Polygon shared the performance metrics of the zkEVM protocol for April, stating that the transaction and wallet grew by 300%. Meanwhile, Google Cloud and Polygon announced their partnership today. Is Polygon the best Layer 2 coin?
Polygon shared key growth metrics
April has been a very important month for Polygon, the Ethereum-based Layer 2 coin project. Because the highly anticipated zkEVM protocol, released late last month, has gained greater acceptance by its community and the wider Web3.0 ecosystem. In its latest performance report for April, Polygon noted that key trends in the zkEVM protocol remained high throughout the month, with a growth rate of more than 300%. In this context, Polygon shared the following:
In April, the average daily gas on Polygon zkEVM was 7 times cheaper than on Ethereum Mainnet, even during peak network activity.
In April, the daily avg gas on Polygon #zkEVM was 7X cheaper than Ethereum Mainnet, even during periods of peak network activity.
Want to know which growth metrics were +300% this month?
Follow the threadđđ˝ pic.twitter.com/9A3R4I9yiA
— Polygon (@0xPolygon) April 27, 2023
Protocol reports that as of April 24, the total number of unique active wallet addresses in the zkEVM Mainnet Beta has exceeded 50,000. Polygon also noted that total transactions on the high-performance Zero-Knowledge platform also rose. Additionally, he stated that approximately $177,000 in fees were generated, worth a total of 95.25 ETH.
Polygon was built to help scale Ethereum and has played that role since its inception. That’s why he got a lot of appreciation from the industry. Polygon acts as a cheaper protocol compared to the underlying Layer-1. In this context, the developers designed the zkEVM protocol as a much more advanced version. According to the report, the Polygon zkEVM protocol costs 7 times less than the current Ethereum protocol applies to its users in the same timeframe. Meanwhile, the impressive performance covers every measurable aspect of the zkEVM main-net.
Hard decision: is Polygon the best Layer 2 coin?
Besides zkEVM on the Ethereum man-net, there are other notable Layer 2 coin projects, all with impressive network statistics and performance tokens. According to L2Fees, an independent analytics firm, the Polygon zkEVM protocol ranks as the 5th best Layer 2 coin 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 cost. The underlying technology powering these respective L2s is different. However, the ranking shows that Polygon’s zkEVM still has a lot to do. On the other hand, the core performance of the protocol is promising for the Polygon ecosystem as a whole. Polygon came to the fore with its partnerships stretching from Starbucks to other Web2 giants. Therefore, it continues to delight many promising prospects.
Google and Polygon join forces
As part of the collaboration, Google will update the Blockchain Node Engine to support Polygon. cryptocoin.com As we reported earlier, Solana and Ethereum are the only Blockchains currently powered by Google’s Blockchain Node Engine, a streamlined mechanism for developers to access and use their Blockchain on Google’s servers. Speaking about the partnership, Ryan Wyatt, President of Polygon Labs, said:
The announcement with Google Cloud today aims to increase the throughput enabling use cases in gaming, supply chain management and DeFi. This will pave the way for even more businesses to adopt Blockchain technology through Polygon.
In addition, Google Cloud will expand its infrastructure to support Polygon’s newly launched zkEVM. By the end of the third quarter, Google Cloud will also assist creators in deploying application-based blockchains built with Polygon technology on their servers.
Is Layer 2 coin price ready to rise?
In light of these developments, both the Polygon community and the wider market responded positively to the announcement. Market participants are of the opinion that this will eventually result in a bullish scenario for MATIC as they see more upcoming benefits from the creation of an increased number of nodes, applications and user accounts.
In fact, startups backed by Polygon Ventures will be eligible for Google Cloud’s newly announced Web3 startup program. It will also receive credits for hosting software on Google Cloud’s servers. Currently the MATIC is changing hands at $1.01. The altcoin has seen an increase of 2.2% in the last 24 hours. However, it recorded a 0.35% decrease in the last 1 hour.
