Summary: Polygon (MATIC) is a better blockchain than Solana based on network adoption, monthly active users and overall scalability.
Solana has had several hacks, periods of network downtime and other adverse events that make it a relatively insecure chain compared to Polygon network.
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Solana and Polygon Compared
Solana and Polygon (MATIC) are two of the most popular Layer 1 and Layer 2 crypto networks, boasting thousands of daily users. Both platforms are well-regarded because they offer the lowest transaction fees compared to other networks like Ethereum, Avalanche and Optimism/Arbitrum.
To provide a quick high-level overview of Solana and Polygon, we have put together a table that compares key aspects of each network.
Solana vs Polygon: User Experience
Solana has a significantly worse user experience than Polygon because they are not an Ethereum Virtual Machine (EVM) compatible network. This means it is incredibly difficult to bridge tokens to Solana from other popular networks like Avalanche, Fantom, Optimism and more.
Polygon users can seamlessly move between EVM compatible networks for low fees. This makes it easy and cheap to capitalize on incentive programs that happen on new networks like NEAR, Aurora or Optimism.
Solana vs Polygon: Tokenomics
Solana and Polygon have very similar tokenomics to most Proof-of-Stake blockchains. In order to secure the network, both Solana and Polygon need to pay out inflationary rewards to incentivize stakers to validate the network.
Solana currently has an 8% inflation rate and Polygon has a 10% inflation rate, which means Polygon (MATIC) mints more tokens every year. Both networks pay out an average staking rate of 8% - which means that Solana has better tokenomics. This is because you don't lose purchasing power when staking your tokens as the inflation rate and the payout are even.
Is Solana or Polygon better for DeFi?
Solana currently has more 'Total Value Locked' than Polygon with $5.5B compared to $3.8B locked on DeFi applications. With that said, we believe that Polygon (MATIC) provides a better user experience for investors looking to get access to yields on stablecoins and other tokens.
Polygon has a wide variety of applications like AAVE, Curve, QuickSwap and Stargate that make it easy to earn up to 10% APY on stablecoins. If you want to find the best stablecoin yields in crypto, check out our AVAX stablecoin yield guide.
GameFi and NFTs
When it comes to NFTs, Solana provides a superior experience compared to Polygon (MATIC). This is due to their recent integration with OpenSea, which allows users to buy, sell and trade SOL native NFTs through their platform. Polygon is also integrated with OpenSea, but their NFTs trade hardly any volume.
With respect to games and GameFi, both networks boast a wide variety of games. Solana has AAA games like Aurory and Neopets, while Polygon has popular crypto games like Crypto Raiders and Crypto Unicorns.
For more information, read our guide on Solana NFT Marketplaces.
Final Verdict: Polygon Wins
Overall, we think Polygon (MATIC) is better for investors & for DeFi users. Their network is easy to use and most importantly is compatible with other EVM chains making it very easy to bridge between networks.
Polygon is also an Ethereum Layer 2, which means popular applications like AAVE and Curve are deployed on their platform. These are the safest and best DeFi applications to earn yields on USDC, USDT, MATIC, ETH, WBTC and other popular cryptocurrency tokens.