MATIC Doing Well After Separating from Ethereum: Can (OP) Keep Pace?

Ethereum’s Dencun upgrade, introduced on March 13, significantly reduced fees for using layer-2 (L2) networks like Optimism (OP) and Polygon (MATIC) zkEVM. Following the upgrade, fees on these networks plummeted to less than $0.01 and $0.39, respectively.

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However, despite the optimistic outlook, QCP Capital predicts a potential price drop for Ethereum (ETH). As a result, ETH has declined by over 2%, with OP also dropping by more than 4%. Surprisingly, MATIC has maintained minor gains amidst this market turbulence. This raises questions about which cryptocurrency will benefit most from Ethereum’s Dencun upgrade.

Polygon (MATIC) gained significant attention as its Proof of Stake (PoS) network achieved a new milestone, surpassing 1.23 million daily active addresses. This remarkable feat marked the PoS chain’s maintenance of over a million daily active addresses for 20 consecutive days. Consequently, following this announcement, the price of MATIC surged to $1.26, its highest level since February 2023.

Moreover, the Total Value Locked (TVL) in Polygon (MATIC) zkEVM experienced a notable uptick post-Dencun, reaching a new all-time high of $185 million. This increase in TVL further solidified Polygon’s (MATIC) positive trajectory.

In addition to these achievements, data from Dune Analytics revealed sustained interest and engagement in Polygon’s NFT ecosystem. Despite market fluctuations, the volume of Polygon NFTs traded remained high, underlining continued enthusiasm for Polygon’s NFT offerings.