12 Best Altcoins of 2024 Based on Their Market Cap:
3.) Entering the top three, there is Solana which managed to rank 3rd with a market cap of US$89.52 billion. Solana is a decentralized blockchain-based computing platform that uses $SOL (its native token) to pay for transactions. The concept is similar to Ethereum where Solana uses a different technical base programming language called Rust. This programming language can be used by developers to build applications. One of Solana's standout features is its scalability with the ability to process more than 50,000 transactions per second (TPS), which is much higher than Ethereum's 30 TPS. Solana can achieve such speeds with a combination of consensus algorithms, proof of stake, and proof of history.
This performance has led many to believe that Solana will be the future leader of the DeFi landscape. NFTs on SOL are also popular for the same reason. However, as Ethereum 2.0 comes along and fixes its issues with speed and scalability, many are expecting $ETH to regain that momentum. Given that multiple DeFi ecosystems could coexist sustainably in the future, investors are hoping that the Solana blockchain will have its own fan base. SOL, its native token, will benefit even more as this fan base grows.
