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

Polygon’s dominance gets threatened by other L2 protocols and their upcoming airdrops.

The daily activity of zkSync Era and StarkNet parallels that of Polygon.

Overall dominance of Polygon in the DeFi sector remained high.

Polygon [MATIC] has been dominating the L2 space in terms of activity over the last few months. However, this dominance could soon be threatened by other L2 solutions.

Upcoming L2 solutions such as zkSync Era and StarkNet have been catching up to Polygon in terms of daily activity. Both these solutions were rumored to launch token airdrops soon.

The hype around airdrops may be enough to propel activity on both these networks to new heights. After the tokens for these respective networks get launched, the activity on the networks may surpass that of Polygon, leaving Polygon in the dust.

Source: Artemis

Will Polygon be able to retain its position?

In terms of the DeFi sector, it could be safe to say that the protocol may still continue to show growth. The TVL on Poygon’s zkEVM protocol continued to rise over the last few months.

The protocol is also on its way to make new developments on its network.

Polygon’s founder, Sandeep Nailwal, has stated that zkEVM ecosystem is preparing for significant growth with the deployment of critical infrastructure such as Safe and Chainlink oracles, as well as user experience improvements based on early developer feedback and cost optimizations through data compression.

Source: DeFi Llama

To combat the attention garnered by other protocols pertaining to an airdrop, Sandeep mentioned how the network could possibly have an airdrop of its already existing token MATIC for its users.

The growth in the NFT sector will also help the protocol with the competition. Reddit’s recent collaboration with Polygon resulted in 8.7 million users being onboarded to the Web3 space.

However, despite this surge in activity, Polygon’s NFT growth has started to decline. Dune Analytics’ data indicated that the overall volume of NFT transactions occurring in marketplaces took a massive plunge.

Source: Dune Analytics

In conclusion, even though competition rises with protocols launching airdrops and luring new addresses, Polygon may still survive in terms of activity.

However, it may have to work on the waning interest in its NFTs in the future.

#polygon #zkevm #matic #Layer2 #Polygon

#zkevm XTZ might witness price rally in coming daysCrypto wallet provider Ledger brings to the attention of Tezos (XTZ) holders and users an issue they might face when interacting with Ledger Live, a one-stop shop to buy #crypto , hold assets and manage NFTs.According to a tweet, Ledger Live is experiencing issues with the Tezos blockchain. This causes some features to not function properly.📢Hey Tezos users!Ledger Live is experiencing issues with the @tezos blockchain 🚧Undelegating XTZ will not get broadcasted and your transaction will be dropped. We're working on a fix 🛠️In the meantime, you can safely use @Galleon with your Ledger to end your delegationIn this regard, Ledger says that undelegating XTZ might not get broadcasted and transactions subsequently dropped. It says it is currently working on a fix.In the meantime, users can safely use Galleon with their Ledger accounts to end their XTZ delegation. Galleon is a Tezos blockchain #cryptocurrency wallet with extensive support for Tezos-specific functions.Tezos is a blockchain network that employs a form of proof-of-stake consensus known as liquid proof-of-stake. This means that network validators, known as "bakers" in Tezos, play an important role in network governance by voting on protocol changes or updates.XTZ price actionTezos (XTZ) was down 3.39% in the last 24 hours to $0.625 at the time of writing. XTZ has been declining for the majority of October, except for two days when it saw a significant increase.On Oct. 10, XTZ experienced a strong surge to highs of $0.735. On Oct. 16, it had a similar surge, though only to highs of $0.68.XTZ plummeted to lows not seen since August in today's session, reaching $0.62. However, if a double-bottom formation validates at this level, XTZ could witness a price rally in the coming days.In this scenario, bulls may aim for $0.67 in an attempt to turn the daily MA 50 into support. If the surge continues, Tezos may aim for $0.738 next.On the other hand, if bears seize control and bring the $XTZ price below its present level, the $0.5 level may be the next target. #bnbgreenfield #etf