Polygon zkEVM growth trajectory traveling upwards

According to the assessment made of the current situation, the Polygon zkEVM Mainnet Beta is slowly but surely holding on to its upward growth pattern, the ample proof of which is the fact that the assets held by the DeFi protocols have managed to surpass the $10 million figure. Where the final assets on the network are concerned, at the present moment in time, it has gone beyond the figure of $18 million. It has been a while now since the gas maximizations have been duly responsible for bringing down substantially the transaction costs on the network. 

In order to corroborate the fact, a DeFi user recently made a payment amounting to $1.21 with regards to the cost of a transaction, as compared to the $8.55 that he had to shell out till a short while ago. As per the information gathered from L2 Fees, the gas maximization has actually been responsible for more transactions being carried out on the network, making it one of the least costly Layers 2 Rollups. 

During the period of 24th April to 29th May 2023, it has been observed that the assets that were linked to the network witnessed an upward growth to the extent of 7X, the figure actually crossing the $18 million mark. As per the reliable information released by DeFiLlama, the assets that were with the DeFi protocols witnessed an upward trajectory in lockstep and having TVL on QuickSwap to the tune of a hundred percent.

As a general rule, it has been seen that the cost of rollups becomes lesser with the growth in activity. The reason for this is the fact that the price paid for the creation of proofs gets reduced throughout all the transactions carried out in a bunch. Where there is a heavier number of transactions, it ultimately leads to further sharing of the overall price of the creation of proofs. 

For the past month, the number of transactions carried out on a daily basis stood at an average of twenty-five thousand, which is a surprisingly massive figure. With the lessening of fees, the path opens up for further liquidity, which in turn brings in more users. Of late, the unique functioning wallets also saw a growth of roughly 54%. 

In this case, there is a pattern that is automatically formed with the creation of liquidity, paving the way for further transactions. This, in turn, becomes responsible for lesser fees. Through this, the overall margins decrease, ultimately bringing about more traction. 

In the near future, Polygon zkEVM Mainnet Beta will be introducing the ways and means for data condensing, along with EIP-4844, which will help in bringing down the fees on the network even further. 

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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