Main navigation

Polygon zkEVM Broke New Records as It Focuses on Liquidity: Details

Wed, 05/31/2023 - 15:40
article image
Godfrey Benjamin
Polygon zkEVM has recorded positive growth in liquidity as well as optimized gas fees on transactions
Polygon zkEVM Broke New Records as It Focuses on Liquidity: Details
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Polygon zkEVM protocol is notably asserting its stance as an Ethereum-based Layer 2 (L2) protocol following the release of its key performance milestones for the month of May.

Polygon zkEVM growth highlights

As shared by the protocol, there was significant growth in liquidity in the month of May as total assets locked topped the $18 million mark. In the Polygon zkEVM decentralized finance (DeFi) protocol, the total value locked has now exceeded $10 million.

For a protocol that started from scratch, this liquidity pull is a significant one as it seeks to continue carving a niche for itself in the L2 world through customized adoption. To also complement its developmental efforts, the protocol said it recorded gas optimizations in the past two weeks, with evidence of drastically reduced costs of transacting on the network.

This gas optimization feature has made Polygon zkEVM one of the cheapest Layer 2 outfits on Ethereum today. Polygon remains a legacy scalability platform, and though the zkEVM outfit is relatively new, it is gradually gaining momentum.

Arbitrum (ARB) up 8% as It Tops Chart for Total TPS, Here's How Polygon's zkEVM Is Faring

The month of May had a central theme, which is to bolster its liquidity provisions. The L2 outfit reported that the total assets bridged to the network grew 7X, between April 24 and May 29, to over $18 million.

As a major highlight cap, the protocol noted that single-day transaction volume broke all-time highs several times. It reported that a total of more than 25,000 transactions were processed on May 25 on the Polygon zkEVM mainnet beta.

Working to beat its personal best

Per the design of the protocol, it is working to beat its personal best, seeing as there are a number of alternative L2 protocols making their way into the industry. Besides Polygon zkEVM, other competitors include Arbitrum (ARB), zkSync Era and Optimism (OP), among others.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.