- Polygon zkEVM has announced its entry into the second phase of development.
- zkEVM remains outside the top 10 L2s.
Polygon zkEVM recently unveiled its transition to the next phase of development. What does this upcoming phase entail and how has the platform performed in the current phase?
Polygoon zkEVM is entering the second phase
About 10 months ago, Polygon zkEVM was launched as the first fully featured, open-source zkEVM. Despite its debut, the Layer 2 (L2) was in its early stages until recently.
A recent one announcement from Polygon revealed the launch of the network’s second phase on January 11. This phase is dedicated to promoting the growth of decentralized applications (dApps) on the network.
It would also initiate on-chain activities and introduce new dApps. Moreover, the third stage is scheduled for March.
The final phase, the third phase, promises a significant upgrade of the Polygon zkEVM client, eliminating all throughput limitations.
How the Polygon zkEVM has fared so far
An extensive examination of transactions on the Polygon zkEVM scanner has revealed a gradual decline in the number of daily transactions over time.
Initially, the number of daily transactions at launch was around 50,000, but this subsequently dropped to 30,000 and even below. According to the latest data, the number of transactions has currently increased modestly and exceeded 29,000.
Despite the decline in the number of daily transactions, there has been a notable increase in another metric.
Further analysis of the transaction graph revealed that the number of new addresses was more than 1,700. This was the first time in more than two months that the number of new addresses reached such a level.
Source: Polygon Scanner
Furthermore, an evaluation of the volume op DefiLlama showed consistent and remarkable numbers, reaching almost $1.7 million at the time of writing. The graph shows that the platform has not only maintained this threshold, but has also regularly exceeded it.
However, the Total Value Locked (TVL) experienced a decline at the beginning of this year. It dropped from more than $21 million around January 2 to about $16 million. Currently, the TVL has shown a partial recovery and amounted to approximately $17 million.
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zkEVM dominance remains below 1%
According to data from L2 strokesthe Polygon zkEVM currently has a market share of less than 1% in the Layer 2 (L2) space.
According to the most recent data available, it is 0.54%. This share could change in the coming months, especially as the network increasingly operates at full capacity.