The Total Value Locked (TVL) and transaction volume on Polygon’s zkEVM platform has increased significantly, demonstrating extraordinary growth. This increase lays the door for decreased costs and increased use of DeFi technologies.
In May 2023, the scalable and secure blockchain platform Polygon zkEVM reversed the general trend of declining Total Value Locked (TVL). While most blockchains dropped, Polygon zkEVM had incredible growth, showing its distinct characteristics and compatibility with Ethereum.
Distinctive features fueling the growth of Polygon zkEVM
Data gathered by Crypto Platform shows that in May 2023, the total TVL of all blockchains decreased. This pattern shows a slower-than-usual rate of capital input into DeFi initiatives.
General market conditions and legislative changes can explain such variations in TVL. They might also result from introducing fresh blockchain systems or DeFi initiatives.
According to todays report, the growth of MATIC zkEVM may be attributed to its distinctive features. First, it is a desirable solution for DeFi projects that demands high performance and reliable privacy precautions due to its scalability and privacy features.
Second, zkEVM’s interoperability with the Ethereum blockchain increases its appeal by enabling the easy transfer of already-existing Ethereum dApps to the zkEVM platform. Finally, the rising gas costs on the Ethereum network may influence users and developers to switch to Polygon zkEVM or another more affordable option.
On the other hand, the platform’s potential in the DeFi industry is highlighted by the spectacular growth of Polygon zkEVM’s TVL despite a modest overall market slowdown. It demonstrates that users and developers respect the scalability, privacy, and cost-effectiveness of MATIC zkEVM.
However, the minor decline in the total TVL across all blockchains is a reminder that the DeFi ecosystem is still unstable and is affected by various outside forces. While blockchain platforms should concentrate on improving their value propositions to attract and retain capital, DeFi fans and investors should continuously watch changes in the market.
Polygon’s ZkEVM breaks TVL and transaction volume records
According to Binance, Total Value Locked (TVL) and transaction volume have lately increased dramatically on Polygon’s zkEVM (Zero-Knowledge Ethereum Virtual Machine), indicating exceptional network growth. This boom offers several noteworthy benefits and prepares for lower fees and quicker decentralized finance (DeFi) protocol uptake.
MATIC recently tweeted that their zkEVM platform’s growth and transaction volume had achieved all-time highs. The platform saw the biggest week-over-week gain in TVL since its introduction, a startling 70% increase.
With almost 13,000 transactions, May 14 set a new record for successful transactions in a single day. Due to the increase in transactions, more users were able to share the cost of reporting call data, which resulted in a decrease in prices.
The increase in transaction volume and TVL on Polygon’s zkEVM is encouraging for the DeFi ecosystem. TVL expansion directly impacts the efficacy and sustainability of DeFi techniques. The expanding TVL indicates a growing interest in and confidence in the protocols and underlying infrastructure, which draws more users and liquidity. This increase in TVL is advantageous for top DeFi protocols built on the network and Polygon.
Unveiling the success of Polygon zkEVM: Growth, adoption, and exciting developments
According to reports, Polygon [MATIC] zkEVM, an L2 scaling solution, has been on fire, and the network’s total asset value has skyrocketed to new highs in the past month.
The total value locked (TVL), a measure of a project’s growth and acceptance, according to statistics from DeFiLlama, increased to $23.31 million at the time of publication. This represented a 9.5x increase from the prior month.
Across all blockchains, Polygon zkEVM experienced the largest TVL growth in May. The rollup’s activity increased when co-founder Sandeep Nailwal hinted about a probable AirDrop.
A recent upgrade to Polygon zkEVM’s Mainnet Beta may cause the most recent surge in TVL, which increased by more than 20% in the 24 hours. The upgrade has the potential to draw in more people in the days to come because it was made to fix flaws in the earlier version and enhance the overall experience for enabling transactions.
As a result of increased use by (decentralized finance) DeFi and other decentralized applications (dApps), the transaction volume on the zero-knowledge rollup (zk-rollup) has continued to rise.
