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HomeCoinsEthereumPolygon co-founder addresses criticisms the venture is simply as dangerous as Solana

Polygon co-founder addresses criticisms the venture is simply as dangerous as Solana

Polygon co-founder Sandeep Nailwal went on the protection in opposition to “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 acquired extra VC cash than Solana and had used the funding to “pay individuals to make use of the chain and purchase corporations.”

Helius creates software programming interfaces (APIs) to simplify on-chain information for Solana builders. The concept behind that is to make Solana venture improvement faster and extra environment friendly.

Polygon is worse than Solana, claims Mumtaz

For the reason that 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 attraction.

Chapter filings present the change held $982 million price of SOL on its steadiness sheet. Nevertheless, the just lately appointed CEO John Ray III, who was introduced in to “clear up” the corporate, mentioned the entire failure of company controls he inherited meant he lacked confidence in the accuracy of the monetary statements.

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Mumtaz thought it related to level out Polygon had acquired $50 million from FTX’s sister firm Alameda, but doesn’t undergo 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 scenario is way worse when the identical arguments are utilized to Polygon, mentioned Mumtaz.

Nailwal disagrees

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

He mentioned that entities wish 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 mentioned investments had 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 deal with bettering and inspiring others, relatively than bad-mouthing the competitors.

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