Fantom Vs. Polygon – What’s the Difference?
Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.
Table Of Contents
When you examine what differentiates Fantom (FTM) from Polygon (MATIC), it becomes evident that both of these protocols empower developers. These networks share a common goal to provide the blockchain community with more scalability and flexibility. Here's everything you need to know about Fantom vs. Polygon.
What is Fantom?
Fantom (FTM) is a new style of network that boasts improved performance through the integration of Directed Acyclic Graph (DAG) technology. The protocol leverages this data flow system to improve smart contract operations and lower congestion on its network.
The developers behind Fantom want to make it the default network for tomorrow's digitally connected cities. The protocol integrates a reliable blockchain, a flexible technical infrastructure, and a new cryptocurrency to provide services. Today, the network operates as a competitor in the smart contract programmable blockchain race and is listed on numerous popular CEXs and DEXs.
What is Polygon?
Polygon is an advanced DeFi-capable blockchain that has made waves in the market since its launch. The network was designed by former Ethereum developers and features significant upgrades to earlier generation systems. Notably, Polygon entered the market under the name MATIC before altering its name.
Polygon is all about empowering developers to create more helpful and immersive Dapps. The protocol provides an open framework and offers cross-chain capabilities to EVM-compatible blockchains. This strategy has proven to be effective as Polygon continues to attract new developers to its ecosystem weekly.
What Problems was Fantom Built to Alleviate?
One of the biggest issues that Fantom seeks to reduce for crypto users is the lack of interoperability in the market. The protocol alleviates these problems by operating in an EVM-compatible format. EVM (Ethereum Virtual Machine) is the most widely used protocol for Dapps at this time. As such, the maneuver opens the door for a flood of new developments to enter the Fantom project.
As part of its strategy, Fantoms developers wanted to ensure its network was fast and secure. The protocol offers near real-time finality and can scale. Notably, the system's use of DAG technology gives it the ability to scale vertically with reports placing the network's predicted performance at 300,000 TPS.
What Problems was Polygon Built to Alleviate?
The main purpose of Polygon was to provide developers with some relief to the issues faced by Ethereum. The protocol accomplishes this task in multiple ways. For one, its open source structure features developer centric options such as modular security features. Developers can create blockchains and Dapps that remain secure and responsive.
Polygon provides full EVM compatibility which is another plus for integration purposes and onboarding. The system enables users to utilize all the same tools that they had at Ethereum and much more. These options combined provide a higher level of interoperability within the market.
How Does Fantom Work?
Fantom combines a host of top DeFi features to provide users with more ROI opportunities. The network helps to streamline some vital blockchain actions such as creating digital assets. Anyone can mint NFTs or other helpful assets using the fMint feature. These digital assets can span the entire scope of the market from cryptocurrencies to stablecoins and much more.
Those who want to trade their assets can try out the fTrade feature. This responsive DEX provides you with a secure way to instantly trade digital assets securely. The protocol is non-custodial and offers a plethora of features and services to help you stay ahead of the trends.
Lend and Earn
You can also secure returns using the fLend option. This feature is ideal for those who want to secure passive income by lending out their unused digital assets. P2P lending is one of the fastest-growing aspects of the market. The fLend system enables you to secure interest on top of your lent out crypto using large lending pools.
The fWallet is the ideal add-on for any user. You can secure your crypto and monitor your holdings from the easy-to-navigate interface. Additionally, you can send and receive payments with a click. The non-custodial nature of the wallet also adds to its security. Only you can access your funding when using the fWallet features on Fantom.
FTM is the main utility token for the network. There are also a variety of other token types the ecosystem relies on. For one, sFTMs are synthetics created on the Fantom network. There is also the network stablecoin which remains pegged to $1 USD in value.
How Does Polygon Work?
Polygon can be split into two main components. The first component is the network framework. This structure is ideal for developers seeking to create. It also enables the users to leverage other protocols across Ethereum's vast array of protocols to create a multi-chain ecosystem. This structure improves liquidity and flexibility.
The network improves the creation process in several ways. For one, the technical barriers to Dapp creation have been removed. The network offers a growing set of modules to help you create advanced blockchains without coding. These options include everything from consensus to token creation.
How to Buy Fantom (FTM) and Polygon (MATIC)
Currently, Fantom (FTM) and Polygon (MATIC) are each available for purchase on the following exchanges.
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: Assets available on Uphold are subject to region. All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
Binance – Best for Australia, Singapore, UK, & USA residents. Canadian residents are prohibited.
Discount Code: EE59L0QP for 10% cashback off all trading fees for non-USA residents. USA residents: Trade $100 & Earn $10 in 30 days after account registration.
Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.
They offer trading access to over 190 countries including Australia, Canada, Europe, and the USA. (Excluding New York & Washington state).
Fantom vs. Polygon – Creators Benefit from Competition
As the smart contract programmable blockchain war continues to heat up, it looks as if the developers and users are the real winners. Both of the networks are capable of supporting the most advanced features in the market. Additionally, they both seek to court Ethereum's developers to their platforms. As such, these competitors are set to duke it out moving forward.
To learn more, make sure to visit our Investing in Fantom and Investing in Polygon guides.
David Hamilton is a full-time journalist and a long-time bitcoinist. He specializes in writing articles on the blockchain. His articles have been published in multiple bitcoin publications including Bitcoinlightning.com