That isn’t to say that there’s no competition. Zigbee was the big dog before Thread came out, and major brands like Philips Hue still use Zigbee to this day for some of their older hubs and lights. That’s changing as Philips Hue has already committed to supporting Matter over Thread anyway, but products that don’t use Matter or Thread still exist on the market.
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Despite its new, bigger headline number, Plaid is still valued at 40% below its $13.4 billion peak in 2021, when ultra-low interest rates drove a massive surge in fintech valuations.