MATIC Polygon Price Prediction

ethereum zk-rollup Mar 10, 2022

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55% of all of DeFi is on Ethereum. So, when it comes to Decentralized Finance, Ethereum is the elephant in the room. But ethereum has a problem. The blockchain is slow, and the fees are high.

Polygon has the ability to solve both of these problems. And, 2023 could be a big year for the Polygon blockchain and for MATIC. 2023 is when sharding will happen on Ethereum. And, 2023 is when Polygon could become a clear winner in powering Defi on Ethereum.

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MATIC is currently $1.45, down 50% from it’s all time high of $2.92. But, I believe that there is a lot of potential for MATIC in the coming months.

Layer 2s which will play a dominant role in Ethereum scaling. Specifically, L2 zk-rollup technology will play a dominant role in Ethereum sharding.

On June 30, 2020, Vitalik Buterin posted on twitter, “ETH2 scaling for data will be available *before* ETH2 scaling for general computation. This implies that rollups will be the dominant scaling paradigm for at least a couple of years: first ~2-3k TPS with eth1 as data layer, then ~100k TPS with eth2 (phase 1).”

ETH2 scaling for general computation is scheduled to be released in 2024. So, this means that for until 2024, rollups will be the dominant scaling paradigm, including during phase 1 of ETH2 (mid 2022 to 2024).

Arbitrum is currently the leader in rollup technology for Ethereum. Of the top five L2 networks, Arbitrum is by far the most used. At press time, it has $2 billion total value locked (TVL) in smart contracts, and it accounts for about 50 percent of the L2 transactions.

There are a couple of issues with Arbitrum. First, it does not have a token; rather, it uses ETH. Second, while it reduces gas fees, to execute a transaction on Arbitrum, you will pay about 14 percent of what you would pay on the Ethereum blockchain.

Polygon’s MATIC has two advantages over Arbitrum. First, it is significantly cheaper than Arbitrum. Second, it uses the MATIC token rather than ETH to pay for gas.

The L2 zk-rollup battle is currently being waged between Starkware, Loopring and Matter Labs’ zkSync, and all of these technologies have potential to be the L2 zk-rollup leaders for ETH scaling. However, Polygon has committed $1 billion to zk-rollup solutions. Polygon is currently developing two major zk-rollup solutions: Polygon Zero and Polygon Hermez. In January, Polygon announced that Polygon Zero (or Plonky2) is 100x faster than any of the existing alternatives and natively compatible with Ethereum. Polygon is committed to being a leader for ZK scaling of Ethereum.

ZK scaling is the future of Ethereum. And, Polygon will likely play a significant role in that future. So, I am stacking my MATIC.

My pick of the day is MATIC at $1.41. My price prediction is $5.00 or more by 2024.


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