Solana overtakes Polygon, securing the 9th position in market capitalization

  • Polygon could potentially surpass Solana once again.
  • Solana was greatly impacted by the FTX fall, as SBF, a strong supporter of the Solana Ecosystem, faced challenges.

Solana has successfully surpassed one of its main rivals, Polygon, to regain a position in the top 10 in terms of market capitalization. During the Terra collapse in May, Solana was valued at $5 billion, while Polygon (MATIC) was worth only around $16.8 million.

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Unfortunately, Solana suffered significant damage due to the FTX catastrophe. Following the incident in November, the native token of Solana’s layer-1 network experienced a sharp decline of up to 70%. Sam Bankman-Fried, co-founder of FTX and a strong supporter of Solana, had made substantial investments in the ecosystem.

Once suspicions of widespread fraud became known, investors quickly sold off SOL and other tokens linked to Bankman-Fried. Meanwhile, MATIC began to significantly outperform the market.

Polygon promotes itself as a “sidechain solution” that enhances Ethereum’s functionality and scalability. When Solana surpassed Shiba Inu (SHIB), the second most valuable meme coin, in late January, there was speculation about whether MATIC would be the next target for Solana to overtake.

Recent developments have provided a significant boost.

Currently, the market premium for SOL, the cryptocurrency associated with Solana blockchain, is only slightly higher by about 1.5%. There is a possibility that Polygon, another blockchain platform, might switch back to using Solana. Recent developments within the Solana ecosystem have been quite fascinating. One such development is the introduction of the Solana Saga, which is an Android phone that already has Web3 applications installed on it. This concept is similar to HTC’s Exodus line of phones.

The incentive system for wireless hotspots called Helium, which uses cryptocurrency, has recently completed its transition to Solana blockchain. Last year, the Helium community made a decision to stop using their own blockchain network. According to the information from  CMC, the price of SOL, the cryptocurrency associated with Solana, is currently $20.25, and it has experienced a 1.4% decrease in value over the past 24 hours.

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Author

  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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