Polygon’s zkEVM (Zero-Knowledge Ethereum Virtual Machine) has recently witnessed an extraordinary surge in Total Value Locked (TVL) and transaction volume, signaling remarkable growth for the network. This surge not only brings forth several significant advantages but also paves the way for reduced fees and accelerated adoption of decentralized finance (DeFi) protocols.
In a recent tweet, Polygon announced that growth and transaction volume on its zkEVM platform had reached all-time highs. The platform experienced a staggering 70% increase in TVL, marking the largest week-over-week jump since its launch.
Additionally, Sunday recorded a single-day record for successful transaction volume with over 13,000 transactions. This surge in activity also prompted a decrease in fees, as the increased number of transactions meant that more users were sharing the costs of posting call data.
Growth and transaction volume on Polygon zkEVM hit all-time highs:
✅70% increase in TVL, the largest week-over-week jump since launch
✅Single day record for successful transaction volume: +13K, on Sunday pic.twitter.com/tA5pwfkWu9— Polygon (Labs) (@0xPolygonLabs) May 16, 2023
The surge in TVL and transaction volume on Polygon’s zkEVM is a positive indicator for the DeFi ecosystem. TVL growth directly impacts the performance and viability of DeFi protocols. As the TVL increases, it demonstrates a growing interest and trust in the underlying infrastructure and protocols, which in turn attracts more users and liquidity. This surge in TVL not only benefits Polygon but also the top DeFi protocols built on the network.
Over the same period, the top three DeFi protocols by TVL experienced significant jumps. Notably, QuickSwapDEX, one of the leading decentralized exchanges on Polygon, saw a remarkable 25% increase. This surge in TVL for DeFi protocols indicates that users are actively participating in the network and embracing the benefits of Polygon’s zkEVM.
Reduced fees are an essential aspect of this growth, as they make DeFi more accessible to a wider range of users. High fees on the Ethereum network have been a significant barrier for many users, limiting their participation in DeFi. By leveraging Polygon’s zkEVM, users can enjoy significantly lower fees while benefiting from the Ethereum ecosystem’s security and familiarity.
The accelerated adoption of DeFi protocols on Polygon’s zkEVM demonstrates the network’s ability to provide a scalable and cost-effective solution for decentralized applications. With its growing TVL and transaction volume, Polygon is solidifying its position as a prominent player in the DeFi space, offering an attractive alternative to Ethereum for developers and users alike.
As the crypto industry continues to evolve, it is crucial to observe the success and growth of networks like Polygon’s zkEVM. The surge in TVL and transaction volume signifies a shift towards more efficient and accessible blockchain solutions, ultimately driving the mass adoption of decentralized finance.
Read more:
- LayerZero’s Omnichain Interoperability Protocol Now Live On Polygon’s ZkEVM Mainnet
- Polygon Launches ZkEVM Bridge For Future Of Blockchain Scaling