Polygon zkEVM, the Ethereum Virtual Machine compatible with the Polygon network, has achieved a significant milestone by completing more than 11 million transactions. This accomplishment has garnered attention as it reflects the high usage and adoption of the zkEVM technology within the Polygon ecosystem. However, a closer examination of the data reveals that there is more to this number than what initially meets the eye.

The popular X handle "Today In Polygon," which shares updates related to the blockchain's developments, recently revealed that zkEVM has successfully processed over 11 million transactions. Interestingly, this rise in transaction volume corresponded with a high number of unique addresses on the network, which touched an impressive 671k – a clear sign of increasing adoption and user engagement.

Seeking to uncover the potential reasons behind this surge in usage, Bitcoinworld's analysis of Polygonscan's data unveiled a plausible explanation. According to their findings, zkEVM's average gas price has experienced a sharp decline over the past few weeks. This reduction in transaction fees might have acted as a catalyst, enticing more users to join the network and subsequently driving up the total transaction count.

However, amidst this achievement, Polygon zkEVM encountered a setback in terms of network activity in May. Data from Artemis revealed that the EVM's daily active addresses started to decline over the last few days of the month. Consequently, the daily transaction count also fell, raising concerns about the sustainability of the network's growth.

Furthermore, the captured value on the network has not been entirely favorable. Artemis' data indicated that zkEVM's revenue has declined sharply since the beginning of May, further compounding the challenges faced by the EVM.

When compared to other popular EVMs like Starknet and zkSync, Polygon zkEVM's performance has not been as impressive. For instance, zkSync Era, which was launched only a few days before zkEVM, boasted a substantially higher number of daily active addresses. Specifically, on May 2nd, while zkSync's daily active addresses stood at an impressive 256k, zkEVM recorded a mere 2.9k.

A similar trend was observed in terms of active addresses, as zkSync processed 689k transactions on the same day, while zkEVM processed only 10.7k transactions. Additionally, both zkSync Era's revenue and Total Value Locked (TVL) were significantly higher than those of zkEVM, further highlighting the challenges faced by Polygon zkEVM in gaining traction and adoption.

Despite these challenges, the achievement of surpassing 11 million transactions had a positive impact on the native token of the Polygon network, MATIC. According to data from Coinstats, MATIC's price appreciated by over 5% in the last seven days. At the time of writing, the altcoin was trading at $0.7173 with a market capitalization of over $7.2 billion, making it the 18th largest cryptocurrency on the charts.

The price uptick was accompanied by a rise in bullish sentiment, as the weighted sentiment for MATIC moved upward after a dip on May 2nd. Additionally, the MVRV ratio (Market Value to Realized Value) also climbed, indicating that more investors have been making a profit lately.

However, Bitcoinworld's analysis of IntoTheBlock's data revealed that only 14% of MATIC investors were in profit at the time of writing, suggesting that there is still ample room for growth and potential for the altcoin and its community of holders.

While the 11 million transaction milestone is undoubtedly a noteworthy achievement for Polygon zkEVM, the challenges highlighted by the data underscore the need for continued innovation and improvements to ensure long-term success and adoption within the highly competitive landscape of Ethereum Virtual Machines and Layer 2 scaling solutions.