Solana has flipped one of its key competitors, Polygon, to recover a place among the top 10 market capitalization. When the Terra collapse broke in May, SOL was valued at $5 billion, but MATIC was only worth around $16.8 million.
Sam Bankman-Fried, co-founder of FTX, invested heavily in Solana’s ecosystem, and when suspicions of systemic fraud were public, investors dumped SOL and other tokens associated with Bankman-Fried, while MATIC started to massively outperform the market.
Polygon advertises itself as a “sidechain solution” that facilitates Ethereum’s seamless operation and scalability. When Solana flipped Shiba Inu (SHIB), the second most valuable meme coin, in late January, everyone wondered whether MATIC would come next.
The market premium for SOL right now is just 1.5% more. Furthermore, it’s not impossible that Polygon will switch Solana once more. But recent events in Solana have been quite interesting. Similar to HTC’s Exodus line, the Solana Saga is a branded Android phone that comes preloaded with Web3 applications.
The cryptocurrency-powered Helium incentive system for ad hoc wireless hotspots has also finished moving to Solana. Its community made the decision to stop using its own blockchain network in September of last year. SOL is currently trading at $20.3 on CMC, down 1.4% from the previous day.
Compiled by Coinbold
