In the rapidly evolving blockchain world, some networks have a very important role in the ecosystem. They are starting to stand out as truly innovative, secure, and showing clear advances in performance. Whether developing decentralized apps, participating in the DeFi phenomenon, or trading with NFTs, the network you choose makes the difference.
Before starting to talk about the best ones, we have to answer a question:
What Is a Blockchain Network?
A blockchain decentralized network is just a type of digital infrastructure that allows several parties to record and share data in a secure, decentralized, and resistant manner.
It operates based on a distributed ledger where a network of participants, commonly known as nodes, verifies transactions through a consensus mechanism, such as proof of work or proof of stake. Each transaction is recorded in a “block,” and all those blocks are connected in a chronological “chain,” hence the term “blockchain.”
Understanding Key Metrics in Blockchain Networks
While considering blockchain exchange networks, there are some key metrics that would give you a view into the health, activity, and potential of a network. Here’s what each of these key terms means:
Total UAW: refers to the number of unique wallets that interact with a given blockchain network DApp at any period in time. A high UAW will then mean increased activities and user engagement on the network.
NFT Volume: This is the total volume of NFTs, otherwise called non-fungible tokens. It depicts the total of all transactions in NFTs across the network. This comprises buying, selling, and trading of NFTs. A high NFT volume indicates the liveliness of the digital asset marketplace on the network.
DApps Volume: This is the sum of the value of transactions processed through DApps on the network. It hence gives a pointer to the level of general economic activity that is taking place within a blockchain’s ecosystem, covering everything from gaming and social platforms to DeFi.
TVL: TVL, or Total Value Locked, shows the total DeFi Dapps listed and tracked on this chain over a period of time.
These metrics can explain the degree of use and the extent to which a blockchain ecosystem exists, which is meaningful information to anyone who wishes to make an investment or build projects within a network.
If you are looking for a crypto blockchain networks list, the Bitcoinsensus team is here for you. What follows is an overview of the top seven emerging blockchain networks dominating the market right now.
BNB Smart Chain (BSC)
BNB Smart Chain has sustained itself at the helm of the blockchain world because of low fees and high processing speed. Over 5,456 DApps, with a TVL in DeFi by itself of $3.18 billion, put BSC in a league of its own for developers and investors alike.
Token: BNB
Key Strengths: Scalability, cost efficiency, large dApp ecosystem
Total UAW: 403.42M
NFT Volume: $1,02B
DApps Volume: $13,4T
Ethereum (ETH)
Ethereum remains the chair for the largest number of smart contracts and DApps developed on its platform and is more secure, with a larger community of developers. DeFi projects, NFT projects, etc., cannot think about moving out to any other platform when activities such as these are being spoken about. The total DeFi TVL is at its highest on Ethereum and stands at $52.67 billion.
Token: ETH
Key Strengths: Security, extensive developer support, pioneering smart contracts
Total UAW: 178.5M
NFT Volume: $60.39B
Dapps Volume: $886.61B
Polygon (MATIC)
Polygon has etched its name as one of the leading Layer 2 solutions of the Ethereum blockchain, making transactions faster and cheaper. It gained huge popularity with DApps that need a quicker throughput and cheaper fees. As of press time, more than 967,8 million transactions are being recorded on Polygon, one of the favorites for DeFi and gaming DApps.
Token: MATIC
Key strengths: High scalability, interoperability, low transaction fees
Total UAW: 353.27M
NFT volume: $1.66B
DApps volume: $886.61B
TRON (TRX)
TRON has found its niche as a blockchain optimized for high transaction volume, in particular within the entertainment and content-sharing arenas. More than 574.89 million transactions exist on the TRON network, having huge growth in NFT and DeFi activities.
Token: TRX
Key Strengths: High transaction speed, low fees, growing DeFi and NFT ecosystem
Total UAW: 36.47M
NFT Volume: $1.25M
DApps Volume: $41.71B
Avalanche (AVAX)
It leverages a natively built consensus protocol, through which Avalanche reaches near-instant finality, maintaining a high throughput without compromising decentralization. One of the DeFi sector’s leaders is its $676.7 million in TVL and growing popularity in the NFT market.
Token: AVAX
Key powers: high speed, low latency, high degree of decentralization
Total UAW: 32.07M
NFT Volume: $68.41M
DApps Volume: $130.93B
Arbitrum (ARB)
Arbitrum is a Layer-2 solution scalability platform for Ethereum with low-cost execution of high volumes of transactions. Seems to have gotten a traction in DeFi rather quickly, and DApps are growing by the day, with a total value locked, or TVL, of $1.17 billion at the moment.
Token: ARB
Key Strengths: Scalability, low fees, strong DeFi ecosystem
Total UAW: 109.48M
NFT Volume: $88.23M
DApps Volume: $593B
EOS
However, EOS clearly outshines most of the other blockchains, with very strong notions of UX and performance. Putting its relatively low ascendant and high throughput regarding transaction cost into consideration, it is very understandable as to why EOS is such a useful platform for building scalable DApps.
Token: EOS
Key strengths: high throughput, developer-friendly, low transaction costs
Total UAW: 73.85M
NFT volume: N/A
DApps volume: $35.06B
Conclusion: Why These Blockchain Networks Stand Out
These leading blockchain networks will establish leading paths into 2024 only because they hold strengths in scalability, security, and an ecosystem support function that is practically unmatched.
In case one is a developer, investor, or even a general enthusiast of this world, then these platforms build the best environment with the most innovation and growth potential in the blockchain space. Initiatives with an ambition to build or invest, then these networks will come atop heights of demonstrated performance and effusing communities.
By the way, if you are asking yourself “Where is Solana?”, we have bad news for you.
Solana is only 11th in this list. For this reason, it doesn’t appear. But don’t worry, if you are between these enthusiastic fans, we have ready a comparison between Solana and Ethereum.
In this fast-paced environment, we have aimed to provide an overview of the top blockchain networks currently in the spotlight round. We wish our readers a fruitful journey in the crypto world!
