Polygon & its competitors.

How is Polygon outperforming its competitors?

Chains Aug 1, 2022
Polygon & it's competitors

While major cryptocurrencies witnessed a slump last week, the value of Polygon(MATIC) rose in the same period with the announcements such as #zkEVM and the selection in Disney's accelerator program.

Polygon has used a framework to connect and build Ethereum-compatible blockchain networks that are 10 times cheaper and faster. Furthermore, the blockchain is agnostic, meaning it can serve as a parent chain to any blockchain. In addition, Polygon uses the Proof of Stake consensus mechanism, which makes it more compatible than the Ethereum network overall, giving IDO, and NFT a smooth and secure platform to launch.

But how does it compare to other blockchains like Binance, Avalanche and Solana? Let's find out!

Polygon vs Binance vs Avalanche vs Solana

Polygon vs Binance:

Both projects solve the problems that Ethereum has. While BNB Chain has focused on creating its thriving and diverse ecosystem, Polygon presents itself as an escape valve and a booster for Ethereum. Currently more projects are on Binance Smart Chain, which has created more than 700 projects but features like higher transactions-per-second, better staking reward, top tier projects like Aave, Lens Protocol etc., and the fee is practically non-existent makes Polygon is winner in this battle, and the use of the Polygon Network is expected to grow at a much rapid pace with its recent launches and acquisitions.

Polygon vs Avalanche:

Avalanche and Polygon are pretty similar to one another. They are not too far off in terms of growth. Their development patterns are different, though. Avalanche is a platform for smart contracts that is extremely quick. It is inexpensive and environmentally friendly. In contrast, Polygon features an adaptable network that enables the development of various chains. In addition, it is a user-friendly platform for scaling and building up the infrastructure of Ethereum networks.

Polygon vs Solana:

Solana has a significantly worse user experience than Polygon because its not an Ethereum Virtual Machine (EVM) compatible network. For investors wishing to obtain stablecoin returns and other tokens, Polygon (MATIC) offers a better user experience. The relatively small transaction fees are paid using both SOL and MATIC.

Polygon is also an Ethereum  L2, which means popular, safest and best applications like AAVE and Curve are deployed on their polygon.

Sum Up

The future of these blockchains depends on the kinds of apps that will be developed in the future and how these platforms sustain them. Due to these blockchain platforms' applications and usefulness, they are quickly gaining popularity in the industry. Additionally, given the ongoing rise of the cryptocurrency industry, we may expect to see a significant increase in the use of these platforms in the next few years.

Thus, Polygon, with its simple onboarding, usability and the mission of bridging the web2 - web3 gap, takes the upper hand over others. But for how long, only time will help find answers to this since other blockchains are rapidly cross-collaborating and assisting onboard users with ease. There is perhaps no right answer as to which is the 'best' chain, but there are plenty of opportunities for each network to distinguish itself.

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