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Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
Polygon [MATIC] co-founder Sandeep Nailwal not too long ago posted a tweet highlighting what the blockchain’s future may seem like. He primarily talked about POL, which is taken into account to be the successor of MATIC.
POL is a large technical improve to MATIC
POL delivers the advantages of multi-chain staking with out the added dangers of restaking. With the Polygon 2.0 proposal, the Polygon Ecosystem will develop from a single chain to an ecosystem of L2s that may simply interoperate and share…
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) August 28, 2023
For the uninitiated, POL appears to be like to ship the advantages of multi-chain staking with out the added threat of restaking. Furthermore, stakers can use POL in any variety of chains and roles, permitting for larger rewards with their staked capital.
When a consumer requested what would occur to the already staked MATIC, Nailwal replied that ideally, as a consumer, one ought to get a 1/2-click improve to staked POL from staked MATIC.
Ideally, as a consumer it is best to get 1/2 click on improve to staked POL from staked MATIC. I feel as soon as the improve is accepted by the governance, solely then all of us would have extra information in regards to the mechanism. Some fundamental information concerning how the mechanism would seem like was shared within the…
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) August 28, 2023
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 to $0.5511.
Polygon is an L-2 answer for Ethereum [ETH] that goals to handle the community’s scalability points with a main give attention to the DeFi house. The blockchain not too long ago 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 folks view the group surrounding layer-2 protocols. The community has now established a benchmark for brand new layer-2 protocols within the cryptocurrency trade.
After I questioned ChatGPT concerning its ideas about zkEVM, the AI bot rapidly highlighted the answer’s notable options whereas additionally mentioning just a few key advantages. The bot additionally added that as L2 options proceed to develop, will probably be fascinating to see how zkEVM competes with others.
Supply: ChatGPT
Additionally, when requested whether or not zkEVM would have a broader affect 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 change 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 one in every of them was higher, it was hesitant to ship a crisp response. The AI bot said that the selection between Polygon zkEVM and zkSync might rely on a number of components, like developer familiarity with programming languages, particular use circumstances, and mission objectives.
Supply: ChatGPT
What the AI bot thinks about Solana, Polygon’s competitor
One other foremost participant within the DeFi house is Solana [SOL], which can be a direct competitor of Polygon. Nevertheless, 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’ potential to execute transactions. Nevertheless, it was fixed later.
When requested about whether or not Solana might pose a menace to Polygon within the DeFi house, ChatGPT responded by highlighting Solana’s achievements and the potential for each networks coexisting to serve completely different use circumstances.
Supply: ChatGPT
It added,
“Whereas Solana’s excessive scalability and throughput make it a pretty possibility for DeFi tasks, it’s troublesome to say whether or not it poses a direct menace to Polygon.”
Nevertheless, to get a greater opinionated response from the AI good friend, I attempted to reeducate it by “jailbreaking” the AI. It was fascinating to see a unique response from ChatGPT after it was jailbroken.
Within the new response, it talked about that Solana might change into a significant competitor for Polygon within the coming years.
Supply: ChatGPT
The way forward for Polygon
Other than zkEVM, Polygon additionally has fairly just a few tasks within the pipeline, which, too, have the potential to gas progress sooner or later. As an example, Polygon Miden. Will probably 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.
Nevertheless, ChatGPT’s information concerning Miden was not enough. Subsequently, its reply when requested in regards to the doable affect 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 $0.5471. It registered a fall of greater than 5% during the last 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 rising adoption. The winds of bullishness might blow Polygon’s method within the close to future, carrying it to majestic peaks. But, as with all funding, warning and cautious evaluation needs to be your trusted companions.
Supply: ChatGPT
After I additional questioned the AI bot, ChatGPT projected MATIC’s value to hit $6-$8. Nonetheless, nothing might be anticipated with utmost certainty. Traders are greatest suggested to speculate time in intensive analysis and learning skilled views.
Supply: ChatGPT
How a lot are 1,10,100 MATICs worth today?
A more in-depth have a look at MATIC’s each day chart
Since This fall 2022, the variety of each day customers of Polygon has elevated dramatically and surpassed that of each day customers of Ethereum.
As MATIC is without doubt one of the most precious cryptocurrencies, it has naturally drawn quite a lot of traders. Entrepreneurs and traders have all the time been involved about Polygon’s value prediction.
MATIC has not been performing effectively 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 $0.5511.
Whereas MATIC’s Relative Energy Index (RSI) rested simply above the impartial 50-mark, its Cash Circulate Index (MFI) rested beneath it. Its On Stability Quantity (OBV) additionally mirrored a downtick, mirroring its value motion.
In brief, the bears appear to be knocking down 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 might be mentioned with certainty—the blockchain has a protracted approach to go and plenty of extra milestones to realize over time to return.
So, I considered asking ChatGPT probably the most precious 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 fascinating 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 $6-$8 by the tip of this yr.
Nevertheless, its on-chart metrics predict a bearish value motion.
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