Top Layer-1 Blockchains

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Originally synonymous with Distributed Ledger Technology (DLT), blockchains are now known as specific types of DLTs, upon which native cryptocurrencies reside, decentralized apps can be built, NFTs minted and smart contracts executed.

What are blockchains?

Typically, blockchains are distributed ledgers that are also decentralized, public, and anonymous

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The data that is stored on the distributed ledger is not managed by a single source but instead distributed via a network of computers that tend to be known as “nodes”. Furthermore, data relating to transactions, transfers, NFT mints, and smart contract executions are stored permanently and available for anyone to view publicly, though anonymized, using only an address to identify a wallet on the chain.

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The transactions and other data records stored on the chain are managed in blocks, with each block being validated by the operators of nodes, miners, or stakers. Data on the blockchain is cryptographically encrypted, making it highly secure compared to traditional data storage methods.

How we define the top blockchains

It would be easy to define the top blockchains as those that are most popular, but thanks to the immutable nature of the data these blockchains store, we can measure the best blockchains via their on-chain activity in terms of:

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Number of active wallets
24-hour volume
Market cap
Price of the native token

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And much more.

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Bear in mind though, that whilst there are several different rankings of the top blockchains with general consensus amongst them, individual investors may have their own criteria for ranking blockchains not covered by some of what we’ll cover in this article.

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Also, in this article, we’ll only be looking at Layer-1 blockchains not including popular forks such as Bitcoin Cash and Ethereum Classic. Check out our other articles for more information on Layer 0, Layer-2, Layer-3 blockchains and beyond.

The top blockchains today

The below is a comprehensive list of the most popular blockchains and what makes them special, but it is not intended to be an in-depth analysis of each chain- more of a high level summary. For more details on each blockchain, check out 3 Web News’ other articles.

Bitcoin (BTC)

The original and most well-known cryptocurrency, launched in 2009.
Uses a proof-of-work (PoW) consensus mechanism, which is energy-intensive.
Primarily used as a store of value, but also for payments and DeFi.

Ethereum (ETH)

The second-largest cryptocurrency by market capitalization, launched in 2015.
Supports smart contracts, which allow for decentralized applications (dApps) to be built on top of it.
Uses a proof-of-stake (PoS) consensus mechanism, which is more energy-efficient than PoW.

BNB (BNB)

The native token of the Binance exchange, launched in 2017.
Used to pay fees on the Binance exchange and for a variety of other purposes, such as staking and participating in DeFi protocols.
Uses a PoS consensus mechanism.

Solana (SOL)

A high-performance blockchain platform launched in 2020.
Uses a unique consensus mechanism called Proof of History (PoH), which is very fast and scalable.
Primarily used for DeFi and NFTs.

XRP (XRP)

The native token of the Ripple payment network, launched in 2012.
Used for fast and cheap cross-border payments.
Not a security or a commodity, according to the SEC.

Cardano (ADA)

A third-generation blockchain platform launched in 2017.
Uses a PoS consensus mechanism called Ouroboros.
Focused on scalability, security, and sustainability.

AVAX (AVAX)

The native token of the Avalanche platform, launched in 2020.
Uses a unique consensus mechanism called Avalanche consensus, which is very fast and scalable.
Primarily used for DeFi and NFTs.

Dogecoin (DOGE)

A meme-based cryptocurrency launched in 2013.
Has a large and active community.
Primarily used for tipping and small payments.

TRON (TRX)

A blockchain platform focused on entertainment and content sharing, launched in 2017.
Uses a delegated proof-of-stake (DPoS) consensus mechanism.
Has a large user base in China.

Polkadot (DOT)

A blockchain platform that connects different blockchains together, launched in 2020.
Uses a unique consensus mechanism called Nominated Proof-of-Stake (NPoS).
Focused on interoperability and scalability.

Internet Computer (ICP)

A blockchain platform that hosts decentralized applications (dApps), launched in 2021.
Uses a unique consensus mechanism called Chain Key Technology.
Focused on scalability and security.

Litecoin (LTC)

A faster and more scalable version of Bitcoin, launched in 2011.
Uses a Scrypt algorithm, which is more resistant to ASIC mining than Bitcoin.
Primarily used for payments.

Cosmos (ATOM)

A network of interconnected blockchains, launched in 2019.
Uses a Tendermint consensus mechanism.
Focused on interoperability and scalability.

Stellar (XLM)

A blockchain platform for fast and cheap cross-border payments, launched in 2014.
Uses a Federated Byzantine Agreement (FBA) consensus mechanism.
Focused on financial inclusion.

USPs to look for when choosing a blockchain

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As you can see from our points above and below, each blockchain is unique and offers various pros and cons, but each has typically been constrained by something known as The Blockchain Trilemma. The Trilemma speculates that blockchains are only able to provide two of the following three benefits: Security, Scalability & Decentralization.

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Evaluating top chains on these metrics can be done by looking at how the chain is governed, the amount of transactions per second (TPS) it can support, and how the chain is validated and kept secure.

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It is worth also considering the fees that you’ll need to pay when transacting on a particular blockchain. Ethereum and even some of its Layer-2 scaling solutions often get very expensive in times of congestion, with “gas” fees getting very high, which is not ideal when you consider major use cases such as gaming.

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Naturally, newer blockchains try to solve this problem, with varying degrees of success, whilst Layer-2 scaling solutions for Ethereum, Bitcoin and even Shiba Inu have proliferated in recent years.

New and growing blockchains

Fantom (FTM)

High-performance blockchain platform launched in 2018.
Uses a unique consensus mechanism called "Lachesis" which is a modified version of PoS, aiming for fast transaction speeds and scalability.
Focuses on DeFi, NFTs, and dApps.

NEAR Protocol (NEAR)

Highly scalable and developer-friendly blockchain platform launched in 2020.
Uses a novel sharding technology called "Nightshade" for fast and efficient transactions.
Focused on dApps, Web3 development, and NFTs.

Aptos (APT)

New Layer 1 blockchain launched in 2022, designed by former engineers from Diem (Facebook's cryptocurrency project).
Aims for high transaction throughput, low latency, and strong security.
Focuses on DeFi, NFTs, and general-purpose computing.

Sui (SUI)

Another new Layer 1 blockchain launched in 2022, focusing on object-oriented programming and Move language.
Aims for high efficiency, flexibility, and developer-friendliness.
Targets DeFi, NFTs, and Web3 gaming.

Sei (SEI)

First dedicated blockchain platform for stablecoins launched in 2022.
Built on Cosmos SDK and uses Tendermint consensus for fast and secure transactions.
Focuses on stablecoin trading, DeFi, and payments.

Injective (INJ)