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Polygon is both a cryptocurrency and blockchain scaling platform and was formerly known as Matic before the project changed its name in February 2021.
Similar to the Solana blockchain, Matic came into play to tackle Ethereum’s scalability issue. Keep reading to learn about what features make Polygon unique, and then we’ll focus on Solana vs Polygon (Matic).
Founded in 2017, Solana is a layer one chain, offering the foundational structure of a blockchain network, which other (layer 2) networks can build on.
It became one of the fast-growing blockchains for building smart contacts and scalable applications, and it has gained a reputation for its speed and efficiency. The following section reveals some of the main features of the Solana blockchain.
Read more: Read more: Solana vs Polygon (Matic): Which One Is Better, Faster and Cheaper?
To start things off, let's draw a clear picture of each token's price history and then take a closer look at the unique comparison between Solana vs Polygon (Matic).
The entire cryptocurrency market is currently down, and too many cryptocurrencies are experiencing down days, so do MATIC and SOL.
Regarding ROI, MATIC and SOL’s annual Returns on Investment have decreased by %56 and %93%, respectively.
In cryptocurrency and blockchain, ATH happens when the token reaches its highest price and records a new hit. In contrast, we use ATL when the token’s value drops to its lowest level. Keep reading to see when Solana vs Polygon (Matic) ATH and ATL was recorded and at what prices.
Considering the latest historical data and liquidity score for Solana vs Matic, we can witness that both tokens have a very close liquidity score of 66% and %69, respectively. Generally, the higher a token’s liquidity score, the better it can be sold in a bear market.
In crypto and blockchain, consensus mechanism refers to some mathematical and computational algorithms by which a group of nodes on a network determine which transactions are valid and eligible to be recorded on the blockchain. Learn about Consensus Mechanisms in detail. Let’s see what consensus mechanisms Solana and Polygon use.
Solana combines Proof-of-History (PoH) with Tower Byzantine Fault Tolerance (Tower BFT). This security system allows users to stake tokens and vote on the validity of a PoH hash.
One of the vital factors that make Solana the biggest competitor for other networks, like Ethereum and Polygon, is its incredibly low transaction fees, charging just $0.00025 per transaction, while Polygon network's average cost per transaction is way higher, about $.04.
NFT is an acronym for Non-Fungileb Token, which is a cryptographic asset based on blockchain technology. Solana and Polygon (Matic) are integrated with OpenSea, the largest NFT marketplace.
However, Solana was ahead of Matic since it has offered NFT minting since January 2021, with 5 million NFTs on the platform by today, Dec 11, 2022.
Although Polygon started its journey in NFTs in Aug 2021, a bit later after Solana, it held over $2 million in NFT sales during only one month in December 2021.
To better grasp the best choice between Solana vs Polygon (Matic), we first need to learn about each network’s architecture.
Talking about Solana, the most noticeable aspect of the architecture of the Solana blockchain is its design, where any node can be a leader or validator.
According to Solana's whitepaper, "Each Verifier node has the same hardware capabilities as a Leader and can be elected as a Leader”.
This is done through PoS-based elections, explained below.
Polygon is a decentralised Ethereum scaling platform made of three layers: Ethereum, Heimdall, and Bor. Keep scrolling to learn about each of them.
The Ethereum layer is the first layer in Polygon architecture which features a collection of contracts on the Ethereum blockchain network.
Heimdall Layer is the second entry in the three-layer architecture of the Polygon Network. It is a Polygon Proof-of-Stake Verifier layer which is a fork of Tendermint.
It helps in managing validators and selecting block producers and spans. It also works on managing the state-sync mechanism and monitoring the set of contracts on the Ethereum network.
Bor is a Block Producer for the Polygon sidechain. From below, you can see some technical functions of this layer.
In DeFi platforms, TVL is a short form of Total Value Locked, and the larger the TVL in a platform, the more valuable the platform gets, resulting in many benefits for users, including better yields. Solana has more 'Total Value Locked' with $5.5B compared to Polygon, with $3.8B locked on DeFi applications.
The following chart illustrates a quick snapshot of the comparison between Solana vs Matic.
That's all about Solana vs Matic, and here we are back to the million-dollar question: Which of the two projects is better? Well, there is no certain answer to this question!
Generally, Solana and Polygon are two different projects with the same goal of tackling Ethereum's scalability issue. Some users believe that Polygon (Matic) could be a promising investment since the network has higher monthly active users and provides better scalability.
In this article, we've put together all you need to get a clear picture of these two projects. To have a confident crypto investment, you must do your own research. To do so, you can use Cryptologist to track the top 1500 coins and choose the best ones by following their changes using this free Crypto Screening tool. Stay tuned for more in-depth reviews.
Below, you can find the answers to the most frequently asked questions about Solana vs Polygon (Matic).
Yes. The price of each MATIC token is about $0.9, while each SOL is worth about $13.
Solana is one of the major competitors of the Ethereum blockchain. It was developed to enhance scalability and tackle the Ethereum Trilema issue through decentralised applications.
Yes, Polygon is faster than Solana. Polygon is capable of processing 72,000 TPS compared to 65,000 TPS of Solana.
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