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Polygon co-founder addresses criticisms the project is just as bad as Solana

Polygon co-founder addresses criticisms the project is just as bad as Solana
Haru Invest

Polygon co-founder Sandeep Nailwal went on the protection towards “ecosystems who’re feeling defeated & jealous.”

The remark was motivated by a tweet from Mert Mumtaz, the co-founder, and CEO of Helius Labs, who identified Polygon had obtained extra VC cash than Solana and had used the funding to “pay folks to make use of the chain and purchase firms.”

Helius creates utility programming interfaces (APIs) to simplify on-chain knowledge for Solana builders. The thought behind that is to make Solana undertaking improvement faster and extra environment friendly.

Polygon is worse than Solana, claims Mumtaz

Because the FTX collapse, the narrative round Solana has taken an enormous hit.

Former FTX CEO Sam Bankman-Fried (SBF) had backed Solana to usurp Ethereum. This prolonged to SBF growing the SOL-based Serum DEX to bolster the chain’s attain and enchantment.

Chapter filings present the alternate held $982 million price of SOL on its steadiness sheet. Nevertheless, the not too long ago appointed CEO John Ray III, who was introduced in to “clear up” the corporate, stated the whole failure of company controls he inherited meant he lacked confidence in the accuracy of the monetary statements.

Mumtaz thought it related to level out Polygon had obtained $50 million from FTX’s sister firm Alameda, but doesn’t endure the identical put-downs as Solana.

What’s extra, on the first criticisms leveled at Solana, together with its battle of curiosity by way of VCs and centralization points, the state of affairs is way worse when the identical arguments are utilized to Polygon, stated Mumtaz.

Nailwal disagrees

In response to Mumtaz, Nailwal stated “Polygon received” not due to wielding VC cash to purchase favor; as a substitute, it “received” due to the “energy & pull of Ethereum.”

He stated that entities need to construct on Ethereum, “not on half-baked L1s.” Put merely, Polygon’s attraction boils all the way down to it offering entry to the Ethereum chain.

Addressing the matter of VC affect, Mailwal stated investments have been made at a time when Polygon was valued at $8 billion. This meant VCs managed round simply 5% of the MATIC token provide.

The thread ended with Nailwal conceding that no ecosystem is ideal. However he prefers to give attention to bettering and inspiring others, moderately than bad-mouthing the competitors.

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