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Competitors devour market share, bringing Polygon (MATIC) rally to a halt

Competitors devour market share, bringing Polygon (MATIC) rally to a halt

The recent decline in MATIC price can be attributed to several factors, including resistance at $0.60 and negative news regarding the departure of a key co-founder and weak activity in Polygon’s ZK-rollup subnet.

Polygon 2.0, the network’s scaling technology, aims to enhance security and privacy through ZK-proofs and enable instant cross-chain interactions. However, it has faced competition from other ZK scaling solutions like StarkNet and zkSync ERA.

Metrics show that Polygon’s zkEVM has significantly fewer active addresses and daily transactions compared to its competitors. Additionally, the total value locked in the Polygon network is less than half of Arbitrum’s layer-2 scaling solution.

The departure of Polygon’s co-founder and a decline in the number of active addresses using the network’s DApps have also impacted MATIC’s performance.

Despite these challenges, the Polygon team continues to deliver updates and improvements to the network. Investors should monitor the project’s progress in addressing these issues and capitalizing on the innovations of Polygon 2.0.

Summary:

– MATIC price has retraced a majority of its recent gains.

– Factors contributing to the decline include resistance at $0.60, negative news regarding a co-founder’s departure, and weak activity in Polygon’s ZK-rollup subnet.

– Polygon 2.0 aims to enhance security and privacy and enable instant cross-chain interactions.

– Metrics show that Polygon lags behind competitors in terms of active addresses and daily transactions.

– The total value locked in the Polygon network is less than half of Arbitrum’s layer-2 scaling solution.

– The departure of a co-founder and a decline in active addresses using Polygon’s DApps have also impacted MATIC’s performance.

– The Polygon team continues to deliver updates and improvements to the network.

– Investors should monitor the project’s progress in addressing these challenges and capitalizing on the innovations of Polygon 2.0.

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