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Polygon zkEVM Sees Growth as zkSync Era Collapses - MATIC Price Moves in Tight Range
Polygon zkEVM saw growth last week while zkSync Era collapsed for the first time. According to data from zkEVM, the total value of assets locked (TVL) on Polygon increased by 2%, while zkSync Era saw a decrease in TVL by 12%. An on-chain analyst named Tom Wan noted that zkSync Era's TVL had maintained an uptrend before last week's decline. The sudden drop in TVL was attributed to the withdrawal of 55,000 ETH (around $100 million) from the Layer 2 chain by a single Gateio deposit address. Wan added that it is likely that many of the 1.12 million unique...
Polygon zkEVM Sees Growth as zkSync Era Collapses - MATIC Price Moves in Tight Range
Polygon zkEVM saw growth last week while zkSync Era collapsed for the first time. According to data from zkEVM, the total value of assets locked (TVL) on Polygon increased by 2%, while zkSync Era saw a decrease in TVL by 12%.
An on-chain analyst named Tom Wan noted that zkSync Era's TVL had maintained an uptrend before last week's decline. The sudden drop in TVL was attributed to the withdrawal of 55,000 ETH (around $100 million) from the Layer 2 chain by a single Gateio deposit address. Wan added that it is likely that many of the 1.12 million unique deposit addresses belong to the same entity.
Polygon zkEVM was launched on March 27th and has since counted a total of 161,517 wallets. Interestingly, only 6% of these wallets are actively transacting on the L2 platform. Despite this, daily transactions executed on Polygon zkEVM have seen a steep increase since the beginning of June. This increase is likely due to the reduction in gas fees and the associated increase in usage.
The price of MATIC has been moving in a tight range over the past week, losing 1% of its value in the last 24 hours. The Relative Strength Index and Money Flow Index momentum indicators show a downward trend and signal an increase in the MATIC distribution. The Directional Movement Index also suggests an increasing MATIC sell-off.
It remains to be seen how the development of Polygon zkEVM and MATIC will develop in the coming weeks. There is continued interest in the possibilities of Layer 2 solutions and the scalability of Polygon. However, investors should keep in mind the risks and volatility of the crypto market.