The explosion of the DeFi, GameFi and NFT sectors has favored the emergence of several platforms in the smart contracts market . They have indeed taken advantage of the difficulties of Ethereum to attract developers wishing to make their range in the sectors mentioned above. In this article, we invite you to come back to the most popular smart contract platforms of the past year.
Ethereum
The world's first smart contract platform , Ethereum allows developers to create decentralized applications (dApps) on the Ethereum Virtual Machine (EVM). It has a large number of active developers and has the largest Total Locked Value (TVL) in DeFi . However, Ethereum has been facing some difficulties for quite some time that could cause it to lose its monopoly in the sector. One of the major drawbacks of the platform is the slow network transaction speed. Added to this are the particularly high transaction costs which are sometimes higher than the transaction itself.
Binance SmartChain
Fully compatible with EVM, the Binance Smart Chain (BSC) differs from Ethereum by a higher transaction speed. This has also allowed him to attract several projects last year that were initially developed on Ethereum . Like Ethereum, BSC also has its share of issues that prevent it from establishing itself as the market leader in smart contracts . One of the most notable concerns of its users is network centralization. This stems in particular from the fact that Binance is basically a centralized exchange and that most of the BSC validators are linked to it.
Solana
A high-performance open-source blockchain, Solana provides a platform for next-generation dApps and protocols. It offers blazing transaction speeds thanks to the Proof of History (PoH) consensus mechanism . Although it was once considered a rising star in the smart contract market , the platform is currently facing network instability issues. It also suffered six different breakdowns during the month of January alone.
Avalanche
Avalanche is the first smart contract platform to confirm transactions in less than a second with a finality on each block. It provides a new consensus mechanism with a platform optimized for enterprise adoption while solving scaling and security issues. The AVAX Rush Incentive Plan, its native token, also ignited the entire Avalanche ecosystem in 2021, with significant price swings in the second half of the year. However, Avalanche should consider drastically reducing its transaction fees to hope to dethrone Ethereum.
TRON
TRON has a particularly high level of scalability and offers low transaction fees that attract developers who are taking their first steps into the world of crypto. In particular, this has allowed it to be the user-preferred blockchain for transferring and converting stablecoins . Moreover, the increase in the number of dApps and NFT projects on the TRON network has also attracted many users from other blockchains.
For the time being, none of the platforms presented can satisfy on its own the growing demand for reliable smart contracts for DeFi, GameFi or NFTs. Each of them has advantages and disadvantages that developers will have to take a closer look to choose the best one for them.
Source: Bitcoinist
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