Making Predictions On The Future Of Polygon and Solana With Additional Comparison
2022 was a year of resilience for crypto enthusiasts, as the bear market seemed to hit a tough time. Nevertheless, imminent signs of recovery show that Solana (SOL) could regain its momentum, while Polygon (MATIC) is still looking as prosperous as ever. Read more to find out about these two promising projects.
Polygon (MATIC) How Many Sides To This Token
Polygon (MATIC) is a layer-2 blockchain network that was designed to sustain auspicious crypto projects and offers scaling solutions for Ethereum transactions on a well-structured and easy-to-use platform. Originally known as Matic Network, the expansion of the project called for a serious rebrand in the hopes of becoming a multi-chain ecosystem of Ethereum-compatible blockchains.
So, what started off as your run-of-the-mill layer-2 scaling solution for Ethereum has now become the infrastructure for a whole network of profoundly scaling and collaborative blockchains that can retain their self-sovereignty. By offering a simple-to-use framework, that allows developers to launch their unique Ethereum-compatible blockchain with a single click, Polygon aims to create a space in which these distinct blockchains can easily and freely exchange value and information with a network model whose structural integrity seems to be pulling its weight.
Solana (SOL) – Shines On Everyone
Solana is an open-source project that also works to provide decentralised finance (DeFi) solutions and facilitate decentralised (dApp) creation. It relies on the permissionless nature of blockchain technology to provide these solutions and aims to make DeFi accessible on a larger scale. A core component of Solana’s innovation is its proof-of-history consensus, developed by its founder Anatoly Yakovenko.
This is a blockchain protocol that creates a historical record of transaction confirmation at a specific time. This ensures the network achieves high scalability through the elimination of the need for every node to validate each transaction. The implementation of this hybrid consensus model of Proof-of-Stake (POS) and Proof-of-History (POH) could mean great things for Solana, as it boosts usability and ensures the overall security of the network.
Battle Of the NFT Markets
Currently, Polygon (MATIC) ranks as the 3rd largest ecosystem for decentralized apps (dApps) and by pursuing strategic partnerships with the likes of Meta, Starbucks, and various gaming projects in the NFT sector, the project continues to add value to its ecosystem through its ambitious expansion, as it managed to sell more individual NFTs on its network than that of Ethereum (ETH). According to OpenSea, Polygon bagged over 1.5 million NFT sales compared to Ethereum’s 1.1 million in the same period. At the time of this writing, Polygon is pegged at $1.24 USD and has gone up by 4.17% in the last 24 hours. With a total market capitalisation of over $10.7 billion, it seems that your worth is no greater than the worth of your ambitions, right?
This recent triumph in the NFT sector could be attributed to the decline of Solana (SOL)? Some have argued this given the scandals that Solana has faced recently. One of them, of course, was the infamous FTX collapse, which hit everyone in the crypto world through no fault of their own, but another also being the fact that Solana (SOL) sold counterfeit digital art on Magic Eden – Solana’s NFT marketplace. Although the project pledged to atone for this by reimbursing affected investors, this major faux pas has affected the reputation and credibility of Magic Eden. The Polygon (MATIC) NFT marketplace has stolen the show as its low-fee structure and unique architecture have swayed investors to join the NFT world through the Polygon (MATIC) network. Props to you Polygon!
Despite these not-so-slight hiccups, Solana (SOL) seems to be doing well in the new year as the project saw over $600 million in trade volumes over the past 24 hours at the time of press. The altcoin has appeared to be a top performer with a 13.9% increase in value since the start of January 2023.
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