Solana vs Polygon: Comparing and Contrasting Two Different Visions of Blockchain Scalability

Compare Solana (SOL) and Polygon (POL), two innovative blockchain solutions tackling scalability, and explore their unique technologies, ecosystems, use cases, and communities.

Introduction

Scalability is essential for blockchain projects, but that doesn’t mean it’s easy. The blockchain ‘trilemma’ states that modern blockchains generally have to sacrifice one of scalability, decentralisation, or security to optimise the other two. Developers offer multiple solutions to the scalability issue, including  Proof of History (PoH), Layer-2 (L2) chains, and sidechains.

The Solana (SOL) ecosystem introduced PoH, its major scalability innovation. It uses Verifiable Delay Functions (VDFs) to generate cryptographic timestamps locally, allowing nodes to sequence events without needing to rely on a global consensus. This means there is no need to broadcast timestamps across the network, reducing data processing requirements and making Solana one of the fastest blockchains. 

Polygon was created as an Ethereum (ETH) scaling solution to facilitate faster, cheaper transactions by scaling Ethereum’s network through Layer-2 blockchains and sidechains. Layer-2 chains work by offloading transaction processing to their networks, reducing the computational load on the mainchain. Sidechains work similarly, except they’re independent blockchains linked to the mainchain by a two-way bridge. Sidechains have their own consensus mechanisms and tokens, while Layer-2 chains do not. 

Let’s explore these two scalability-focused projects to understand their benefits and differences.

Key Differences Between SOL and POL

Solana Overview

Solana is a blockchain protocol focused on maximising scalability without compromising decentralisation or security. Software engineer Anatoly Yakovenko published a white paper in November 2017 describing a new timekeeping methodology, called ‘Proof of History’, for distributed systems like blockchains. Proof of History primarily focuses on time sequencing, creating a historical record that proves an event occurred at a specific moment. Yakovenko partnered with former Qualcomm colleagues Stephen Akridge, Greg Fitzgerald, and a few others to launch Solana in February 2018. 

Solana is amongst the fastest blockchain networks, consistently processing 3,000 or higher transactions per second (tps). It supports multiple decentralised applications (dapps), including non-fungible token (NFT) marketplaces, play-to-earn (P2E) titles, and decentralised finance (DeFi).

One of Solana’s shortcomings is periodic network outages, though most outages inspire technical upgrades that make Solana stronger. For example, there were several instances of network outages, including when the network went down for about four hours in June 2022 and then again in September 2022 for six hours due to a transaction processing bug.

Check out SOL’s current value and recent price history.

Polygon Overview

Polygon is a decentralised Ethereum scaling platform enabling developers to build secure, reliable, and user-friendly dapps with low transaction fees. The project includes several Ethereum scaling solutions, including Polygon CDK (Chain Development Kit), allowing developers to launch new L2 blockchains on Ethereum with native Ethereum Virtual Machine (EVM) compatibility, as well as customisable components, dedicated throughput, and flexible fee structures. Other Polygon scaling solutions include Polygon PoS (an EVM-enabled sidechain) and zkEVM (an EVM-equivalent open-source Zero-Knowledge rollup). 

Software engineers Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic originally launched Polygon under the name ‘Matic Network’ in October 2017. The team was well known in the Ethereum community for contributions to projects like Plasma MVP (Minimum Viable Plasma), the WalletConnect protocol, and the Dagger event notification engine. 

MATIC, an ERC-20 token on Ethereum’s blockchain, was the original token under the Matic Network, which rebranded to Polygon Technology in 2021 but continued using the MATIC token until 4 September 2024, when POL replaced it. Today, Polygon supports multiple dapps, including NFTs and DeFi applications. 

Polygon development frequently involves corporate acquisitions, including of Hermez Network for US$250 million in August 2021, marking the first merger of blockchain networks, as cited by Bjelic. The deal represented Polygon’s investment in Zero-Knowledge (ZK) proofs to streamline transaction processing. Additionally, Polygon acquired ZK start-up Mir Protocol in December 2021 for nearly $400 million, adding to its existing umbrella of ZK scaling solutions under the name ‘Polygon Zero’.

Check out POL’s current value and recent price trends.

Ecosystem Comparison: SOL and POL

Solana and Polygon’s Consensus Mechanisms

Solana’s consensus mechanism combines its signature PoH with Proof of Stake (PoS). PoH uses Verifiable Delay Functions (VDFs) to allow nodes to generate local timestamps through SHA-256 computations. This acts as a cryptographic clock within the blockchain and allows validators to process transactions more efficiently.

Under PoS, these validators are responsible for processing incoming transactions, adding new blocks to the blockchain, and voting on the network’s current state. Votes are weighted by stake — how much SOL is allotted to them by SOL holders, who act as delegators by staking tokens to one or more of the network’s 1,400-plus validators. This increases their influence in exchange for a share of any earned staking rewards.

Polygon also utilises a PoS consensus mechanism. Delegators choose from 105 validators with variable commission rates, meaning some validators offer more incentives than others. Polygon’s network doesn’t have as many validators as Solana’s, representing a potential security risk.

Solana and Polygon’s Scalability

Solana’s rapid processing times produce median transaction fees as low as $0.00064, making it one of the most scalable blockchains. Polygon can theoretically achieve high transaction speeds, but real-world performance ranges from 35–45 tps, lower than Solana. However, Polygon is considerably faster than Ethereum and some of the competing Ethereum scaling solutions.

Tokenomics Comparison

Solana Use Cases

SOL is the native token on Solana’s ecosystem for gas fees, staking, and dapps. Solana hosts an extensive collection of meme coins — including TRUMP and MELANIA — all of which a trader can purchase using SOL. Holders of SOL can also exchange it for other crypto tokens or fiat currencies, and trustworthy platforms like Crypto.com help facilitate these exchanges.

Polygon Use Cases

POL is Polygon’s native cryptocurrency for staking, gas fees, and dapps. It is also a digital value store that holders can swap for fiat or other cryptocurrencies on exchanges like Crypto.com.

Key Pricing Moments

Cryptocurrencies are a volatile asset class, and both SOL and POL have seen significant price swings in both directions. A quick timeline for each token is provided below.

Solana — Key Price Events

Polygon — Key Price Events

Performance and Market Metrics

Solana has a market capitalisation of around $95 billion as of this writing. SOL has no max supply and a circulating supply of about 487 million. Solana is also an inflationary token with a planned long-term fixed annual rate of 1.5%. However, the Solana ecosystem of dapps, altcoins, and DeFi applications creates enough activities to support its growth.

Polygon has a market cap of around $2.6 billion as of this writing. POL has a max supply of 10.35 billion tokens, of which over 8.55 billion are in circulation. POL is an inflationary token with a large float, limiting its per-token value compared to coins with lower supplies, like SOL.

Developments and Roadmaps: SOL and POL

Solana’s Roadmap

The Solana Foundation is an organisation that endorses projects, offers documentation to developers, and provides a roadmap for Solana. One of the expected developments in 2025 is Firedancer: a high-performance validator client developed by Jump Crypto to increase Solana’s transaction processing capabilities through sharding. Solana Labs is also developing network upgrades, including Runtime v2, a concurrent transaction processor designed to expedite throughput.

Solana’s Community

Solana has 3.2 million X followers and 381,000 Reddit followers as of this writing. Its developer community is growing rapidly, as well, attracting 7,625 new developers to lead the crypto industry in 2024.

Polygon’s Roadmap

Polygon Labs manages Polygon and participates in its development and growth. Polygon’s roadmap includes the ongoing implementation of AggLayer, a decentralised protocol entailing a common bridge and ZK mechanisms to combine the benefits of monolithic and modular blockchain networks. Scheduled for staggered release, features of AggLayer began showing up in February 2024 and will extend for the foreseeable future.

Polygon’s Community

Polygon has two million X followers and 63,000 Reddit followers as of this writing. Its website boasts of more than 28,000 contract creators developing with its technology and an active community grants programme.

Conclusion: Solana vs Polygon

It’s difficult to compare SOL and POL directly since they are different blockchains with unique architectures. Solana represents an independent ecosystem with a novel consensus mechanism to streamline transaction processing, while Polygon is tied to Ethereum’s network and aims to unlock its scalability through L2s and sidechains. 

Users and developers may look into both platforms, as SOL offers an established community and fast processing times, while POL offers native compatibility with the Ethereum ecosystem and powerful aggregation features. Solana’s relative scarcity gives SOL superior price upside potential, but POL’s relative price stability may appeal to vendors interested in accepting cryptocurrency payments.

Always look into an asset’s tokenomics, price history, development team, and roadmap before considering a purchase.

Due Diligence and Do Your Own Research

All examples listed in this article are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, cybersecurity, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by Crypto.com to invest, buy, or sell any coins, tokens, or other crypto assets. Returns on the buying and selling of crypto assets may be subject to tax, including capital gains tax, in your jurisdiction. Any descriptions of Crypto.com products or features are merely for illustrative purposes and do not constitute an endorsement, invitation, or solicitation.

Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. When assessing a crypto asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.