When comparing Polycode vs Wave, the Slant community recommends Polycode for most people. In the question“What are the best 2D game engines?” Polycode is ranked 32nd while Wave is ranked 33rd. The most important reason people chose Polycode is:
Polycode uses Lua and C++ to create native applications for Windows, Mac, and Linux. Mobile platforms are planned for the future.
Specs
Ranked in these QuestionsQuestion Ranking
Pros
Pro Can create portable native applications
Polycode uses Lua and C++ to create native applications for Windows, Mac, and Linux. Mobile platforms are planned for the future.
Pro Free and open source
Polycode is free and open source (released under the MIT license). The source code is freely available on GitHub.
Pro IDE for 3D editing
Recently, the editor and its integrated tools have been released in compiled form. Features coding and scene editing in one application.
Pro C++/Lua
Polycode is distributed in a C++ form as well as with IDE. And there's an additional LUA-based scripting system.

Pro Extensive learning material
In addition to online API documentation, the Wave Engine team provides tutorials via IndieDB, plus sample projects and "QuickStarters" via GitHub.

Pro Supports coding in C#, F# and Visual Basic
Wave Engine explicitly supports all three core .Net Platform languages.

Pro Oculus Rift support
The Wave Engine team provides an official, open-source Oculus Rift extension via GitHub.

Pro Many components are open source
Several core components and official extensions of the Wave Engine are publicly hosted on GitHub.
Cons
Con Abandoned
The project does not seem to be maintained anymore: there has been no new release nor commit since mid-2015.
Con No mobile support
Doesn't have support for Android or iOS.

Con Mandatory splash screen
Games and applications made with Wave Engine must display a splash screen advertising it. No splash-free license option is available.
Con Not many tutorials available
Con Outdated UI
The UI looks like it is from Windows XP days. A refresh is much needed.
