Blockchain News

How Does Polygon [MATIC] Fair Amidst Emerging L2 Solutions? Assessing

Over the past few months, Polygon [MATIC] has dominated activities in the L2 space. Other L2 solutions, however, may soon threaten this dominance. Future L2 systems like StarkNet and zkSync Era have caught up to Polygon in everyday activity. It was said that token airdrops would shortly begin for each alternative.

The buzz surrounding airdrops could be enough to intensify activity on each of these networks. The activity on these networks may surpass that of Polygon after the launch of their tokens, leaving Polygon in the dust.

It’s reasonable to conclude that the protocol will continue flourishing in the DeFi market. Over the past few months, the TVL on Poygon’s zkEVM protocol has increased. The protocol is also moving forward with new network innovations.

According to Sandeep Nailwal, the founder of Polygon, the zkEVM ecosystem is putting in place crucial infrastructure, such as Safe and Chainlink oracles, and improving the user experience based on early developer input and cost reductions through data compression to get ready for considerable growth.

Sandeep suggested how the network may offer users an airdrop of its already-existing token MATIC to counter the attention other protocols received regarding an airdrop.

The protocol will benefit from the NFT industry’s expansion as it faces increased competition. Due to Reddit’s recent partnership with Polygon, 8.7 million new users have joined the Web3 platform.

Nevertheless, despite this uptick in activity, Polygon’s NFT growth has begun to slow down. According to Dune Analytics’ data, the total number of NFT transactions in markets has drastically decreased.

In conclusion, Polygon may thrive in activity despite increasing competition due to protocols launching airdrops and drawing new addresses. In the future, it might need to address the dwindling demand for its NFTs.


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