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In the past few weeks, Polygon (MATIC) has witnessed a decline in its activity due to a sharp decrease in fundamental metrics such as zkEVM and active addresses. Additionally, Coinbase’s L2 Base has surpassed zkEVM in many aspects.
Polygon Developments Continue!
However, Polygon is planning multiple network upgrades for zkEVM, which could help turn the situation in its favor. Polygon postponed the network reorganization and resynchronization on September 18th. Despite the update lasting for 6 hours, it did not affect the state of the network, past transactions, or L1 information. Shortly after the release of the update, Polygon announced that it would release the next update on September 20, 2023.
The new version called Dragon Fruit Upgrade is said to include a series of improvements made on the network, including the latest Ethereum (ETH) transaction code support. PUSH0 is the latest EVM transaction code included in the Shanghai hard fork. According to the official announcement made by the cryptocurrency project, once Dragon Fruit is implemented, Polygon zkEVM Mainnet Beta will be updated with the latest version of Solidity.
Base Data Takes the Lead!
Polygon zkEVM gained popularity due to its rapidly rising network statistics. However, it hasn’t been a good week for accumulation due to the decline in some key measurements in the past few weeks. Additionally, the decrease in daily active addresses also reduced network activity. As a result, Polygon’s daily transactions also decreased.
Moreover, there was a decline in the captured value due to the sharp decrease in TVL, which can be seen as concerning for the health of the accumulation. Despite being launched much later, Coinbase’s L2 project, Base, managed to overshadow zkEVM in many aspects. The Layer-2 project gained significant popularity in July with the rapid increase in active addresses, surpassing zkEVM. However, the same trend was observed in daily transactions while staying above zkEVM. Nevertheless, as new updates for Polygon zkEVM come to the forefront, the possibility of things turning in favor of zkEVM cannot be overlooked.
