The increase in Solana's capitalization in 2023 may come as a relief to altcoin holders; after all, SOL is one of the cryptocurrencies h...

What could allow Polygon to overtake Solana in 2023?


The increase in Solana's capitalization in 2023 may come as a relief to altcoin holders; after all, SOL is one of the cryptocurrencies hardest hit by the bear market this year. Polygon, however, could thwart bulls’ desire for an Ethereum competitor.

While Solana was heavily impacted by the FTX debacle, Polygon made it into the top 10 due to its partnerships and excitement with Layer 2 solutions in the blockchain market.

Additionally, SOL’s network experienced continued outages in 2022, showing the fragility of projects aiming to not rely on the expensive and slow Ethereum blockchain.

Polygon provides an excellent space for developers to securely build market-leading altcoin networks.

Polygon's Ethereum Virtual Machine (EVM) compatible solution makes it easy to migrate existing decentralized applications (dApps) on the ETH network.

Is it really possible for Polygon to continue to outperform Solana in 2023?

First, let's understand the main qualities each item offers.

Solana

excellent architecture;

Fast transaction processing speed;

High-performance protocol for scalability.

polygon

It is available in two size solutions;

It has a strong ecosystem run by blue chips;

It provides security through its verification system.

What can Solana grow in 2023?

The development of the altcoin network is expected to continue in the coming year. The main priority is to develop updates to prevent further breaches of SOL's blockchain while keeping the crypto community strong even as investors withdraw.

The ease with which developers can create smart contracts on Solana could also help increase activity on the crypto network, especially if the non-fungible token (NFT) market strengthens.

However, the negative impact on SOL is greater. This is because it may not be able to differentiate itself from other competitors such as Cardano which continue to grow. Additionally, the development of Ethereum 2.0 has had a greater impact on Solana than on Polygon.

but why?

While some of Polygon's goals are to bring scalability to projects on the ETH blockchain, it doesn't just focus on that. That means it doesn't just have the narrative of a scalable network like Solana.

As a result, Polygon's development team is developing a general approach to scaling that will allow it to offer multiple layer 2 solutions, not just one.

Another factor to consider is that Polygon is developing in several areas that are likely to become more important in 2023, such as: B. ZK Rollups and Optimistic Rollups.

However, it's important to note that layer 2 has its problems as well. For example, Polygon’s PoS chain provides less security than rollup solutions because it relies on a set of external validators.

But Polygon’s cumulative progress could take the altcoin beyond this factor in the coming months.