SOL has been one of the best cryptocurrencies of 2024 but which Solana competitors are also worth looking at? This is a question that has likely crossed your mind if you have been into the crypto game for a while.
Before we get to the best Solana competitors, it is best to first recap the journey so far. Solana marketed itself as the Ethereum killer during its early stages. So did numerous other cryptocurrencies highlighting how Ethereum was the benchmark of the DeFi industry.
Solana enforced its claim to the throne with low latency and a higher transaction throughput. It also claimed to be more developer-friendly, faster and more scalable. Solana competitors could say the same.
Fast forward to the present and most of the Solana characteristics aimed at surpassing Ethereum have played a hand in its success. For example, Solana has been the go-to for token launches especially for memecoins. The benefits have been evident by SOL price action which has been heavily bullish in 2024.
Why Solana competitors may be the major opportunities
Logic dictates that the next big gainers could be the projects currently emerging as Solana competitors. Such project likely aim to become like, if not better than Solana in some of the key aspects that made the subject matter thrive.
They will also likely use a similar script, such as attempting to undercut Solana in key areas such as transaction speed and other key aspects. Here’s a look at some of the top Solana competitors to keep an eye out for:
Secret Network (SCRT)
This is a network that aims to do what Solana does, but with an extra focus on privacy. It aims to be one of the top Solana competitors by offering privacy-preserving smart contracts. This makes it possible for developers to create dapps that uphold user confidentiality by protecting their data.
The Secret Network’s native cryptocurrency SCRT exchanged hands at $0.7436. It had a $219.06 million marketcap with a circulating supply of 294.6 million coins. It has a total supply of $310.80 million coins.
Aptos (APT)
Aptos has been around for some time and is quite popular. It aims to be an innovative high-performance and scalable smart-contract network. It has so far entered into the mainstream judging by its impressive $7.81 billion marketcap at the time of writing.
Aptos has a circulating supply of 535.04 million and a total supply of $1.13 billion coins.
Avalanche
It is also one of the networks that has been around for a while and performed quite well during the previous bull run. Avalanche boasts of being one of the low-latency networks that offer rapid transaction speeds.
Avalanche is also smart contract-compatible and offers support for virtual machines. Its native coin AVAX had a $51.93 price at press time, at a $21.26 billion marketcap and a circulating supply of 409.31 million coins. It has a maximum supply of 715.75 million coins.
Binance smart chain (BNB)
The Binance Smart Chain (BSC) is one of the more practical and appealing options for developers that prioritize EVM compatibility. It is also built to offer high transaction speeds and low latency.
The BSC’s native coin BNB exchanged hands at $752.88 at the time of observation, at a $108.49 billion marketcap. It had 144.01 million coins in circulation, which also doubles up as its total supply, hence no vesting schedule to worry about.
Cardano
While has not been as successful as Solana so far in terms of adoption, Cardano also aimed to be an Ethereum killer at some point. It has one of the most unique consensus mechanisms of the crypto world.
Cardano offers smart contract support and also claims to be highly scalable and secure. Its native coin ADA traded at $1.20 at an impressive $42 billion marketcap. It has a circulating supply of 35.09 billion ADA and a maximum supply of $45 billion.
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