Since its $250 million acquisition of Hermez in 2021, Polygon's zkEVM has faced significant challenges. Research indicates that meaningful development has stagnated since its rebranding.
Development Halted
Lorenz Lehmann, research lead at GrowThePie, claims that development on zkEVM has been 'quietly discontinued'. He noted that the platform was never upgraded to incorporate Ethereum's Blob data structure, which would drastically reduce data availability costs for rollups.
Decline in Total Value Locked
According to L2Beat data, zkEVM's total value locked (TVL) peaked at $187 million in March 2024. However, in the following months, the trend declined sharply, falling nearly 80% by 2025, from $80.2 million to just $16.25 million.
Leadership Changes at Polygon
Changes in Polygon's leadership further underscore a shift in the project's direction. Co-founder Sandeep Nailwal stepped up as CEO following the quiet exit of Mihailo Bjelic, leaving him as the only actively involved founding member. This change coincides with structural transformations aimed at consolidating the company's focus.
Polygon zkEVM, initially touted as a strategic milestone for scaling, appears to be on the brink of decline, grappling with persistent losses and halted development. The future of this chain is uncertain, particularly given the substantial losses and leadership changes.
