Disclaimer: The information presented does not constitute financial, investment, trading or any other advice and is solely the opinion of the author
Polygon [MATIC] is one of the most popular cryptocurrencies in the world. At the time of writing, it had a market cap of $9.01 billion, making it the ninth-largest cryptocurrency by market capitalization.
It is a layer 2 scaling solution for Ethereum [ETH], one that aims to address the network’s scalability issues with a primary focus on the DeFi space. The blockchain recently stole the spotlight after it launched its highly anticipated zkEVM mainnet.
The moment we’ve all been waiting for: Polygon #zkEVM Mainnet Beta is LIVE with @VitalikButerin performing the symbolic first transaction.
👏🏿 Without permission
👏🏾 Public
👏🏽 Fast finality
👏🏼 Leading EVM equivalent zkEVM
👏🏻 Completely open sourceMore 👇🏻https://t.co/Xo4mbhnASh
— Polygon (Labs) (@0xPolygonLabs) March 27, 2023
As Polygon continues to rise above others in the DeFi space, ChatGPT had some enlightening thoughts on Polygon’s future, its position in the DeFi ecosystem, zkEVM, etc.
Read Polygons [MATIC] Price prediction 2023-24
ChatGPT has confidence in Polygon’s zkEVM
With its usability and spread across the charts, Polygon has been one of the few initiatives to garner the cryptoverse. It has also changed the way people view the community around layer 2 protocols. The network has now set up a benchmark for new layer-2 protocols in the cryptocurrency industry.
When I questioned ChatGPT about its take on zkEVM, the AI bot was quick to highlight the salient features of the solution and also pointed out some key benefits. The bot also added that as L2 solutions continue to grow, it will be interesting to see how zkEVM competes with others.
Source: ChatGPT
Additionally, when asked if zkEVM would have a wider impact on Polygon, ChatGPT confidently stated:
“Overall, I believe zkEVM has the potential to significantly improve the scalability, interoperability, and security of the Polygon network, which could help drive more users and use cases to the network and position it as a leading player in the DeFi ecosystem. ”
zkEVM vs zkSync era
While Polygon launched its ZK, it could not become the first L2 scaling solution as the title was taken over by zkSync. The solution went live just three days before the launch of Polygon’s zkEVM.
gm zkEVM! 👋🏻
zkSync Era Mainnet Alpha is now open to all users.
Developers, projects and users can now experience the power of zkEVM.Read more: https://t.co/pL5PuZqanu
1/11 pic.twitter.com/oS6dwmXzeB
— zkSync ∎ (@zksync) March 24, 2023
When I asked ChatGPT which of them was better, I was hesitant to give a straight answer. The AI bot stated that the choice between Polygon zkEVM and zkSync may depend on multiple factors, such as the developer’s familiarity with programming languages, specific use cases, and project goals.
Source: ChatGPT
Thoughts on Polygon’s competitor, Solana
Another major player in the DeFi space is Solana [SOL], which is also a direct competitor of Polygon. However, Solana’s reliability has always been in question as it has fallen victim to multiple failures over the years.
The latest occurred in February when the Solana network experienced a forking event that limited users’ ability to transact. However, it was later resolved.
About 15 minutes ago, the Solana community successfully resumed the cluster – technicians will continue to monitor network performance while network operators are restored.
— Solana Status (@SolanaStatus) February 26, 2023
When asked if Solana could pose a threat to Polygon in the DeFi space, ChatGPT responded by highlighting Solana’s performance and the possibility of both networks coexisting to serve different use cases.
Source: ChatGPT
It added,
“Finally, while Solana’s high scalability and throughput make it an attractive option for DeFi projects, it’s hard to say whether it poses a direct threat to Polygon.”
However, to get a better cocky answer from the AI friend, I tried to re-educate it by “jailbreaking” the AI. It was interesting to see another response from ChatGPT after it was jailbroken. The new response stated that Solana could become a major competitor for it Polygon the coming years.
Source: ChatGPT
Polygon and its future
In addition to zkEVM, Polygon also has many projects in the pipeline, which also have the potential to grow in the future. For example, Polygon Miden. It will be the first decentralized rollup to use proofs of execution of simultaneous, local transactions. With Miden, anyone can transact and make a STARK proof for the network.
However, ChatGPT’s knowledge of Miden was not sufficient. Therefore, when asked about Miden’s possible impact on Polygon, the answer was mixed.
Source: ChatGPT
ChatGPT’s predictions for MATIC
At the time of writing, Polygon’s native token MATIC was down 2% in the past 24 hours and was trading at $0.97. When asked about MATIC’s price action, the retrained version of ChatGPT showed huge confidence in MATIC and said it could turn bullish soon.
It stated that Polygon’s recent partnerships have already sparked interest and excitement among investors and traders. This can be reflected on the MATIC chart in the coming days.
Source: ChatGPT
When I questioned the bot further, it gave me a number that looked very ambitious. According to the jailbroken AI bot, it expects MATIC to cross the $50 mark by the end of this year. ChatGPT’s prediction was a guess in my opinion and it is not very likely that it will materialize.
Nevertheless, it did mention the volatile nature of the crypto market. So nothing can be expected with the utmost certainty and investors are best off doing their own research.
Source: ChatGPT
How many Worth 1.10.100 MATICs today
A closer look at MATIC’s daily chart
When asked about MATIC’s price action, the retrained version of ChatGPT showed huge confidence in MATIC and said it could turn bullish soon.
It stated that the token will soon experience a massive increase in value, making early investors very wealthy.
Source: ChatGPT
When I questioned the bot further, I got a number that looked very ambitious. According to the jailbroken AI bot, it expects MATIC to hit $10,000 or $100,000 by the end of 2023. But this prediction bordered on absurd, as we can see in the comment below.
ChatGPT added that the prediction is purely fictitious and should not be taken seriously.
Source: ChatGPT
Contrary to ChatGPT’s predictions, things weren’t looking good for MATIC at the time of writing. Most market indicators were in favor of the bears and suggested a further price decline.
For example according to the Exponential Moving Average (EMA) Ribbon, the bears seemed to dominate the bulls in recent days. Given the other indicators, it is likely that the bears will emerge victorious.
Source: MATIC/USDT, TradinView
Polygon and DeFi, a match made in heaven?
If Polygon continues to expand and grow its DeFi ecosystem, one thing can be said for sure: the blockchain has a long way to go and many more milestones to reach in the coming years.
So I thought of asking ChatGPT the most valuable question: Polygon and DeFi, a match made in heaven?
Source: ChatGPT
Without dissenting, both versions of the AI bot responded positively to the question. The re-educated version even drew comparisons to world-famous “DUOs” like Peanut Butter and Jelly or Batman and Robin, which was interesting to watch.
Conclusion
Chatting with ChatGPT about Polygon and its presence in DeFi gave a clear indication that the AI chatbot had a lot of faith in Polygon and its future. ChatGPT’s response to the questions remained optimistic throughout the conversation, and some were even very ambitious.
Nevertheless, given the current state of Polygon, only time will tell if ChatGPT’s predictions and views are reflected on paper.