Why Polygon has its work cut out when it comes to zkEVM

10 months ago 62

  • StarkNet witnessed a emergence successful TVL and activity, leaving Polygon zkEVM behind.
  • MATIC’s terms continued to emergence arsenic the fig of tokePreview (opens successful a caller tab)n holders increased.

Throughout the year, the zkEVM assemblage has experienced a notable influx of caller competitors, starring to an progressively crowded market. One of the caller entrants successful this domain was Polygon[MATIC], which introduced its zkEVM web recently. However, contempt the protocol’s dominance successful different sectors, it was being overshadowed by different competing platforms astatine property time.

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A contention to the top

Starknet was 1 of the protocols that has shown accordant maturation successful this assemblage and outperformed Polygon. Over the past 2 weeks, the TVL of Starknet grew to $24.46 million. Additionally, the fig of transactions occurring connected the web besides surged.

Starknet TVL and Transactions some showing particularly beardown maturation the past 2 weeks. pic.twitter.com/1qWVVRWDXV

— Patrick | Dynamo DeFi (@Dynamo_Patrick) July 23, 2023

Polygon lagged down some Starknet and zkSync ERA successful this department. At property time, the fig of progressive addresses connected the Polygon zkEVM web conscionable amounted to 8,540 according to Artemis’ data. On the different hand, zkSync Era had acquired 197,840 addresses connected its network. Starknet came successful second, with the fig of addresses amounting to 80,000.

Source: Artemis

Polygon volition person to prime up its gait successful presumption of improvement connected its zkEVM web truthful that it tin vie with these protocols successful the future. The protocol has accrued the fig of partnerships and collaborated with galore protocols successful the crypto sectcor.

Recently, Polygon established a collaboration with Rango to integrate the zkEVM into its cross-chain protocol. As a effect of this integration, users volition present person the convenience, speed, and information to swap their tokens seamlessly betwixt immoderate blockchain and Polygon’s zkEVM network.

If the popularity of the zkevM protocol rises, it would person a affirmative interaction connected MATIC.

Realistic oregon not, here’s MATIC marketplace headdress successful BTC’s terms

MATIC holders enactment positive

At property time, MATIC was trading astatine $0.742. Its terms grew importantly implicit the past month. One of the reasons for the increasing prices was the surge successful the fig of addresses holding MATIC. However, contempt this, the web maturation of MATIC plummeted implicit the past week.

This indicated that caller addresses were not exchanging MATIC arsenic often arsenic they erstwhile were. The deficiency of involvement from caller addresses could beryllium detrimental to MATIC’s terms successful the future.

Source: Santiment

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