An increase in Solana’s capitalization in 2023 could be a big relief for altcoin holders; after all, SOL was one of the cryptocurrencies hardest hit by the bear market this year. However, Polygon may get in the way of bulls’ desire for competitor Ethereum.
Weather Solarium Hit hard by the FTX crash, Polygon earned its place in the top 10 due to its partnerships and the blockchain market’s enthusiasm for Layer 2 solutions.
Furthermore, in 2022, the SOL network experienced constant outages, showing the fragility of projects that aim not to rely on the expensive and slow Ethereum blockchain.
Polygon offers an excellent space for developers to securely build on the market-leading altcoin network.
Polygon’s Ethereum Virtual Machine (EVM) compliant solutions make it easy to migrate existing decentralized applications (dApps) onto the ETH network.
Is there really a chance that Polygon will continue to outperform Solana in 2023?
First, let’s get to know the main qualities offered by each of the projects.
- Excellent architecture;
- High speed of transaction processing;
- High performance protocol for scalability.
- It has two sizing solutions;
- It has a robust ecosystem led by blue chips;
- It offers security through its validation system.
What can make Solana grow in 2023?
Developments are expected to continue on the altcoin network next year. The main priority is to develop updates so that the SOL blockchain does not experience further disruption, while the crypto community remains strong, even when investors pull out.
The ease with which developers can create smart contracts on Solana may also help increase activity on the crypto network, especially as the non-fungible token (NFT) market strengthens.
However the the negative scenario is even stronger for SOL. This is because it may not be able to stand out from other competitors, such as Cardano, which continue to grow. Also, the development of Ethereum 2.0 may affect Solana in a more negative way than Polygon.
But for what reason?
While some of Polygon’s goals are to bring scalability to projects on the ETH blockchain, it doesn’t just focus on that. That is, it does not only have the narrative of a scalable network, as is the case with Solana.
As such, the Polygon development team is creating a generalized scaling approach so that you can deliver multiple Layer 2 solutions instead of just one.
Another factor to consider is that Polygon is developing in several areas that may become even more prominent in 2023, such as ZK-Rollups and Optimistic Rollups.
However, it is important to note that Layer 2 also has its problems. As an example, Polygon’s PoS chain has worse security than cumulative solutions because it relies on a set of external validators.
But Polygon’s cumulative gains may see the altcoin surpass that factor in the coming months.