Solana (SOL) and Avalanche (AVAX) are two of the biggest Ethereum-killers in the industry. The Solana token is valued at over $33 billion while Avalanche has a market cap of over $20 billion. In the past few months, the two tokens have been under pressure, with AVAX falling by over 47% from its highest point in 2021. Solana has been worse considering that its token has fallen by 61% from its all-time high. In this Solana vs Avalanche article, we will look at the best option between SOL and AVAX.
The case for Solana
Solana is a leading blockchain project that is known for its speed and efficiency. According to its website, Solana can handle as many as 2,000 transactions per second. The platform has been used to build some of the best-known applications in the world.
For example, it has been used to build Brave Browser, a platform used by more than 50 million people every month. It has also been used to create StepN, the fast-growing fitness, and NFT platform. StepN’s GMT token has risen by more than 20,000% in the past few weeks. Another app built using Solana’s platform is Audius, the company that is disrupting the music streaming industry.
Solana has also been used widely in the Decentralized Finance (DeFi) industry. It has a total value locked (TVL) of more than $6.77 billion, which is lower than its all-time high of over $14 billion. Some of the top applications built in Solana are Marinade Finance, Serum, and Raydium among others.
Therefore, while Solana’s ecosystem is growing, there are signs that the number of transactions in the network is easing. This could be a risk to the network.
The case for Avalanche
Avalanche is another blockchain project that is looking to disrupt Ethereum’s network. Like Solana, it is widely known for its blazingly fast speeds. The network has been in a strong growth in the past few months. As a result, its total value locked in DeFi has risen to more than $10 billion, making it the fourth-biggest network in the industry.
Like Solana, Avalanche has been used by some of the best-known developers in the industry like AAVE, Trader Joe, BENQI, and Curve. It has also been embraced by leading platforms like 1inch, Alliance Block, Arweave, Atlantis World, and Avalaunch among others.
Between Solana and Avalanche, I am inclined to believe that Avalanche is a better investment. The network has a higher throughput and is growing exponentially thanks to its incentive programs.