Polygon Matic vs Solana (SOL) | Who Will Win In The End?
Mike Harry
Jul 2023
6 min to read
Fact checked
Introduction: When it comes to choosing between Polygon and Solana, both platforms have their own unique features that make them attractive for different use cases. Polygon is an EVM-compatible Layer-2 designed to reduce transaction fees, increase scalability and enable quick user onboarding. In contrast, Solana is a high-performance monolithic blockchain designed to enable high throughput and transaction speeds of up to 60,000 TPS. Who comes out on top when you pit these Polygon vs Solana against each other? Let’s find out!
The Polygon network is an Ethereum-compatible “Layer 2” scaling solution that allows users to move transactions away from the main Ethereum blockchain, thereby allowing for faster transaction speeds.
What Is Polygon?
It was co-founded in 2017 by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic with the goal of making it easier for developers to build and deploy decentralized applications on Ethereum.
Polygon uses a hybrid Plasma Proof-of-Stake chain to Ethereum, made up of a Tendermint consensus validator layer and a Plasma sidechain for block production.
The consensus engine is named Peppermint and is a modified version of Tendermint, the consensus mechanism that undermines Cosmos Chains.
Polygon Matic vs Solana: What is Solana (SOL)?
Solana (SOL) was created in 2017 by former Qualcomm engineer Anatoly Yakovenko and Greg Fitzgerald with the goal of creating a blockchain that could scale to 100s of thousands of transactions per second, with the lowest possible fees.
What is Solana (SOL)?
Solana uses a Proof-of-History (PoH) timing mechanism combined with Proof-of-Stake (PoS).
Solana is designed to scale the network with Moore’s Law through hardware improvements in bandwidth, SSDs and GPU cores instead of sharding or layer-2 solutions. As computers get faster, so will the Solana blockchain.
Polygon vs Solana: Polygon (MATIC) Token
MATIC is the native cryptocurrency token on Polygon and plays an integral part in the functioning of the network by enabling users to execute transactions and allowing miners to receive rewards.
It is also used as a staking token, meaning users can stake their tokens in order to become validators on the Polygon blockchain.
Polygon has a fixed supply of 10,000,000,000 MATICs that are released through an inflation rate of 6–10% per year.
Additionally, A portion of the tokens is burned every time a transaction is processed on the network.
Outstanding Supply: 8.7B Matic Tokens Max Supply: 10B Matic Tokens Current Price: $0.82 Current Fully Diluted Marketcap: $8.2 billion
Polygon vs Solana: Solana (SOL) Token
Solana (SOL) is the native cryptocurrency on the Solana blockchain. The Solana platform uses two major mechanisms for distributing SOL tokens: inflation and token burning.
Users use SOL to pay for network fees and validators receive SOL rewards for helping secure the network.
Roughly 6.3% of the total supply is issued each year as a reward for validators and stakers, with 5.6% allocated to validators and 0.7% allocated to stakers.
The remaining tokens are burned in order to reduce the circulating supply of SOL tokens.
Outstanding Supply: 363M SOL Tokens Max Supply: 535M SOL Tokens Current Price: $13.2 Current Marketcap: $7 billion
Polygon vs Solana: How To Buy Polygon (MATIC)?
Buying Polygon (MATIC) is a simple and straightforward process. To get started, you will need to have an account on an exchange that offers MATIC trading.
Popular exchanges include OKX, Kucoin, eToro and others After signing up for your chosen exchange, you can then deposit funds into your account or use a supported payment method, such as a credit card.
Polygon vs Solana: How to buy Solana (SOL)?
The easiest way to buy Solana (SOL) is through a cryptocurrency exchange. We recommend using exchanges such as OKX and Kucoin as they both offer very low spot trading fees of 0.1% and a wide range of cryptocurrencies.
For security reasons, we recommend not leaving your coins on exchanges after making a purchase. We recommend using a hardware wallet such as Ledger to securely store your private keys offline.
This eliminates platform risks such as exchange hacks or losing your funds due to exchange bankruptcies.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Author
Mike Harry
Mike is a passionate crypto enthusiast who bought his first Bitcoin in 2016. With a natural curiosity and a love for learning and tinkering, Mike is always trying out new DeFi applications. Mike excels at breaking down difficult concepts into easy-to-read guides for beginners.
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