How does Polygon [MATIC] fare amidst emerging L2 solutions? Assessing…

• The day by day exercise of zkSync Period and StarkNet parallels that of Polygon.
• Total dominance of Polygon within the DeFi sector remained excessive.

Polygon [MATIC] has been dominating the L2 area when it comes to exercise over the previous couple of months. Nevertheless, this dominance may quickly be threatened by different L2 options.

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Reasonable or not, right here’s MATIC’s market cap in BTC phrases

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Upcoming L2 options corresponding to zkSync Period and StarkNet have been catching as much as Polygon when it comes to day by day exercise. Each these options had been rumored to launch token airdrops quickly.

The hype round airdrops could also be sufficient to propel exercise on each these networks to new heights. After the tokens for these respective networks get launched, the exercise on the networks could surpass that of Polygon, leaving Polygon within the mud.

Will Polygon be capable to retain its place?

When it comes to the DeFi sector, it could possibly be secure to say that the protocol should still proceed to indicate progress. The TVL on Poygon’s zkEVM protocol continued to rise over the previous couple of months.

The protocol can be on its method to make new developments on its community.

Polygon’s founder, Sandeep Nailwal, has stated that zkEVM ecosystem is making ready for important progress with the deployment of essential infrastructure corresponding to Protected and Chainlink oracles, in addition to person expertise enhancements primarily based on early developer suggestions and value optimizations by means of knowledge compression.

To fight the eye garnered by different protocols pertaining to an airdrop, Sandeep mentioned how the community may probably have an airdrop of its already current token MATIC for its customers.

The expansion within the NFT sector may also assist the protocol with the competitors. Reddit’s latest collaboration with Polygon resulted in 8.7 million customers being onboarded to the Web3 area.

And these are “onchain” customers! https://t.co/daIeVYdXH3

— Sandeep Nailwal | sandeep. polygon (@sandeepnailwal) May 11, 2023

Nevertheless, regardless of this surge in exercise, Polygon’s NFT progress has began to say no. Dune Analytics’ knowledge indicated that the general quantity of NFT transactions occurring in marketplaces took a large plunge.

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How a lot are 1,10,100 MATICs price right this moment

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In conclusion, regardless that competitors rises with protocols launching airdrops and luring new addresses, Polygon should still survive when it comes to exercise.

Nevertheless, it could should work on the waning curiosity in its NFTs sooner or later.