Polygon Network Matched Ethereum for Growth in 2023, Can $GFOX Outpace $BONK

News that the Polygon network is on par with Ethereum regarding growth in user adoption sent shockwaves through the crypto industry.

Similarly, Galaxy Fox, the new P2E blockchain project is an interesting one as users wait to see if $BONK can recover from its massive sell-off during the recent market downturn.

Polygon Nearly Levels Up with Ethereum in User Growth

Recently, data revealed that Polygon Network experienced significant growth in 2023, making it almost exactly even with Ethereum in terms of growth in user adoption. While Ethereum gained 15.4 million users last year, Polygon came within a hair’s breadth by gaining about 15.24 million – a remarkable 142% increase in its user adoption since 2022.

At the start of 2023, Polygon took the lead over Ethereum in user growth by acquiring an impressive 2.8 million users. However, the momentum slowed down a bit, allowing Ethereum to take over and maintain the lead till the end of the year. Moreover, both networks experienced their peak in user growth in May 2023.

This increase in the adoption of  Polygon’s network shows that it is getting better at attracting users with its faster and cheaper transactions. This update also hints that Layer-2 solutions, the basis of the Polygon network, will significantly make blockchain more scalable and increasingly adaptable.

Although Ethereum still maintains the top spot in overall blockchain performance right now, several crypto experts believe it will continue to experience intense competition from Polygon’s Layer-2 scaling solution over the coming years.

Bonk Price Prediction: Massive Sell-off Keeps $BONK Price in the Red

After $BONK got listed on Binance and other major crypto exchanges, it experienced an uptrend, which saw its price rise 1000% within one month. However, this rally was followed by a decline when traders began to sell their $BONK tokens massively to lock in their profits.

Among the sell-offs that triggered a decline in the price of $BONK was the one that happened on December 15, 2023. According to data from Lookonchain, a blockchain analytics platform, a trader who had earlier bought 69 billion $BONK for $0.000021 sold over 70% of its $BONK portfolio for almost a million dollars gaining about $750,000 in the process.

As a result, the $BONK price dropped by over 65%, and it dipped from its all-time high of $0.00003419 to trade at the current price of $0.00001189.

Galaxy Fox Reveals Features Worthy of Outpacing Top Coins

While $BONK experienced a price decline due to massive selling pressure, $GFOX stands out as an interesting project, though it is yet to launch.

Galaxy Fox blends many opportunities that bring much interest to the industry. These opportunities are not limited to token ownership but include staking, play-to-earn (P2E), and trading NFTs.

Notably, Galaxy Fox ecosystem controls an interesting Web3 endless runner game in the play-to-earn aspect, allowing investors to have fun while earning rewards in $GFOX tokens. Top players who are among the 20% of the highest-ranked will also receive rewards from the prize pool every season. Also, players can temporarily boost their in-game abilities with cool NFTs to have better chances of winning.

For investors who choose to hold their tokens in loyalty to the ecosystems, Galaxy Fox ensures they are adequately rewarded by reserving rewards for them in the platform’s central hub for distributing funds called Galaxy Fox Stargate. Funds get into this hub with contributions of 2% of every transaction within the ecosystem.

Galaxy Fox also runs a treasury that provides funds for community initiatives and future developments to prove how transparent and accountable it can be. Moreover, it supports a strategy called ‘token burn’ to curb possible inflation of the $GFOX. Galaxy Fox is in stage 7 of its presale, and it sells for $0.00198. Over 93% of the tokens allocated for this stage have already been sold, and the presale is expected to progress to stage 8 within the next few days, where its price will increase by 10%.

While Polygon continues gaining adoption, many analysts predict it might outpace Ethereum at some point. Meanwhile, $BONK’s recent downtrend is expected to ease once the massive token dump stops. As for $GFOX, it serves as an interesting alternative to watch.

Learn more about $GFOX here:

Visit Galaxy Fox | Join the Community

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

Source link

About The Author

Scroll to Top