Cryptocurrency News

$MATIC Co-Founder States Polygon Has More Traction Than Solana

With the crypto market blooming, names like Polygon and Solana have become a global symbol for many traders. As two of the most promising ventures, the comparison and competition between the two are a given.

The previous year served as the golden launch for NFTs, making ventures like Solana a crow-favorite. However, Polygon Co-Founder, Sandeep Nailwal, still believes that Solana lacks in front of Polygon. The Polygon COO recently stated how Solana is yet to achieve as much traction as Polygon worldwide.

According to this Solana price prediction, SOL can reach $250 owing to its partnerships in 2022. However, that does not take anything away from Polygon’s popularity. Polygon boasts a global reach as a framework and a protocol designed to develop and connect Ethereum-supported networks.

The protocol aggregates scalable solutions on Ethereum, using a multi-chain ETH ecosystem. The definition was presented back in May 2021 when Anthony Sassano joined Polygon as an advisor. The newly assigned advisor went on Twitter to explain Polygon’s functionalities and clear up some misconceptions.

Anthony cleared the confusion related to Polygon being an Ethereum sidechain or a Layer 2 network. The Twitter thread comprised vital information related to Polygon, and here is a brief overview of it:

The network consists of a Polygon PoS chain and a Matic Plasma chain. The majority of the work takes place on the proof-of-stake chain. It is the sidechain to Ethereum since it boasts over 100 permissionless validator sets, meaning it does not need Ethereum’s proof-of-work mechanism to work.

It means that the chain can function even if the Ethereum ecosystem goes offline. Furthermore, it allows the network to set up Ethereum-based finality on the proof-of-stake chain, securing data in case of an unforeseen circumstance. Moreover, it means that Polygon is paying Ethereum to use the ecosystem and secure the checkpointing and contracts.

However, these perks are not the only thing that allows Sandeep to make such a statement. Here are some of the achievements Polygon secured in 2021 that support Sandeep’s overview.

The network rebranded itself from Matic to Polyon, expanding its tech scope and mission. Finally, four months into 2021, and Aave and announced going live on the network. At the same time, Decentraland chose Polygon as its Layer 2 scaling solution. 

A month later, SushiSwap also went live on the network as it released the Polygon SDK. The Sandbox also chose Polygon for its scaling needs while OpenSea integrated with the Polygon ecosystem. 

The network ended 2021 with a bang as Uniswap also went live over the Polygon ecosystem. Sandeep Nailwal’s statement has significant weight with such achievements and use-cases on display.

Edward Nash

Edward Nash is an editor and analyst with over 10 years of financial market experience. Prior to joining CoinNewsSpan, he worked in several famous financial institutions. He has been active in the cryptocurrency market since 2011, specializing in technical analysis of current crypto trends and offering analytical opinion-based pieces.

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