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Polygon zkEVM, a high-performance scaling solution on the Ethereum network, has achieved a new milestone in terms of growth and transaction volume. According to data, the Polygon zkEVM has set a new all-time high (ATH) in transaction volume, indicating the platform’s growing popularity and adoption amongst users.
As revealed by the platform, it saw a 70% increase in Total Value Locked (TVL) recorded its week-over-week jump since its inception. Additionally, with over 130,000 transactions, it marked a record for successful transactions on a single day. Expectedly, during this period, the gas fee went down as more transactions would mean users get to share the cost of posting call data.
Polygon is Contending to be Best L2 Network
Recall that last month marked a very significant month for the Ethereum-based layer-2 network as it shared the performance metrics for its zkEVM protocol. According to the platform zkEVM protocol stayed elevated for the month of April with a more than 300% growth rate.
Polygon was built to help in scaling Ethereum and since its inception, it has played this role and has received a lot of recognition from the industry. While Polygon is adjudged to be a cheaper protocol compared to its underlying Layer-1, the zkEVM is designed to be a much more enhanced version of the protocol.
The Polygon zkEVM uses zero-knowledge proofs (zk-proofs) to enhance the privacy and security of transactions. However, this technology allows users to prove the validity of transactions without revealing sensitive information such as the amount or the parties involved which makes the platform ideal for financial applications that require a high level of privacy and security.
Notably, the Polygon zkEVM offers low transaction fees and fast confirmation times. This is achieved via its use of Layer-2 scaling solutions which help to reduce the load on the main Ethereum (ETH) network and improve the speed of transactions.
Interestingly, the recent ATH in transaction volume on the Polygon zkEVM platform is a testament to its growing popularity among users. Likewise, the platform has seen a surge in usage due to its fast and cheap transactions, compatibility with ETH, and advanced privacy and security features.
With the surge in popularity of Decentralized Finance (DeFi) and the increasing demand for fast and cheap transactions, it is likely that the Polygon network will continue to see significant growth in the future.
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