Polygon’s ZK-EVM Technology Boosts Acceptance and TVL with Four Top Roll-ups in the Network
Polygon’s ZK-EVM technology has had a remarkable year with its increasing adoption and impressive accomplishments. Co-founder Sandeep Nailwal recently highlighted a significant milestone by emphasizing that four of the top 15 roll-ups by Total Value Locked (TVL) and acceptance are built using Polygon’s ZK-Tech Stack. This achievement underscores the robustness and attractiveness of Polygon’s ZK-EVM technology.
According to Artemis data, the TVL of Polygon’s ZK-EVM has steadily increased over the last three months. Total Value Locked is an important indicator of the perceived value and security of a project. In this sense, Polygon’s ZK-EVM is on the rise, indicating its increasing power in the DeFi space.
Despite the remarkable performance, Polygon’s ZK-EVM has seen a decrease in network usage lately. The decrease in daily transactions and daily active addresses suggests potential issues with user engagement. However, there is cause for optimism as the platform’s average gas price began to decline after a spike on December 16, and could attract new users in the coming weeks.
MATIC Token Surge
Parallel to these developments, the value of MATIC, Polygon’s native cryptocurrency, has surged. In particular, the value of MATIC has increased by more than 3% in recent days. At the time of writing, MATIC has a market capitalization of over $10 billion and is trading at $1.05. The positive sentiment towards the token is evidenced by a sharp increase in the Weighted Sentiment, indicating that the price surge has significantly increased the social volume of MATIC.
Despite the recent price surge, it is important to note that the growth has been relatively subdued since January 2023. While MATIC has risen by 42.6% during this period, its competitors such as Solana (SOL) have experienced exponential growth of over 1000%. Even Bitcoin (BTC) has outperformed MATIC with an increase of more than 150% since January. Furthermore, the MATIC price still remains below its February high of $1.53, raising questions about its long-term potential.
MATIC Price Predictions
Cryptocurrency price prediction is never an easy task. According to Changelly, the price of MATIC could fall below $1 in January 2024, but may reach $2 by December 2025, suggesting cautious optimism for investors. CoinCodex, on the other hand, expects the MATIC price to reach $1.64 by the end of 2023, followed by a temporary dip in January before gaining momentum again.
It is essential to consider the broader market context. The price of MATIC could reach its all-time high of $2.92, achieved in December 2021, if the cryptocurrency markets experience a bull run in 2024. Such a comeback could be lucrative for new investors, as the token has fallen by more than 63% since its peak in 2021.