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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 Ethereum sidechain designed to reduce transaction fees, increase scalability and enable quick user onboarding.
In contrast, Solana is a high-performance blockchain designed to enable high throughput and transaction speeds of up to 60,000 transactions per second (TPS). Who comes out on top when you pit these two blockchains against each other? Let’s find out!
Table of Content:
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. 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.
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.
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.
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.
Solana (SOL) is the native cryptocurrency on the Solana blockchain. Users use SOL to pay for network fees and validators receive SOL rewards for helping secure the network. The Solana platform uses two major mechanisms for distributing SOL tokens: inflation and token burning.
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.
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 Binance, Huobi Global, OKEx and many more. 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.
Buy MATIC on Binance with a 10% discount on fees
The easiest way to buy Solana (SOL) is through a cryptocurrency exchange. We recommend using Bybit as they both offer very low spot trading fees of 0.1%.
Buy SOL on Binance with a 10% discount on fees
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.
Secure your assets with a Ledger Hardware Wallet
