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Polygon (MATIC) zkEVM experienced a challenging period last week due to a decline in network activity. However, the blockchain announced the rollout of a new update that could have a positive effect on Layer 2’s performance in the coming days.
Report from Analytics Firm on Polygon
According to data from Artemis, there has been a drop in Layer 2’s performance in terms of network activity over the last few days. zkEVM’s daily active addresses saw a sharp decrease last week. Consequently, L2’s daily transactions decreased, indicating less usage of the network. Polygon zkEVM’s outlook wasn’t great as fees and revenue fell last week. However, Polygon zkEVM recorded an increase in TVL over the past few days, performing well in the DeFi space despite the drop in network activity, with a development that could help reverse the situation.
Additionally, Polygon recently tweeted that the latest ETRGO upgrade for zkEVM is live on the mainnet after a 10-day grace period for the network upgrade. According to the official blog, the Etrog upgrade includes support for precompiled smart contracts and a new way of executing transactions. More specifically, the update added support for ecAdd, ecMul, ecPairing, Sha256, and modexp.
Excitement Over Upgrade on Polygon
Since the new update brings new support and features, it could help increase network activity and capture value. It will be interesting to see how quickly this affects the core statistics of zkEVM. As Polygon zkEVM releases its new update, the price movement of MATIC has started to rise. According to data from 21milyon.com, MATIC has seen an increase of over 11% in the last 24 hours.
Moreover, despite bearish market conditions, MATIC’s daily chart has remained in an uptrend. At the time of writing, MATIC is trading at $0.8869 with a market cap of over $8.5 billion. The token’s social volume remained high last week, reflecting its popularity in the crypto space. However, as the weighted sentiment indicates, the bearish trend around MATIC continues to prevail.
