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03/21/2024

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4 Solana Competitors With Big Potential in 2024

Solana competitors in 2024: which projects have potential as the “Ethereum killer”?In Q4 2023 Solana became the growth leader among other cryptocurrencies. In this article, we talk about other projects that...

4 Solana Competitors With Big Potential in 2024

Solana competitors in 2024: which projects have potential as the “Ethereum killer”?

In Q4 2023 Solana became the growth leader among other cryptocurrencies. In this article, we talk about other projects that can be called Solana rivals.

Solana competitors 2024

Solana competitors list:

  • Cardano: This is a Layer 1 blockchain that runs on Proof-of-Stake consensus. The coin is ADA.
  • Polygon: This is a Layer 2 blockchain that runs on Proof-of-Stake consensus. Developed to improve the scalability of the Ethereum network. The coin is MATIC.
  • Aptos: This Layer blockchain runs on the AptosBFT consensus algorithm. The coin is APT.
  • Manta: This blockchain runs on two Layers, offering fast movement using a bridge. The coin is MANTA.

Cardano

Cardano is one of Solana’s competitors and a blockchain platform that utilizes the Proof-of-Stake algorithm, using the Haskell programming language. The platform is designed to build decentralized applications (dApps) that rely on smart contracts.

Cardano was launched on Sep. 29, 2017. Among its founders are former Ethereum employees Charles Hoskinson and Jeremy Wood.

The first ideas about Cardano started in 2015 when both left Ethereum and founded Input Output Hong Kong (IOHK). One of the core technologies created by IOHK is called Ouroboros. That is one of the use cases for Proof of Stake. With this consensus, block creation is divided into epochs and slots.

During one epoch, a specific number of slots are set. Each slot prescribes how many stakes are distributed. During an epoch, a leader who is responsible for transactions in competitive slots is appointed.

Cardano is known for basing its blockchain operations on mathematical research, with Ouroboros being one such example.

Polygon

Polygon was launched in 2017 under the name Matic Network. The project was then renamed, but the token ticker remained unchanged.

Polygon is a Layer 2 blockchain designed to improve the scalability of the Ethereum network and reduce transaction fees. Thanks to its architecture, which consists of four layers (Ethereum, security, Polygon, and transaction processing), the blockchain allows applications to be deployed quickly and securely.

As a result, developers need to spend minimal time and resources to create blocks while utilizing the Ethereum infrastructure.

For more information on Polygon, check out our in-depth article on the project.

Aptos

Former Meta employees Mo Sheikh and Avery Ching are the brains behind the Aptos project. Before this venture, they were involved in Diem (formerly known as Libra, renamed in 2020).

The Aptos network was launched in late 2022, drawing comparisons as one of its significant Solana alternatives within the crypto community. This parallel is partly attributed to the developers’ claim that the blockchain can handle 160,000 transactions per second (TPS).

Aptos aims to leverage Block-STM technology to achieve high transaction throughput, enabling parallel transaction processing. Additionally, this technology was initially intended for use in Diem.

Moreover, the Aptos network adopts the Move programming language, prioritizing security and rapid transaction processing. This is facilitated by a modular system, which divides information into smaller components for efficient processing.

Manta

The project was founded in 2020 by former Algorand and P0X Lab, Victor Ji, and Shumo Chu employees. One of Manta’s primary supporters is Binance Labs.

Manta gained significant traction in 2024 when it announced airdrops ahead of the mainnet launch. Emphasizing user data security, the network allows developers to run Zero Knowledge (ZK) applications.

Manta Network operates on both Layer 1 and Layer 2:

  • Manta Atlantic is an L1 blockchain built on Polkadot, featuring modular on-chain support.
  • Manta Pacific: Serving as an L2 blockchain on Ethereum, Manta Pacific is precisely engineered to enhance the scalability of the Ethereum Virtual Machine (EVM) for rapid execution of ZK applications without exorbitant fees.

Bridges exist between these two layers, facilitating seamless user migration from Layer 1 to Layer 2 and vice versa. Additionally, both layers can utilize the native MANTA token.

Analyzing the Long-term Potential

According to data from Cryptometheus, Cardano is second in terms of 1-year developer activity, boasting 22,890 commits for the year. In comparison, Solana ranks 14th with 7,807 commits.

It’s important to note that while this metric provides insight into developer activity, it may not always indicate the overall performance or success of Solana competitors. Additionally, developers’ activity, including commit counts, can sometimes be manipulated intentionally, akin to wash trading. Nonetheless, increased developer activity can enhance Cardano’s visibility, extending its reach beyond the crypto community.

According to Brand Intimacy data for 2024, Cardano has emerged as the most popular cryptocurrency brand, securing the 26th position in the overall list. In contrast, Bitcoin settled in the 30th place.

Cardano developer activity. Resource: CryptometheusCardano developer activity. Resource: Cryptometheus

One emerging Solana competitor in 2024 could be Polygon, particularly in the non-fungible token (NFT) market.

According to Cryptorank’s February 2024 report, blockchain ranked fourth in monthly NFT sales volume, amounting to $32.8 million. Meanwhile, Solana secured the fourth position with $217 million in sales.

Blockchain performance for February 2024 by NFT sales volume. Source: Cryptorank

Blockchain performance for February 2024 by NFT sales volume. Source: Cryptorank

Aptos, one of the Solana competitors, overtook the rival in terms of daily active users (DAU) over 30 days. According to Token Terminal data, the protocol emerged as the leader in DAU growth by 406%, while Solana increased by 379% during this period.

Interestingly, Polygon, considered one of Solana’s rivals, ranked 19th with 20.6% growth.

👥📈 Protocols w/ the highest 30d DAU growth:

🥇 @Aptos ~183k (406.2%)
🥈 @solana ~2.05m (379.8%)
🥉 @ton_blockchain ~124k (247.5%) pic.twitter.com/9XO8pMJXKM

— Token Terminal (@tokenterminal) March 18, 2024

Manta is one of the Solana rivals that ranked third in total value locked (TVL) among Layer 2 networks with a 37% increase to $623.5 million.

Notably, the lending sector represents the most significant portion of Manta’s TVL, accounting for 91% of the total.

Crypto lending is a passive income opportunity where investors earn interest by lending their assets. These lent cryptocurrencies are often used in liquidity pools.

Change in TVL across chains during February 2024. Source: Coin98 Analytics

Change in TVL across chains during February 2024. Source: Coin98 Analytics

Utility Factor of Cardano, Polygon, Aptos, and Manta

While Solana’s primary advantage lies in its transaction processing speed, it’s important to note that blockchain serves various purposes beyond transactions, including NFTs, gaming, and the DeFi market.

However, one significant drawback of Solana is the potential for network congestion due to its hybrid consensus mechanism, Proof of History.

Solana competitors have pursued similar paths. For instance, the Polygon blockchain is widely utilized for NFT creation and dApp deployment.

While Cardano hasn’t achieved the same level of adoption as Polygon, its smooth operation and extensive academic research make it appealing to institutional investors.

Despite being relatively new, Aptos is rapidly gaining traction, evidenced by the growth of its DAU. Moreover, the blockchain is making inroads into the NFT market.

Manta stands out among Solana’s competitors due to its bridging technology, facilitating seamless integration between Layer 1 and Layer 2 solutions.

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Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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