVL suggests that activity and interest in the ZK-powered Layer 2 is growing.
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