• The daily active addresses for zkEVM increased by more than 200% in the past 30 days.
• MATIC’s price dropped by 3%, but market sentiment remained positive.
• CryptoQuant’s data revealed that MATIC’s net deposits on exchanges were high compared to the last seven days, suggesting increased selling pressure.
zkEVM’s Surge in Adoption
Polygon’s zkEVM witnessed a drastic surge in its adoption rates as more users flocked in to the solution. Artemis‘ latest tweet revealed that zkEVM topped the list of blockchains in terms of growth in daily active addresses; it grew by more than 225% compared to the previous month, which was substantially higher than the rest of the blockchains. Additionally, its total number of unique addresses also increased and its value gained upward momentum with a consistent rise in TVL. However, despite these increases, zkEVM’s daily transactions started to decline on 13 June 2023.
MATIC Price Correction
Despite positive market sentiment surrounding Polygon [MATIC], its price sank by over 3% in the last 24 hours due to increased selling pressure indicated by CryptoQuant’s data showing MATIC’s net deposits on exchanges were high compared to the last seven days. At the time of writing, it was trading at $0.667 with a market capitalization of over $6.19 billion.
Decreasing Gas Fees
A major reason behind zkEVM’s massive growth could be attributed to its decreasing gas fees; Polygonscan’s data pointed out that zkEVM’s average gas price has been declining for several weeks which may have attracted users to the network resulting in a hike in active addresses and overall usage rate increase.
Positive Market Sentiment
Despite MATIC’s price drop there remains positive outlook towards Polygon as a whole; this is evidenced by low trading volumes accompanying MATIC’s price drop which indicates buyers are still interested and could fill any gap left from selloff pressure soon enough once prices stabilize or start increasing again as demand rises further along with news and developments concerning Polygon projects such as Matic Network or their flagship product – zkEVM – further proving their potential real-world application and mass adoption use cases down line after upscaling operations capacity .
Despite MATIC suffering from short term price correction due to selloff pressures, optimistic market sentiment remains intact among investors with regards to Polygon projects such as Matic Network or their flagship product – zkEVM – making them attractive long term investments once they prove their potential real-world application and mass adoption use cases down line after upscaling operations capacity .