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Polygon zkEVM TPS Soars 636%, Is Adoption Improving?

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Thu, 18/05/2023 - 15:32
Polygon zkEVM TPS Soars 636%, Is Adoption Improving?
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There is a growing interest in cryptocurrencies and its associated innovations, as showcased by the massive embrace of new Layer 2 protocols launching on Ethereum thus far. For Polygon zkEVM, the growth since its launch has been more parabolic, especially as it concerns its total Transactions Per Second (TPS), with data from L2Beat showing the daily TPS soared 636% at the time of writing.

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The launch of the Polygon zkEVM protocol was tagged as a watershed moment for the industry and, more specifically, the Ethereum blockchain. While the protocol was designed to be more functional compared to Polygon, the team were committed to further improving its capabilities so it can compete with other L2s on Ethereum.

The L2Beat data also showed a positive uptick in other key metrics for the protocol. The Total Value Locked (TVL) is now pegged at $10.62 million, up by 41.12% at the time of writing. Should the actual on-chain metrics of Polygon zkEVM be used as a yardstick, then we can assume that the growth connotes a growing adoption across the board.

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However, Polygon is still lagging behind when compared to other competing Layer 2 networks like Arbitrum (ARB) in terms of key performance metrics.

Impact on Polygon price

Polygon has maintained its lead as one of the world's most valuable digital currencies and is trading at a spot price of $0.8721, up by 2.02% over the past 24 hours, and by more than 4% in the week-to-date period. Per its price outlook, the token is sustaining its ranking as the 10th largest in the industry, surpassing Litecoin (LTC) by more than $1.1 billion.

The steady growth of Polygon may have a positive undertone for this price in the long term. In its bid for growth, one major factor that will also bolster growth is the embrace of Polygon by top Web2 firms, including but not limited to Starbucks and Adidas.

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