Polygon (MATIC/USD) price has continued to decline following the latest disappointment in the blockchain industry. The price fell to a low of $1.03, the lowest level since March 11, dropping by over 15% from its highest level this month.

The biggest layer-2 blockchain network in the world has been losing market share to other layer-1 and layer-2 networks like Optimism and Arbitrum.

The decline was further compounded by Disney's decision to eliminate its metaverse project, which was creating platforms for its key franchises like Mickey Mouse and its theme parks. Polygon had a relationship with Disney and was likely using its technology for the metaverse.

The trend is also evident in other industries, with data showing that Polygon's total value locked (TVL) of $1 billion is smaller than Arbitrum's TVL of over $2 billion.