Polygon zkEVM Hits New ATH TVL Amid 45% October Surge

Polygon zkEVM’s TVL explodes in October.

Little girl enjoying hundreds of pretty purple Polygon logos falling from the sky.
Created by Gabor Kovacs from DailyCoin
  • 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 TVL chart.
Polygon zkEVM TVL chart. Source: L2Beat

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.

Polygon zkEVM daily transactions chart.
Polygon zkEVM daily transactions chart. Source: 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.

Read this to learn more about Polygon zkEVM’s growth:
Polygon zkEVM Hits 400K Unique Addresses Despite Dwindling Activity

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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.