- Polygon zkEVM has did not reside as much as the hype, and in current weeks its every day energetic addresses, transactions, and whole worth have steadily declined.
- Polygon has been working with business gamers all through February within the Ramp Up marketing campaign to revive DeFi on zkEVM with a $50,000 prize pool,
Polygon zkEVM launched to overhyped final 12 months as the very best scaling protocol for the Ethereum community, and whereas the expertise stays undisputed, its efficiency has declined in current months. An occasion kicking off on February 1 might change all this and supply the Layer 2 answer with a possibility to reignite DeFi curiosity.
Polygon introduced the marketing campaign this week, boldly claiming that “the DeFi initiatives are coming to Polygon zkEVM.” It has partnered on this initiative with Layer3, a Web3 consumer acquisition and retention answer.
The DeFi initiatives are coming to Polygon zkEVM
On February 1, style @layer3xyz and the ecosystem initiatives that trigger the warmth. pic.twitter.com/jLQQ2gl12l
— Polygon DeFi | zkEVM Mainnet Beta (@0xPolygonDeFi) January 29, 2024
The Ramp Up marketing campaign has a prize pool of $50,000, which 18 of the main DeFi platforms will compete for from February 1 to twenty-eight. Customers can earn a share of the reward by taking part within the marketing campaign via among the prime DeFi platforms that might be taking part within the marketing campaign.
Some initiatives which have confirmed their participation embody Sushi Swap, the main decentralized trade deployed on greater than 30 blockchains.
Others embody REX Protocol, a free order e-book DEX; RoseonX, a gamified derivatives DEX; Thora Finance, a decentralized non-custodial liquidity market protocol; QuickSwap, a polygon-based DEX; and Gravita Protocol, an Ether-based token lending protocol for liquidity deployment.
Mantis Swap, Aboard Trade, Dyson Finance, Converge Trade and Dirac Finance additionally confirmed their participation. Pancake Swap, the main DeFi protocol from the BNB Chain, can be one of many contributors.
Whereas perpetual futures trade D8X introduced its participation, stating: “Dive right into a world of DeFi Innovation! Be a part of this extraordinary journey the place DeFi meets alternative. It’s greater than an occasion; it’s the way forward for finance – step it up!”
Can the Ramp Up marketing campaign revive Polygon zkEVM?
The following 4 weeks might be essential for Polygon zkEVM and any ambitions it harbors to turn into Ethereum’s final scaling answer. Efficiency in current months has fallen, and a concerted effort by main DEX firms could possibly be the Hail Mary that reverses the pattern.
Polygon zkEVM has witnessed a decline within the variety of every day energetic addresses over the previous month, from a peak of 21,560 in late November to the newest determine of 5,800, which is sort of a 75% lower. The decline within the variety of addresses has been accompanied by a constant decline within the variety of transactions, which, after peaking above 100,000 in November, have barely reached 30,000 in two months.
Predictably, whole locked quantity has additionally fallen from a excessive of $23 million to $14 million on the time of writing. The one metric that has seen any consistency is income, which hovered round $10,000 regardless of some volatility within the first half of December.
MATIC, the community’s native token, is up 5% over the previous day and 10% over the previous week to commerce at $0.808 on the time of writing.