How Ethereum’s Dencun can help Polygon’s zkEVM flourish
Journalist
Posted:
- zkEVM’s captured worth dropped final week, together with its community exercise.
- The Dencun improve will cut back transaction charges, which may assist zkEVM.
Polygon [MATIC] zkEVM has been witnessing a decline in community exercise for every week now. At first, issues regarded regarding for the L2, however the state of affairs may change quickly, due to Ethereum [ETH].
zkEVM to profit from Dencun?
AMBCrypto’s evaluation of Artemis’ information revealed a drop in zkEVM’s community exercise.
Over the past week, zkEVM’s every day energetic addresses sank. Due to that, the L2’s variety of every day transactions additionally adopted an analogous declining development.
Supply: Artemis
The drop in community exercise additionally took a toll on the L2’s captured worth. This was fairly evident from the appreciable plummet of each zkEVM’s charges and income over the past seven days.
Nonetheless, Ethereum is about to endure an essential improve, which may change all L2s’ destiny, together with zkEVM.
Supply: Artemis
For starters, Ethereum’s Dencun improve would be the subsequent main replace since final yr’s Shapella improve. The much-anticipated improve is geared toward enhancing the Ethereum community’s scalability and effectivity by lowering the prices of L2 transactions.
A number of new options might be included with the Dencun improve, together with the usage of proto-danksharding, which is able to finally allow extra transactions per second.
The improve is scheduled to happen on the thirteenth of March.
Additionally, IntoTheBlock not too long ago posted a tweet revealing that the replace would cut back L2 transaction charges by as much as 10 instances.
Since transaction charges would drop, it may enhance the possibilities of L2s like Polygon zkEVM gaining extra transactions over the approaching months.
L2 transaction charges are anticipated to drop by 10x from a present common of $0.23 due to the upcoming Ethereum Dancun improve. pic.twitter.com/9GuLgxky08
— IntoTheBlock (@intotheblock) February 10, 2024
Polygon zkEVM vs. competitors
Although the Dencun improve may change zkEVM’s destiny, it nonetheless has a protracted technique to go to meet up with its prime rivals.
As per Artemis, each Polygon zkEVM’s every day energetic addresses and every day transactions had been significantly decrease than these of zkSync Period and Base.
Nonetheless, issues within the DeFi house additionally didn’t favor zkEVM, because the L2’s TVL remained a lot decrease than its contemporaries at press time.
Supply: Artemis
Learn Polygon’s [MATIC] Value Prediction 2024-25
Within the meantime, MATIC value gained bullish momentum. In line with CoinMarketCap, the token was up by greater than 10% within the final seven days.
On the time of writing, MATIC was buying and selling at $0.8567 with a market capitalization of over $8.2 billion, making it the 14th largest crypto.
