In 2021, amidst a decline in the prices of Bitcoin and others, Polygon managed to hold its ground and maintain its position. Surprisingly, Polygon witnessed a price increase even during a bear market in 2022. Such a resilient performance has captured the attention of traders and investors, leading them to explore this coin. Now the question arises: What are the Polygon (MATIC) price predictions for 2023-2023?
What Is Polygon (MATIC)?
Polygon, previously known as the Matic Network, is a scaling solution designed to enhance speed, reduce costs, and simplify transactions on blockchain networks. Its primary focus is on Ethereum, a platform that hosts various decentralised applications for users to engage in virtual worlds, gaming, art transactions, and financial services.
Ethereum’s high activity has increased transaction costs and network congestion, rendering it less practical. This is where Polygon steps in. Described as a layer-2 network, Polygon acts as an additional layer on top of Ethereum without altering the underlying blockchain. Like its geometric namesake, Polygon encompasses numerous facets, forms, and applications, offering a streamlined framework for creating interconnected networks.
Polygon’s goal is to facilitate the expansion of Ethereum in terms of size, security, efficiency, and usefulness. It encourages developers to bring innovative products to market swiftly. After its rebranding, Polygon retained its native token, MATIC, which serves as the unit of payment and settlement among participants interacting within
the network.
How does Polygon (MATIC) work?
Polygon is a comprehensive platform designed to enhance the scalability of Ethereum through an array of sidechains, all with the purpose of efficiently and cost-effectively alleviating congestion on the central platform. For those unfamiliar, sidechains are distinct blockchains tethered to the primary Ethereum blockchain, effectively supporting various Decentralised Finance (DeFi) protocols accessible within Ethereum.
In this context, Polygon can be likened to other competitive networks like Solana, Polkadot, Cosmos, and Avalanche.
The fundamental element of Polygon’s architecture is the Polygon software development kit (SDK), utilised for constructing Ethereum-compatible decentralised applications as sidechains and linking them to the primary blockchain.
Sidechains can be constructed using scalability methods such as Plasma Chains (which bundle transactions into blocks submitted collectively to the Ethereum blockchain), zk-Rollups (enabling multiple transfers to be consolidated into a single transaction), and Optimistic Rollups (similar to Plasma Chains but with the additional ability to scale Ethereum smart contracts).
The main chain of Polygon operates as a Proof of Stake (PoS) sidechain, where participants in the network can stake MATIC tokens to validate transactions and participate in voting on network upgrades.
Why Use Polygon (MATIC)?
Supporters of the Polygon Network may find its appeal in its capacity to offer scaling solutions to Ethereum, enabling developers to utilise Polygon’s technology to create more user-friendly decentralised applications (dapps) on its blockchain.
Among the dapps constructed on Polygon are Sushi, a decentralised exchange platform, Augur, a prediction market platform, and Ocean Protocol, a platform facilitating the exchange and monetisation of data and data-based services for businesses and individuals.
Investors might also consider acquiring MATIC and incorporating it into their portfolio if they have confidence in Layer-2 solutions to enhance the Ethereum Network.
Significant Updates on Pylogon (MATIC)
Polygon Unveils Proposal for ‘Polygon Protocol Council’ in Pursuit of Decentralised Governance
Polygon, a scaling solution for Ethereum, has introduced a proposal, PIP 29, outlining the creation of a “Polygon Protocol Council” as a step towards more decentralised governance. Comprising 13 members, including representatives from Coinbase and the Ethereum Foundation, the council will oversee specific, time-limited changes to system smart contracts on Ethereum for existing and future Polygon protocols. The committee, featuring blockchain community figures like Viktor Bunin from Coinbase and Justin Drake from the Ethereum Foundation, aims to facilitate community-led processes for upcoming upgrades, including those proposed in the Frontier phase of Polygon 2.0. Members seeking changes to the Polygon blockchain must use a Safe contract for execution. This move aligns with the Polygon 2.0 roadmap, introduced in June, and represents the initial stage in decentralising governance for Polygon protocols, with community input guiding future council membership and terms.
Gateway Introduces cdk-erigon Execution Client to Polygon CDK, Enabling Multi-Client zkEVM Tech Stack for Ethereum Layer 2 Chains
Gateway, a prominent blockchain infrastructure team, is integrating the cdk-erigon execution client into the Polygon Chain Development Kit (CDK), an open-source toolkit for launching zero knowledge-powered Layer 2 chains on Ethereum.
Cdk-erigon, known for its ultra-fast and memory-optimised features, joins zkNode as the second execution client supporting Polygon CDK, creating the industry’s first multi-client zkEVM tech stack. Compared to zkNode, cdk-erigon offers a 10x reduction in disk space usage and +150x faster sync times on the mainnet.
Developed by core contributors from the Ethereum Foundation, Gateway’s Erigon technology enhances Polygon CDK’s performance, with plans for cdk-erigon to become an RPC node for Polygon zkEVM Mainnet Beta in early 2023. This collaboration accelerates the development of high-performance clients for Polygon CDK, benefiting the broader Polygon ecosystem and facilitating interoperability among projects within the Polygon CDK ecosystem. Notable projects, including OKX, Astar, Canto, Gnosis Pay, Immutable, Palm Network, and IDEX, are already leveraging and testing Polygon CDK.
Chainlink Data Feeds Now Live on Polygon zkEVM, Unlocking the Future of DeFi
Chainlink Data Feeds have been successfully integrated into Polygon zkEVM, marking a pivotal development for decentralised finance (DeFi) on the platform. This integration empowers developers to construct advanced DeFi applications, leveraging Chainlink’s reliable data solution. With seamless access to external price data, developers can now create efficient liquidity protocols and decentralised exchanges. The incorporation of Chainlink’s oracles enhances the potential for deploying significant DeFi protocols on Polygon zkEVM in early 2023. Polygon zkEVM, compatible with Ethereum’s Virtual Machine, offers developers a familiar environment with robust security, trustless zero-knowledge bridge, and fast finality. Chainlink’s secure and reliable price data ensures the development of secure, high-speed DeFi applications on Polygon zkEVM.
Surge in Decentralised Exchange Volumes on Polygon zkEVM Linked to Chainlink Integration
In the past month, Polygon’s zkEVM witnessed a substantial 200% surge in decentralised exchange (DEX) volumes, totaling $2.89 million on December 27, the highest since November’s peak of $3.76 million. In fact, over the last week, DEX volumes have averaged 1.84 million.
This surge is attributed to Chainlink’s recent integration, providing Polygon zkEVM’s DeFi developers with real-time price feeds for decentralised exchanges and liquidity protocols. While the correlation isn’t conclusive, the DEX activity surge coincided with a 51% increase in daily active addresses and a 22% rise in daily transactions. Despite a 2.32% pullback in the native token MATIC, it recorded a 33% gain in December, trading at $1.01 amid Polygon’s upcoming 2.0 mission.
Polygon (MATIC) Price History
Now, let’s delve into some notable moments in the price history of Polygon, considering both positive and negative aspects. Note that past performance should not be solely relied upon for predicting future results, but understanding the coin’s historical behaviour can provide valuable context when making or interpreting Polygon price predictions.
When MATIC was initially introduced to the market in 2019, its value was below one cent. It surpassed $0.01 that year and remained around $0.02 for its first two years. The crypto boom in 2021, combined with Matic’s rebranding as Polygon, propelled its value to new heights. It surpassed the one-dollar mark in early May and peaked above $2 in the middle of the month. Despite its decline during the summer, the latter half of the year witnessed a resurgence. On December 27, 2021, Polygon achieved an all-time high of $2.92.
Polygon (MATIC) price. Coinmarketcap
In 2022, Polygon, like the rest of the crypto market, encountered a downward trend. It dropped below $1 in early May and declined below $0.50 in June due to multiple market crashes. The introduction of the zkEVM Ethereum Virtual Machine-compatible program briefly pushed its value above $1 in August before declining again. A resurgence above the one-dollar mark occurred in the autumn when news of Polygon collaborating with Meta on non-fungible tokens (NFTs) surfaced. However, the collapse of the FTX exchange dealt a significant blow, and Polygon closed 2022 at $0.7585, representing a 70% decrease over the year.
In 2023, Polygon’s performance has been mixed thus far. It surpassed the one-dollar mark in February but was significantly impacted by the news of the SEC suing Coinbase and Binance.
Before the SEC announced suing Binance, MATIC was valued at $0.8933, resulting in a nearly 30% loss within a week. As of June 15, 2023, various technical analysis indicators have displayed bullish signals, while others have indicated bearish signals, reflecting a general bearish sentiment in Polygon price predictions.
MATIC Price Predictions: Experts’ Opinions
There are varying opinions among experts regarding the price prediction for Polygon crypto. While some experts hold an optimistic view, suggesting that the MATIC coin may outperform its competitors, others prefer to remain cautious.
According to Wallet Investor’s Polygon Price Prediction, a long-term increase is not anticipated, and the projected price for MATIC at the end of 2023 is around $0.5031.
GOV Capital reports that the current price of MATIC is $1.00, and their data indicates an upward trend for 2023. They predict a future price of $2.225 for Polygon after a year, based on their MATIC price prediction.
Digital Coin Price’s forecasts an average price of $2.13 for MATIC, with a minimum expectation of $0.90 by the end of 2023. They also suggest a maximum price potential of $2.19.
As per Price Prediction’s prediction for 2023, the maximum MATIC price is around $1.50, while the minimum price is about $1.29, with an average trading price of $1.34.
Polygon has gained trust and credibility among enterprise businesses. The projected growth for Polygon (MATIC) can reach significant heights, reminiscent of the ICO boom and the crypto hype bubble. MATIC has established itself as a solution for app developers, providing solutions for real-world issues such as virtual currency transfers and DeFi.
The various price predictions from experts do not discourage Polygon from potentially outperforming its rivals. The Polygon support zone community has set high benchmarks, showcasing an interactive and user-friendly platform. The MATIC coin price targets can exceed the expectations of crypto investors who find value in this platform.
MATIC Price Predictions 2023-2030
As a non-mineable token, MATIC is currently priced at approximately $1.00, boasting a cryptocurrency market capitalisation of $9,254,815,821, securing its position as the 10th global cryptocurrency. The total MATIC token supply is 9,249,469,069. Polygon’s all-time high price reached $2.92, and its 24-hour trading volume is $518,119,273.
Over the past 24 hours, the Polygon price has fluctuated between its lowest level of $0.9522 and its highest level of $1.01. The dynamics of all-time highs and predictions regarding Polygon’s price are subject to continuous changes, with forecasts reliant on the judgement of predictors regarding future price levels.
Based on the MATIC coin price prediction, the current analysis suggests there may be better times to purchase MATIC, considering its proximity to its long-term support level. Traders might wait for a potential price increase before making investment decisions. Despite the social media hype surrounding other major cryptocurrency players, Polygon (MATIC) could exhibit a consistently positive outlook.
Taking these factors into account, let’s delve into the MATIC price prediction for the upcoming years.
MATIC Price Prediction 2023
According to the MATIC price prediction for 2023, some uncertain days may be ahead. The average trading price of the MATIC token is around $1.46, with a minimum value of $0.85 and a maximum price of $2.07. Overall, the coin can be in a better state compared to the previous year.
Polygon (MATIC) Prediction 2024
Based on our Polygon price predictions, the average price of the coin is $2.24 in 2024. The maximum price may reach approximately $2.65 by the end of the year, with a minimum price of $1.84.
Polygon Price Prediction 2025
Our MATIC price prediction for 2025 suggests a minimum price of around $2.38 and a maximum price of $3.42. The average price of MATIC is approximately $2.90.
MATIC Price Prediction 2026
The average trading price in 2026 may be around $3.76. The minimum and maximum prices are projected to be around $3.08 and $4.44, respectively. The volatility of the MATIC price is expected to be relatively lower, according to our Polygon prediction.
Polygon Crypto Prediction 2027
In the Polygon crypto price prediction for 2027, the average price of MATIC is expected to be $4.85. By the end of the year, Polygon is predicted to reach a minimum value of $3.98, with a maximum level of $5.72.
MATIC Coin Prediction 2028
For 2028, the MATIC price is expected to have an average value of $6.24, as per the Polygon coin price prediction. The minimum price level of MATIC might be around $5.11, while the maximum price level could reach approximately $7.36.
MATIC Price Prediction 2029
Based on the MATIC coin price prediction for 2029, Polygon crypto may hit a maximum price of $9.50. The minimum price may be around $6.60, with an average price of $8.05.
Polygon Price Prediction 2030
The MATIC price in 2030 is anticipated to be above the average of $10.21. By the end of the year, MATIC may reach a minimum price level of $8.37. Furthermore, the Polygon token can grow to a maximum price of $12.05 by the end of 2030.
Is Polygon Matic a Good Investment?
When constructing a well-rounded crypto portfolio, overlooking MATIC would be a mistake. While the Polygon blockchain has flaws, experiencing occasional network congestion and outages, its rapid growth and institutional support make it a compelling investment option.
Polygon’s aggressive recruitment of developers has positioned it as one of the fastest-growing crypto firms, earning backing from significant funds like Sequoia Capital, which injected $450 million into Polygon in February. With ambitions to become the leading blockchain for Ethereum-based enterprise applications, Polygon is leveraging this venture capital support to enhance its layer-2 infrastructure.
It introduces cutting-edge technologies like zero-knowledge proofs, enabling even faster and more cost-effective transactions. Despite competition from other layer-2 networks, Polygon has emerged as the go-to platform for NFT marketplaces. It has solidified its position as a top player in the metaverse crypto space.
Notably, Polygon holds the second-largest network position on Opensea, and its partnership with Draft Kings to establish an NFT marketplace demonstrates strong confidence in the network. The strong price support suggests that MATIC is poised to continue upward.
Polygon’s extensive partnerships with globally recognised brands, including Starbucks, Mercedes, Nike, Disney, Meta, Adobe, Adidas, Stripe, Twitter, and the NFL, further solidify its reputation. These collaborations have led to initiatives such as loyalty program infrastructure, NFT integration, and payment solutions. By teaming up with high-profile brands, Polygon has showcased its adaptability and versatility in addressing diverse business needs, contributing to its status as a leading blockchain platform.
A notable example of Polygon’s successful partnership is with Starbucks, where it helped the coffee giant enhance its customer loyalty program by reducing the cost of redeeming rewards points. By integrating Polygon’s blockchain technology, Starbucks streamlined its loyalty program, offering customers a faster and more seamless experience.
MATIC Price Prediction FAQs
What will MATIC be worth in 2030?
The Polygon price is projected to reach $4.44 by 2026 and could rise to $12.05 by 2030. You can refer to the world’s leading tracking website to stay updated with the most recent Polygon price prediction for 2030. It would help if you referred to MATIC forecasts before making investment decisions, as they can provide valuable insights for long-term planning.
Can Polygon (MATIC) reach $100?
Investors holding a bullish sentiment for MATIC frequently speculate about ambitious price targets, among which is $100. Achieving such a price milestone would require MATIC to increase by 129 times, resulting in a market cap of $928 billion. While this may seem like a lofty goal, it is possible mathematically.
Why should I purchase MATIC?
Polygon empowers users to participate in the Ethereum network, offering faster transaction processing speeds. On the Polygon network, transaction fees are settled in MATIC and are notably lower than those on the Ethereum mainnet. With a market cap of over $11.1 billion, MATIC is currently the 10th most valuable coin, boasting a 24-hour trading volume surpassing $1.1 billion. The total supply of MATIC tokens amounts to 10 billion.
What are the use cases of MATIC?
MATIC serves as a store of value and a medium of exchange. It fulfils the purpose of paying transaction fees on the Polygon network and engaging in proof-of-stake consensus. With MATIC, users gain access to DeFi protocols and the ability to trade NFTs on the Polygon network, benefiting from accelerated transaction speeds and reduced gas fees compared to the Ethereum blockchain.
Is it legal to buy MATIC in Australia?
The purchase and trading of cryptocurrencies, including Polygon, are legally permitted in various countries, including Australia, the United States, the European Union, Canada, and El Salvador. In Australia, MATIC can be acquired on many crypto exchanges such as CoinSpot, Coinbase and Swyftx. While taxes do not apply to the purchase of virtual digital assets, selling Polygon for a profit may attract tax obligations.
Final Thoughts
The community might collaborate with specific other projects and startups to improve the protocol. Matic’s unique features, such as scalability and security, may enhance its user base. With further interventions, the price can soar during the congestion that happens on Ethereum. The price prediction of this crypto has always been in talks.
Based on the Polygon price prediction, the horizon is a bright future for MATIC, and it does not solely rely on decentralisation. Governments worldwide are taking measures to restore the economies, which may have an influential impact on Polygon (MATIC), too. This should make MATIC an active and safe haven for investors. According to our MATIC coin price prediction for 2030, the coin is expected to reach even $12.05.
