Cryptocurrency
Ethereum Alternatives: A Guide to Solana, Cardano, and Polygon on Trust Wallet
Share post
In Brief
This guide aims to provide a clear and concise introduction to these alternatives, and how they are utilized within Trust Wallet ecosystem.
In the world of Web3, Ethereum has been a longstanding leader and innovator. Yet, as the crypto space continues to mature, a set of blockchain networks often referred to as ‘Ethereum alternatives' and sometimes even ‘Ethereum killers’ are offering their own unique value propositions. These include Solana, Cardano, and Polygon - three blockchain platforms that bring distinct capabilities to the Web3 space.
Solana (SOL), Cardano (ADA), and Polygon (MATIC), are all assets you can either buy, sell, transfer, swap, and stake in Trust Wallet, and this guide aims to provide a clear and concise introduction to these alternatives, and how they are utilized within Trust Wallet ecosystem.
Ethereum: The Foundation of Web3
Established in 2015 by Vitalik Buterin, Ethereum emerged as a groundbreaking platform that introduced the world to the concept of smart contracts. This revolutionary feature enables developers to construct decentralized applications (dApps) that function directly on the Ethereum blockchain, free from interruptions, control, or interference from third parties.
Ethereum's native cryptocurrency, Ether (ETH), plays a vital role within this ecosystem. It serves not only as a digital currency but also as "fuel" for running operations and smart contracts on the Ethereum network. This has established ETH as a central component in various sectors, such as decentralized finance (DeFi), gaming, and more, making Ethereum a core pillar in the world of Web3 and beyond. Its broad application potential and growing user base continue to shape Ethereum's role as a key driver of the decentralized digital landscape.
Solana: Speed and Scalability
Launched in 2020 by Anatoly Yakovenko and his team at Solana Labs, Solana is a high-performance blockchain platform designed to enable fast, secure, and scalable decentralized applications and crypto-currencies. Its unique feature, called Proof of History (PoH), allows for high-speed processing, with the ability to handle thousands of transactions per second (TPS).
Solana's native token, SOL, serves a dual purpose within its ecosystem. Firstly, it acts as a transactional currency within the Solana network. Secondly, it plays a crucial role in staking - a process that helps secure the network and participate in its consensus mechanism. With its emphasis on speed and scalability, Solana has positioned itself as a potent contender in the Web3 landscape, offering an intriguing alternative to more established platforms.
Cardano: The Scientific Approach
Cardano, founded in 2017 by Ethereum co-founder Charles Hoskinson, stands out for its distinctive, science-driven approach. It is built on a unique proof-of-stake blockchain platform, underpinned by peer-reviewed research and developed through evidence-based methods.
Cardano's native cryptocurrency, ADA, is integral to the network. It allows people to participate in the operation of the network. Hence, those who hold the cryptocurrency have the right to vote on any proposed changes to the software. Moreover, ADA serves as a secure medium of exchange for users within the Cardano ecosystem.
The platform's rigorous development approach and emphasis on security and scalability make it a unique player in the blockchain field. As Cardano continues to grow and refine its offerings, it promises to add a new dimension to the future of decentralized applications and the broader Web3 universe.
Polygon: Ethereum Scaling
Founded in 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, Polygon, formerly known as Matic Network, is a layer-2 scaling solution that aims to provide faster and cheaper transactions on the Ethereum blockchain while maintaining its security and decentralization.
Polygon offers a framework for building and connecting Ethereum-compatible blockchain networks. It blends the best of Ethereum and sovereign blockchains into an attractive feature set. The network is flexible and can adapt to manage various challenges associated with blockchains, like slow speeds and high gas fees, making it a multi-purpose platform that can support a range of applications.
The network's native token, MATIC, plays a central role in maintaining and operating the Polygon ecosystem. It is used for participation in the network's proof-of-stake consensus mechanism, paying gas fees, and contributing to on-chain governance by voting on Polygon Improvement Proposals.
How to buy and stake Solana, Cardano, and Polygon in Trust Wallet
Now that we've navigated through the technological landscape of Solana, Cardano, and Polygon, it's time to dive into interacting with these ecosystems. There are many ways to do this, but in this article, we'll focus on how to buy the native assets of these networks (SOL, ADA, and MATIC respectively) using Trust Wallet, as well as staking those assets.
Staking, a key mechanism in many proof-of-stake blockchains, allows you to participate in network validation processes, contributing to network security and earning rewards in the process. So let's delve into the step-by-step process of buying and staking these cryptocurrencies within the Trust Wallet.
Before you begin
Before we dive into how to buying or staking crypto assets using Trust Wallet, you’ll need to create a wallet if you don’t already have one. Trust Wallet is available as a mobile app or you can get the Trust Wallet Extension for your desktop web browser. In this example, we’ll set up a new wallet using the Trust Wallet Mobile App.
Step 1: Download the latest version of the Trust Wallet App.
Step 2: Set up your new wallet
Open the Trust Wallet app, and choose “Create a new wallet.”
Select an option to back up your wallet.
Once your wallet is set up, tap on “Start using Trust Wallet.”
Tip: If you already have a wallet that’s not Trust Wallet, you can choose to import that wallet. In this case, you’d choose the “I already have a wallet” option.
How to buy Solana (SOL) using your Trust Wallet
Select the “Buy” button from the main wallet page.
Select Solana (SOL) (if you don’t see it, you can use the search function).
Select the amount you want to buy, then select the next “Next” button.
From there, it’s just a matter of following the simple instructions to buy the Solana (SOL). Once the purchase goes through, the SOL will automatically be stored in your Trust Wallet.
It’s also important to note that you can buy SOL on the BNB Smart Chain using Trust Wallet.
How to stake Solana (SOL) using your Trust Wallet
Select Solana (SOL) from the main wallet page.
Choose the “More” button and select “Stake”.
Follow the instructions to choose your amount, validator, and then proceed to stake.
Note: Staking SOL via Trust Wallet is done on the Solana network. If you need SOL on the Solana network in your wallet, you can refer to these deposit instructions.
Go here for more detailed instructions on how to Stake Solana SOL using Trust Wallet.
How to stake Cardano (ADA) using your Trust Wallet
Select Cardano (ADA) from the main wallet page.
Choose the “More” button and select “Stake”.
Follow the instructions to choose your amount, validator, and then proceed to stake.
Note: Staking ADA via Trust Wallet is done on the Cardano network. If you need ADA on the Cardano network in your wallet, you can refer to these deposit instructions.
Go here for more detailed instructions on how to stake Cardano ADA using Trust Wallet.
How to buy Cardano (ADA) using your Trust Wallet
Select the “Buy” button from the main wallet page.
Select Cardano (ADA) (if you don’t see it, you can use the search function).
Select the amount you want to buy, then select the next “Next” button.
From there, it’s just a matter of following the simple instructions to buy the Cardano (ADA). Once the purchase goes through, the ADA will automatically be stored in your Trust Wallet.
It’s also important to note that you can buy Matic on the BNB Smart Chain and BNB Beacon Chain using Trust Wallet.
How to buy Polygon (MATIC) using your Trust Wallet
At the time of writing this article, staking MATIC is a different process from staking ADA or SOL in Trust Wallet. That’s because you won’t stake MATIC directly in the app, but via the Polygon website. You can use the Trust Wallet Web3 dApp browser for this functionality.
Before you begin, you’ll need to have MATIC on the Ethereum network in your Trust Wallet – in other words, MATIC as an ERC20 token. For your reference, you can own MATIC on a number of different networks including the Polygon (PoS) blockchain, the BNB Smart Chain, and the Ethereum blockchain.
That said, you’ll want to start by ensuring you have MATIC (ERC20) in your Trust Wallet. Use these deposit instructions to get the token into your wallet.
Now that you MATIC (ERC20) in your wallet, here’s how to stake it using Trust Wallet.
Select “Browser” from the main wallet page – this brings you to the Web3 dApp browser.
In the Web3 dApp browser, enter the address: https://staking.polygon.technology and be sure to enter this carefully so that you go to the correct website.
Select the “Login” button.
Choose “Trust”.
Next, select “Connect” to connect your wallet.
Select “Become a Delegator”.
Then you can scroll through the page until you find a validator you’d like to delegate your stake to. Once you’ve found the one you want to use, select the “Delegate” button, and follow the rest of the instructions to choose your amount and complete the staking process.
As always, we encourage you to always do your own research (DYOR) when interacting with blockchain protocols, staking, and all things Web3.
Join the Trust Wallet community on Telegram Follow us on Twitter Instagram Facebook Reddit