Polygon and Fantom are stacking up to be two of the leading blockchains in cryptocurrency. With Polygon partnering with some of the largest web 2 companies such as Disney, Nike and Starbuck and Fantom recently releasing their financials showing a whopping 30 years worth of runway we can be sure to see plenty of these two blockchains in the future.
So how do they stack up against each other?
The main difference between the two is the type of blockchains they are, while Fantom is a layer 1 blockchain, Polygon is a layer 2 blockchain built to run alongside Ethereum and process transactions to help with Ethereums scalability and congestion problems.
Fantom vs Polygon
Let’s start by comparing the transaction speeds of the two chains, no one wants to use protocols and networks where you have to wait hours or even minutes for your transaction to go through so I’d say transaction speeds are up there with the most important indicators of a good blockchain.
This is also an area where both Fantom and Polygon thrive. While both blockchains use a POS (Proof-ofStake) consensus mechanism to process transactions they are both using slightly different variations of POS to do this.
Polygon runs a modified version of POS and uses sidechains that are called plasma sidechains which allows the network to process transactions on these plasma sidechains before returning them to the parent chain to complete, due to this Polygon can process transactions considerably faster that its “parent” chain Ethereum.
Polygons average block processing time is just 2.1 seconds and boasts the potential to reach a whopping 65,000 transactions per second, compared to Ethereums 15 transactions per second; it is a vast improvement.
Fantom also runs a modified POS called Asynchronous Byzantine Fault Tolerant Proof of Stake, which helps to maintain a high level of security and keep the network operating in an efficient manner.
Fantom boasts an impressive 1 second finality which is half of Polygons, however Fantoms TPS (transactions per seconds) 25,000 which places it a fair bit lower than Polygons. Compared to Solanas 5-12 second finality average of 2,000 transactions per second, Polygon and Fantom are both very fast blockchains.
No one wants to be paying high fees when making transactions, this quickly became apparent as Ethereums traffic grew and it started experiencing serious congestion with transaction fees ranging from $5 right up to the hundreds.
This issue was why Polygon was created, to help Ethereum scale and combat the congestion issues. Polygon has succeeded massively in this department with an average transaction fee of averaging $0.018 this is vastly lower than Ethereum.
Due to this and Polygon being EVM compatible making it very easy for developers to deploy on Polygon the network saw a huge amount of growth in 2022 with there being 284 million transactions and 5.3 million unique users in Q2 of 2022.
Fantom also was built for its low transaction fees along with its speed and security. With an average transaction fee of just $0.01 this makes Fantom one of the cheapest layer 1 blockchains to use. At the peak of Fantom daily transactions Fantom was processing over 1 million transactions per day.
Fantom is slightly cheaper to perform transactions on than Polygon however Fantom has not experienced the level of traffic that Polygon has so it is hard to say whether the fees will still be that low at such high traffic, only time will tell.
Fantom is also EVM compatible allowing developers to quickly and easily deploy and run Ethereum dApps on Fantom.
dApps & Protocols
As an everyday user and not a developer or founder one important factor not many many cover is the amount of quality dApps built on the blockchain. Are there good secure wallets? Do the dApps have clean UIs? What are the NFT and DeFi ecosystems like?
Polygon being EVM compatible and being built to help Ethereum scale means there are alot of high quality dApps built on Polygon. In fact Polygon was actually the most built on layer 2 right of the bat with 50 dApps before launching the mainnet in 2020.
Since then Polygon has attracted over 250 developers and over 53,000 dApps which is a huge amount. Polygon has been integrated into popular browser wallet Metamask allowing it to be used easily with a vast number of dApps across the web.
Fantom had a very prominent developer name Andre who built a large range of the big dApps on Fantom with great success, unfortunately Andre decided to stop developing on Fantom in 2021 causing a lot of unnecessary FUD.
Fantom quadrupled their developers in 2021 with now 40+ developers working on Fantom and hundreds of developers building on Fantom, due to Fantom also being EVM compatible it is very easy for developers to build and deploy on Fantom.
When it comes to your finances you want to feel confident that your money is safe and want to be going anywhere. Security is one of the most important factors to pay attention to especially with all the hacks and exploits happening in the crypto space.
Polygon has undergone an audit from CertiK which is a security auditing firm for cryptocurrency projects, CertiK is one of the most reputable auditors in the space. Polygon has passed CertiKs audit with flying colors gaining a 95/100 trust score which is excellent.
Fantom on the other hand has been audited by Callisto which is another reputable security auditor in the space however maybe not so reputable as CertiK. Fantom also passed this security audit with flying colors with only one minor security issue being brought up.
Polygon recently experienced an outage which lasted for 11 hours resulting in the annoyance of many users and even some reportedly lost funds, however the lost funds have not been confirmed so take that with a grain of salt.
Fantoms last outage was in 2021 which lasted for 7 hours and was due to one of the larger validators slowing down block production causing another large validator to slow down, this was resolved fairly fast.
Frequently Asked Questions
Is Fantom A Good Investment?
There are multiple areas of Fantom we can look at to get a better idea of if Fantom is a good investment. Recently it was announced that Fantom has 30 years worth of runway meaning they have enough money in their treasury to cover 30 years worth of expenses, this piece of information alone is huge.
As far as the technology goes Fantom is up there in some of the highest performing layer one networks. With such high speeds and low transaction costs Fantom is still seeing a decent amount of volume on its network even while deep in a bear market.
Fantom TVL Data Via DeFiLlama
This was just a quick look at two aspects of wether Fantom is a good investment or not.