Solana Cheerleader Criticizes Polygon (MATIC) for Centralization and Low TPS
A framework and protocol for creating and connecting Ethereum-compatible blockchain networks are called Polygon (formerly known as Matic Network). Polygon SDK, a modular, adaptable framework that provides the invention of many sorts of apps, is its main component.
The Optimistic rollup chains, ZK rollup chains, stand-alone chains, and any other type of infrastructure needed by the developer can all be developed by using Polygon. Ethereum is converted by Polygon into a complete multi-chain system (aka Internet of Blockchains). Although, alike in the effect of multi-chain systems like Polkadot, Cosmos, Avalanche, etc., but with the benefits of security, thriving ecosystem, and transparency provided by Ethereum. According to the latest polygon crypto news, the $MATIC token will continue to exist and take on a bigger and bigger role in the system’s governance and security.
Delegated proof-of-stake protocol Solana focuses on scaling without compromising security or decentralization. It runs on a single chain.
Proof-of-History (PoH), a decentralized clock designed to address the issue of time in distributed networks without a single, reliable source of time, is the cornerstone of Solana’s scaling solution. The PoH protocol enables each node to independently produce timestamps using SHA256 calculations by utilizing Verifiable Delay Functions. As a result, there is no longer a need to broadcast timestamps across the network, increasing network efficiency.
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Mumtaz from Helius claims that Solana (SOL) is 100 times more centralizedthan Polygon (MATIC).
Mumtaz claimed that money inflows from Polygon (MATIC) are encouraging consumers to use its apps. Additionally, he charged Polygon (MATIC) with having a hostile acquisitions policy.
Then he asserted that Polygon (MATIC) acquired far more money from VC firms over the course of several rounds. He claimed that although Solana (SOL) only obtained $315 million from 38 investors, Polygon (MATIC) received about $451 million from a 48 venture capital firms. Given that its validator group issmaller than those of rivals, Mumtaz believes that Polygon (MATIC) is more centralized than Solana(SOL). Its core crew is purportedly able to halt the blockchain at any time thanks to this.
In addition, the CEO of Helius recalled a tweet from Polygon’s investment head, who disclosed that Polygon (MATIC) had invested over $500 million in Web3 start-ups. Finally, he remembered a tweet from a DeFi developer from 2021 about how Polygon (MATIC) had secretly activated their closed- source hard fork without telling anyone. Since the FX collapse, Solana’s reputation has suffered greatly.
Sam Bankman-Fried (SBF), the former CEO of FTX, had encouraged Solana to overtake Ethereum. To increase the chain’s attractiveness and reach, SBF also created the SOL-based Serum DEX.
As per the bankruptcy documents, the exchange had Solana (SOL) on its balance sheet valued at $982 million. However, the recently appointed CEO known as John Ray III, who was brought in to “clean up”the company, stated that he lacked trust in the veracity of the financial accounts due to the total breakdown of corporate controls he inherited reported by Solana crypto news today. Mumtaz considered it necessary to mention that Polygon does not experience the same criticism as Solana despite receiving amount of $50 million from FTX’s sibling firm Alameda.
Sandeep Nailwal of Polygon (MATIC) reports a large-scale dApp migration from Solana (SOL)
Co-founder of Polygon Sandeep Nailwal decided to respond to these charges. He emphasized that the reason for the enormous amount of interest in Polygon (MATIC) should not be attributed to the team’s purported infusion of funds:
To demonstrate that it is completely impossible to encourage the top social media platform in the world to utilize anything as a technical foundation through monetary support, he recalled Polygon’s Reddit relationship. Then he talked about the frequent Solana failures that rendered the network useless in 2021–2022. The network’s technicians restarted it a few times, as the latest polygon crypto news previously reported.
In response to Mumtaz, Nailwal stated that Polygon “won” due to the “strength & pull of Ethereum” rather than by using VC funds to curry favor. Simply put, Polygon’s appeal comes down to it granting access to the Ethereum chain, as he stated that entities want to build on the Ethereum, “not on half-baked L1s.”
However, concerning the matter of VC influence, Mailwal stated that investments were made when Polygon had an $8 billion valuation. As a result, VCs held just about 5% of the total supply of MATIC tokens.
Nailwal acknowledged that no ecosystem is flawless as the thread came to an end. Although, rather than withering the opposition, he would rather focus on helping and inspiring others. Sandeep Nailwal, a co-founder of Polygon, came out in defense of ecosystems that are jealous and feeling defeated.
The tweet from MertMumtaz, co-founder, and CEO of Helius Labs, which said Polygon had received more venture capital funding than Solana and had used the funds to pay individuals to use the network and buy businesses, served as the impetus for the reply.
Helius develops application programming interfaces (APIs) to streamline on-chain data for Solana developers. This is done to hasten and streamline the development of the Solana project reported by Solana crypto news today.