Polygon Under Pressure as Rivals Gain Ground
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MATIC has underperformed major cryptos like BTC and ETH over the past year as well as rival layer-2 solutions like ARB, OPT, IMX, and SKL.
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Polygon's zkEVM will not benefit as much from Ethereum's upcoming Dencun upgrade as optimistic rollups like Arbitrum and Optimism.
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Former Polygon President Ryan Wyatt's departure to join Optimism was a blow to Polygon's growth efforts.
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Arbitrum has become the go-to blockchain for traders with leading TVL and trading volumes compared to Polygon and Optimism.
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MATIC was potentially overvalued entering this crypto cycle while coins like ARB and OPT are playing catch up through staking rewards and reducing supply.