Polygon Shares Key Metrics for April, Is Polygon the Best L2?

    April marked a very significant month for Ethereum-based layer-2 network, Polygon (MATIC) as its much awaited zkEVM protocol which launched late last month gain greater acceptance from its community and the broader Web3.0 ecosystem. In its latest performance report for April, Polygon said key trends in the zkEVM protocol stayed elevated for the month with more than 300% growth rate.

    The protocol reported that as of April 24, the total number of unique active wallet addresses topped 50,000 on its zkEVM Mainnet Beta. The protocol also noted that the total transactions on the high performance Zero-Knowledge platform also soared with a total of 95.25 ETH worth approximately $177,000 generated in fees.

    Polygon was built to help in scaling Ethereum and since inception, it has played this role and has received a lot of recognition from the industry. While Polygon is adjudged to be a more cheaper protocol compared to its underlying Layer-1, the zkEVM is designed to be a much enhanced version of the protocol.

    According to the report, the Polygon zkEVM protocol costs 7X less than what the current Ethereum protocol charges its users within the same time span. The impressive performance is encompassing and covers every measurable aspect of the zkEVM mainnet.

    Harsh Verdict: is Polygon the Best L2?

    Besides the zkEVM, there are other prominent Layer-2 protocols on the Ethereum mainnet, all of which have impressive network statistics and performance markers. Swaying away from self reporting to a more independent analytics outfit, L2Fees, by comparison, the Polygon zkEVM protocol was ranked as the 5th best Layer-2 in terms of fees charged for both token sending and swapping respectively.

    Polygon zkEVM ranks below Loopring, zkSync Lite, Boba Network and Arbitrum One in terms of approximate fee charged. While the underlying technology powering the powering these respective L2s differ, the ranking is evident that Polygon’s zkEVM still have a lot of evolution to do.

    The underlying performance of the protocol, however, has shown promise for the Polygon ecosystem as a whole. With partnerships spanning beyond Starbucks to other Web2 giants, Polygon remains a delight of many with a very promising future.

    Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

    The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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