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Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
SK Telecom, South Korea’s largest telecom supplier, just lately announced a collaboration with Polygon Labs, the event studio behind main EVM blockchain Polygon [MATIC].
MATIC surged greater than 20% following the information of Ripple [XRP] securing a partial victory in its authorized battle with the U.S. Securities and Exchange Commission (SEC) on 13 July. However that didn’t result in a major value rally.
The previous week has seen its worth drop by 15% to $0.5822.
Polygon is an L-2 answer for Ethereum [ETH] that goals to deal with the community’s scalability points with a major deal with the DeFi house. The blockchain just lately stole the limelight after it launched its much-awaited zkEVM mainnet in March.
As Polygon continues to rise above others within the DeFi house, ChatGPT has had some insightful ideas about the way forward for Polygon, its place within the DeFi ecosystem, zkEVM, and extra.
Learn Polygon’s [MATIC] Price Prediction 2023-24
ChatGPT is assured in Polygon’s zkEVM
With its usability and unfold all through the charts, Polygon has been one of many choose few initiatives to amass the cryptoverse. It has additionally altered how individuals view the neighborhood surrounding layer-2 protocols. The community has now established a benchmark for brand spanking new layer-2 protocols within the cryptocurrency business.
Once I questioned ChatGPT relating to its ideas about zkEVM, the AI bot rapidly highlighted the answer’s notable options whereas additionally mentioning a couple of key advantages. The bot additionally added that as L2 options proceed to develop, will probably be attention-grabbing to see how zkEVM competes with others.
Supply: ChatGPT
Additionally, when requested whether or not zkEVM would have a broader influence on Polygon, ChatGPT responded confidently, stating,
“General, I imagine that zkEVM has the potential to considerably enhance the scalability, interoperability, and safety of the Polygon community, which might assist to draw extra customers and use circumstances to the community and place it as a number one participant within the DeFi ecosystem.”
zkEVM vs. zkSync Period
Whereas Polygon launched its ZK, it couldn’t develop into the primary L2 scaling answer, because the title was taken by zkSync. The answer went live simply three days earlier than the launch of Polygon’s zkEVM.
Upon asking ChatGPT about which certainly one of them was higher, it was hesitant to ship a crisp response. The AI bot acknowledged that the selection between Polygon zkEVM and zkSync might depend upon a number of elements, like developer familiarity with programming languages, particular use circumstances, and venture targets.
Supply: ChatGPT
What the AI bot thinks about Solana, Polygon’s competitor
One other primary participant within the DeFi house is Solana [SOL], which can also be a direct competitor of Polygon. Nonetheless, Solana’s reliability has all the time been in query, because it has fallen sufferer to a number of outages over time.
The most recent one occurred in February when the Solana community skilled a forking occasion that throttled customers’ capability to execute transactions. Nonetheless, it was fixed later.
When requested about whether or not Solana might pose a risk to Polygon within the DeFi house, ChatGPT responded by highlighting Solana’s achievements and the opportunity of each networks coexisting to serve completely different use circumstances.
Supply: ChatGPT
It added,
“In conclusion, whereas Solana’s excessive scalability and throughput make it a pretty possibility for DeFi initiatives, it’s troublesome to say whether or not it poses a direct risk to Polygon.”
Nonetheless, to get a greater opinionated response from the AI good friend, I attempted to reeducate it by “jailbreaking” the AI. It was attention-grabbing to see a distinct response from ChatGPT after it was jailbroken. Within the new response, it talked about that Solana might develop into a significant competitor for Polygon within the coming years.
Supply: ChatGPT
The way forward for Polygon
Aside from zkEVM, Polygon additionally has fairly a couple of initiatives within the pipeline, which, too, have the potential to gas progress sooner or later. For example, Polygon Miden. It will likely be the primary decentralized rollup that leverages execution proofs of concurrent, native transactions. Miden will enable anybody to execute a transaction and create STARK-proof for the community.
Nonetheless, ChatGPT’s information relating to Miden was not sufficient. Subsequently, its reply when requested concerning the attainable influence of Miden on Polygon was not on par.
Supply: ChatGPT
ChatGPT predicts MATIC’s value motion
At press time, Polygon’s native token MATIC was buying and selling at $0.5822. It registered a fall of 15% over the past seven days. Upon asking about MATIC’s value motion, the re-educated model of ChatGPT confirmed immense confidence in MATIC and talked about that it might flip bullish quickly.
ChatGPT confirmed confidence in Polygon’s technological developments and growing adoption. The winds of bullishness might blow Polygon’s approach within the close to future, carrying it to majestic peaks. But, as with every funding, warning and cautious evaluation needs to be your trusted companions.
Supply: ChatGPT
Once I additional questioned the AI bot, ChatGPT projected MATIC’s value to hit $10. Nonetheless, nothing may be anticipated with utmost certainty. Traders are greatest suggested to take a position time in in depth analysis and finding out skilled views.
Supply: ChatGPT
How a lot are 1,10,100 MATICs worth today?
A better have a look at MATIC’s day by day chart
Since This fall 2022, the variety of day by day customers of Polygon has elevated dramatically and surpassed that of day by day customers of Ethereum.
As MATIC is without doubt one of the most respected cryptocurrencies, it has naturally drawn lots of buyers. Entrepreneurs and buyers have all the time been involved about Polygon’s value prediction.
MATIC has not been performing properly for the previous few days. Although its value surged considerably instantly following the SEC-Ripple judgement, it fell the following day. At press time, it was buying and selling at $0.5822.
Whereas its Relative Energy Index (RSI) rested above the impartial 50-mark, its Cash Stream Index (MFI) rested under it. Its On Stability Quantity (OBV) mirrored a downtick for the final two days.
In brief, the bears appear to be flattening the token within the short-term.
Supply: MATIC/USD, TradingView
Polygon and DeFi, a match made in heaven?
As Polygon continues to develop and develop its DeFi ecosystem, one factor may be stated with certainty—the blockchain has an extended method to go and plenty of extra milestones to realize over time to return.
So, I considered asking ChatGPT essentially the most invaluable query: Polygon and DeFi, a match made in heaven?
Supply: ChatGPT
With out differing, each variations of the AI bot responded positively to the query. The re-educated model even drew comparisons with world-renowned duos like Peanut Butter and Jelly or Batman and Robin, which was attention-grabbing to see.
Conclusion
Chatting with ChatGPT about Polygon and its presence in DeFi gave a transparent indication that the AI chatbot was fairly optimistic about the way forward for MATIC. It predicted the coin to hit $10 by the tip of this 12 months.
Nonetheless, its on-chart metrics predict a bearish value motion
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