Polygon (MATIC) rally comes to an end as competitors devour market share

MATIC price corrects as competitors devour market share and investor sentiment continues to impact most altcoin prices.

) experienced a 16.4% rally that coincided with the launch of Polygon 2.0 Goreli testnet on Oct. 4. However, the resistance at $0.60 proved stronger than anticipated, and was followed with a 10.6% decline over the six days leading into Oct. 10.

Among the benefits of Polygon 2.0 are enhanced security and privacy through ZK proofs, full compatibility with the Ethereum Virtual Machine , and instant cross-chain interactions without requiring additional security or trust assumptions. It's worth noting that the project is continuing to develop its ZK-STARK-based layer-2 solution, Miden.

Metrics from Artemis, an on-chain data provider, reveal a significant disparity between Polygon zkEVM’s 6,210 active addresses compared to StarkNet’s 154,390 and zkSync ERA’s 239,810. A similar discrepancy exists when analyzing the number of daily transactions, with Polygon’s zero-knowledge rollup also trailing competitors.

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