Polygon price forecast: how will the zkEVM announcement impact its future value?

Polygon (MATIC/USD) is essentially a scaling platform specifically created for the Ethereum (ETH/USD) blockchain that aims to give developers access to the ability to build scalable decentralized applications (dApps).

On top of this network, they can create dApps with low transaction fees whilst also maintaining the full security of the blockchain, and all of this is powered by the MATIC token, Polygon’s native cryptocurrency.


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The introduction of zkEVM as a catalyst for growth

On July 20, 2022, Polygon made an official announcement for the introduction of Polygok zk-EVM, which is the first Ethereum Virtual Machine (EVM) developed for zk-Rollups.

zk-Rollups are a technology that allows for a layer built on top of a blockchain to process a lot more transactions at a lower cost, alongside issuing proof that exists on the underlying blockchain that all of the transactions actually occurred.

However, zk-rollups have historically been missing full support for EVM and smart contracts.

Through the introduction of this technology, Polygon aims to enable applications that run on any EVM-compatible blockchain to be able to use zkEVM and even let them run smart contracts.

While Polygon’s primary innovation was running as a Proof-of-Stake (PoS) sidechain on Ethereum, it also features Layer-2 solutions that are focused on zk-Rollups, such as Zero, Miden, Hermez, and Nightfall. 

Should you buy Polygon (MATIC)?

On July 21, 2022, Polygon (MATIC) had a value of $0.8679.

To see what this value point indicates for the value as well as the future of MATIC, we will be taking a look at the all-time high point of value, as well as how the token performed in June.

The all-time high of Polygon (MATIC) was on December 27, 2021, at a value of $2.92.

MATIC had its highest point of value on June 10 at $0.6542, while the lowest point of value was at $0.3244 on June 18. This gives us an indication that the token decreased  by $0.3298 or 50%

That said, when we go over the span of June 18 to July 21, we can see an increase of $0.5435 or 167%.

With this in mind, we can expect Polygon (MATIC) to reach a value of $1 by the end of July 2022.

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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.

Source: https://invezz.com/news/2022/07/21/polygon-price-forecast-how-will-the-zkevm-announcement-impact-its-future-value/