- Solana’s TVL gained and hit its highest level since the beginning of 2023
- MATIC’s market cap plummeted in June, while SOL registered gains
Over the last few months, Polygon [MATIC] has witnessed a surge in its network activity, with the same higher than that of Solana [SOL]. However, Solana still dominated Polygon by a significant margin in terms of transactions. Not only that, but SOL’s performance in the DeFi space also remains promising, as its TVL hit this year’s highest level recently. In fact, SOL also outshined MATIC by its price action, as the former overtook the latter in market capitalization.
Read Polygon’s [MATIC] Price Prediction 2023-24
Is Polygon actually ahead of Solana?
Artemis’ data pointed out that Solana’s daily active addresses declined over the last three months. This allowed Polygon to overtake Solana in terms of that metric. Moreover, MATIC has consistently managed to have more users on the network to date. However, looking at the whole picture revealed that MATIC is still way behind SOL in the number of daily transactions processed by the networks.
Not only that, Solana is also closing in on Polygon in terms of their captured value. As is evident from Artemis’ chart, Solana’s fees and revenue have gained since mid-July, even flipping Polygon on two occasions.
However, at press time, Polygon’s fees and revenue remained slightly higher than those of SOL. Nonetheless,
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Author: Dipayan Mitra
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