Solana vs Polygon: How is 2023 turning out to be for both?

• Solana’s TVL gained and hit its highest degree because the starting of 2023
• MATIC’s market cap plummeted in June, whereas SOL registered positive aspects 

Over the previous few months, Polygon [MATIC] has witnessed a surge in its community exercise, with the identical increased than that of Solana [SOL]. Nonetheless, Solana nonetheless dominated Polygon by a major margin by way of transactions. Not solely that, however SOL’s efficiency within the DeFi area additionally stays promising, as its TVL hit this 12 months’s highest degree just lately. In truth, SOL additionally outshined MATIC by its value motion, as the previous overtook the latter in market capitalization. 

Learn Polygon’s [MATIC] Value Prediction 2023-24

Is Polygon really forward of Solana?

Artemis’ knowledge identified that Solana’s each day lively addresses declined during the last three months. This allowed Polygon to overhaul Solana by way of that metric. Furthermore, MATIC has constantly managed to have extra customers on the community up to now. Nonetheless, trying on the complete image revealed that MATIC remains to be method behind SOL within the variety of each day transactions processed by the networks.

Supply: Artemis

Not solely that, Solana can be closing in on Polygon by way of their captured worth. As is clear from Artemis’ chart, Solana’s charges and income have gained since mid-July, even flipping Polygon on two events.

Nonetheless, at press time, Polygon’s charges and income remained barely increased than these of SOL. Nonetheless, SOL just lately touched a brand new milestone. DeFiLlama identified that SOL’s TVL was shifting up and, at press time, was sitting on the highest degree because the starting of the 12 months. 

Supply: DeFiLlama

A wider have a look at each blockchains

Other than community exercise, each blockchains’ staking ecosystems are additionally attention-grabbing to watch. SOL is method forward of MATIC by way of staking market cap, as the previous’s figures stood at $9.77 billion, whereas the latter had a staking market cap of $2.4 billion at press time. Whereas MATIC had a staking ratio of 38.91%, SOL posted a studying of 70.84%. Furthermore, the variety of staking wallets was additionally increased on Solana than on Polygon.

Nonetheless, Santiment’s chart revealed each blockchains have been performing neck to neck of their respective NFT ecosystems. Each MATIC and SOL had comparable numbers of NFT commerce counts and commerce quantity in USD, which proves the competitors. 

Bullish value motion for Solana?

In the direction of the start of Might, MATIC’s market cap was nicely above that of SOL. Nonetheless, issues began to show bitter for MATIC because it bled significantly over the subsequent few weeks. This allowed Solana to take over, because the token flipped MATIC on 6 July. Since then, the latter has been in a position to reclaim its lead by way of market cap. 

Supply: Santiment

Is your portfolio inexperienced? Verify the Solana Revenue Calculator   

In truth, as per CoinMarketCap, SOL’s value appreciated by over 7% over the previous week. Quite the opposite, MATIC solely managed to hike by 1%. At press time, SOL was buying and selling at $24.77 whereas MATIC’s worth was $0.6794 on the charts.