Will Ethereum 2.0 Kill Polygon (MATIC)? (2024)

FAQs

Will eth2 kill Polygon? ›

Conclusion: Polygon Remains Ahead

The already existing partnerships and successful products are one reason why Polygon should not become obsolete with the introduction of Ethereum 2.0.

Layer-2 scaling network Polygon almost acquired as many crypto users as Ethereum in 2023, according to blockchain analytics firm Flipside. Polygon, an Ethereum scaling solution, boasted 15.24 million acquired users in 2023, approximately 160,000 short of Ethereum's 15.4 million.

Security: The foundation of Polygon is Ethereum, one of the most secure blockchains now in use. Apps created on Polygon will therefore inherit Ethereum's security. Developer-friendly: Polygon employs the same programming language (Solidity) as Ethereum and is developer-friendly.

Not an autonomous blockchain: Polygon is a Layer 2 solution that works on top of the Ethereum platform. If the Ethereum platform experiences serious disruptions or ceases to exist, Polygon will likely lose some functionality.

Polygon and Ethereum are not in competition with each other. They rely on each other. The mission of Polygon is to use its network to create an infrastructure that can handle the mass adoption of Ethereum. Since Polygon is built on Ethereum's blockchain, it depends more on Ethereum than vice versa.

Yes. Polygon is EVM-compatible, so an Ethereum wallet address (such as your MetaMask address) can be used as an address on Polygon.

So, can MATIC reach $1,000? To cut a long story short, the answer is probably no. Let's take a closer look at the numbers to show you why you shouldn't expect Polygon to reach a price of $1,000.

Polygon (MATIC) Price Prediction - Industry Expert Opinion

DigitalCoinPrice predicts that MATIC could reach $2.43 in 2023 and $3.91 in 2025. Their long-term projection for 2030 is $11.45.

Most experts believe that in the next 5 to 10 years, Polygon could reach the $5 level.

Polygon is one of the leading Layer 2 scaling solutions for Ethereum (ETH) that optimizes speed and reduces costs. MATIC, native token of Polygon, has experienced significant market volatility over time. Currently, Polygon is undervalued and there are upcoming catalysts that will surge its value.

Should I build on Ethereum or Polygon? ›

Such costly gas fees and slow transactions can lead to poor user experience that would leave a negative impact on the platform's adoption. On this note, it makes better business sense to select Polygon, thanks to its ability to back faster transactions and lowered gas fees.

For NFT buyers and sellers, it's significantly cheaper to mint, sell and buy NFTs on Polygon OpenSea than on Ethereum OpenSea.

The burn is a three - step affair, first initiated on Polygon and then completed on Ethereum. This is similar to a withdrawal transaction on Polygon, but instead of the tokens being received by a user, they are burned and removed from the total supply.

MATIC is Polygon's native token. It is a cryptocurrency used to cover gas fees in the Polygon network, among other use cases. MATIC is to Polygon as ETH is to Ethereum.

Ethereum (ETH) vs Polygon(POL): Key Differences

Ethereum operates on a proof-of-work (PoW) consensus algorithm. Polygon uses a Proof of Stake (PoS) consensus algorithm. Limited scalability leads to higher transaction fees and slower confirmation times during network congestion.

It can handle transfers of native tokens such as Polygon's MATIC (MATIC) and some Ethereum tokens, such as ETH, ERC-20 and ERC-721. Tokens will continue circulating if they cross over the Polygon Bridge since the circulating supply of the token will not change.

Polygon is a “layer two” or “sidechain” scaling solution that runs alongside the Ethereum blockchain — allowing for speedy transactions and low fees.