One of the major paradigms and market movers in the blockchain ecosystem is DeFi. Ethereum was the platform that introduced us to the concept of smart contracts. It allowed us to create decentralized apps that provide users with access to advanced peer-to-peer financial instruments like lending, yield farming, etc.
Being a pioneer in the niche made Ethereum very popular, saturating its network. Its PoW consensus mechanism isn’t able to scale with mass demand for smart contract interaction for DeFi.
As a result, we saw layer-2 scaling solutions like Polygon appear on the market. These platforms promise Ethereum network users faster and more cost-effective transactions. Moreover, they can execute transactions off-chain to alleviate the computing strain on the main network.
In this article, we take a closer look at Polygon and its token MATIC. We will give you the latest developments of the platforms as well as a plausible MATIC price prediction 2030.
What’s New With Polygon?
As we mentioned in our intro, Polygon acts as a layer-2 scaling solution for Ethereum. This means that users can either deploy EVM-compatible dApps or execute transactions off-chain. Both solutions allow users to access a faster and cheaper network, reducing gas fees and providing a scalable solution for microtransactions like smart contract calls.
Polygon has slowly become the most popular layer-2 for Ethereum and is now in the top 20 cryptocurrencies by market cap. This is mostly due to excellent project management from the team and the onboarding of multiple decentralized solutions that run on their chain.
Moreover, Polygon has continuously delivered new evolutions to their platform, such as:
- Polygon Edge — a framework for creating standalone blockchains using the advanced algorithms of the platform, while simultaneously being EVM-compatible.
- Polygon Supernets — a network solution that allows the interoperability of Polygon Edge-based networks,
- Polygon zkEVM — a rollup feature that allows Ethereum transactions to be executed off-chain, quickly and cheaply. Polygon multiplies its efficiency by storing the proof of the transactions and compressing batches of data.
In addition, Polygon provides various rollup solutions that provide advanced privacy, full data accessibility, and additional advantages. More importantly, the team has been releasing these solutions regularly, proving that the platform is meeting expectations.
Finally, this has brought hundreds of projects to deploy on Polygon, pushing MATIC as one of the leading cryptocurrencies in the 2021 bull market.
MATIC Price Movement
MATIC was launched in 2019, with a lot of promises for the Ethereum network and how it could improve it. However, due to the bear market, layer-2 scalability solutions weren’t the most praised platforms, since ETH fees were still relatively low.
The token was released in the markets at a price of $0.004, under a penny. Quickly enough, the price rose to $0.02 in June 2019, following the brief relief in the bear markets in that period. The token never managed to find its stride in 2020 and trended between $0.01 and $0.03 in 2020.
However, as Ethereum gas fees skyrocketed with the bull market of 2021, the utility for Polygon also increased exponentially. This allowed the price to rise from $0.03 to $2.5 from January to May. After a short-term retracement that pushed prices to $0.69, MATIC reached a new all-time high in November 2021 — $2.9.
The bear market has since pushed prices quite lower and MATIC is now trading at around $0.8.
Polygon Price Predictions According to the Experts
Nevertheless, experts remain extremely bullish on Polygon as the use cases for the network keep growing.
Priceprediction.net expects the MATIC token to reach a new all-time high by 2025 and provides a target of $3.97. In the long term (2030), they even see it reaching as high as $27.07.
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Digitalcoinprice.com is a bit more conservative with its forecasts. They provide a target of $1.70 for 2025 and $3.87 by 2030.
Is It Too Late to Buy Polygon in 2022?
Polygon has retraced quite significantly from its all-time high in 2021. With experts predicting steady growth, current prices seem like a great opportunity to stack up some MATIC while waiting for another bullish cycle. That said, it remains a risky investment, especially considering its recent price fluctuations. Always do research on market conditions before you decide to invest in MATIC.
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