Congestion, expense, and complexity. These are only a few of the issues that the dominance of Ethereum in the crypto ecosystem raises. Even if Ethereum could be the most common option, these problems encourage more users to look into alternative blockchains. Two platforms, Fantom and Solana, are competitors in the escalating layer 1 blockchain competition.
Although these networks may appear identical at first glance (there is even a Phantom wallet on Solana, which also causes some misconception), closer inspection reveals more distinct variances. So, how do they compare, and which is a better option?
Here is all the information you require for FTM vs SOL.
What Is Fantom (FTM)?
Fantom is a layer-1 blockchain that uses the PoS consensus mechanism and prioritizes scalability and affordability. Fantom, like its rivals, wants to make it simpler for common people to access innovations like NFTs, smart contracts, and other digital assets, including dApps.
Through the usage of several blockchains and sidechains, the platform is able to scale. Developers can build separate blockchains so that every transaction is not on the main “Opera” blockchain. This improves the responsiveness of dApps and eases the load on a single chain.
Other important aspects for comparison with Solana are as follows:
- 100 validators;
- $500 million DeFi TVL;
- EVM-Compatibleness through Aurora.
The current market cap of FTM is $900 million. The maximum supply is 3,175,000,000, out of which 2,769,023,285 FTM (87%) are already in circulation.
How Does Fantom Operate?
Three interconnected layers provide the operation of Fantom. The Validator nodes work in the Opera Core Layer, which manages consensus, to keep the blockchain safe and unchangeable. The next layer, called Opera Ware, makes it possible to execute smart contracts and do other things. The majority of system interactions take place at the application layer, which is also where you’ll find the APIs and other communication tools.
What Is Solana (SOL)?
Another layer-1 blockchain that aims to address Ethereum’s issues is Solana. Developers may easily design original experiences without having to worry about network specifics, thanks to the Solana ecosystem. The network architecture guarantees unwavering and quick performance for dApps and smart contracts.
Solana can process more than 60,000 transactions per second, as opposed to Ethereum’s average of 20 transactions. Its innovative “Proof of History” (PoH) consensus process is what makes it successful.
Let’s also mention some other features:
- 2,000 validators;
- $276.5 million DeFi TVL;
- No EVM-Compatibleness.
Currently, Solana’s worth is $8 billion. The total supply of SOL tokens is 500 million. 300 million of them are already in circulation.
How Does Solana Operate?
Solana employs a hybrid consensus model that combines the proof-of-history (PoH) and proof-of-stake (PoS) techniques. Although PoH is used to confirm and log transactions on the network, it should be highlighted that it is actually more of a cryptographic clock than a consensus process.
In the PoH model, network nodes can form a consensus and validate transactions without exchanging copious amounts of data through communication and sharing. Instead, all network transactions and events are timestamped by this consensus technique. All prior events are stored chronologically in the blockchain’s history record.
The nodes that perform timestamping are referred to as validators. Staking SOL tokens allows anyone to join the validator community.
To achieve high transaction speeds and optimal efficiency, the network also uses a number of other protocols in addition to PoH.
Which Should You Pick: Fantom or Solana?
Every time our readers visit this link — https://godex.io/exchange/etn-to-btc, they doubt which token it is worth buying today.
Choosing between FTM and SOL, there is no actual leader since both have chances to win the competition in the long term.
However, as we already mentioned, Solana’s market cap is eight times bigger than Fantom’s. Thus, if we talk about growth potential, FTM is undoubtedly the first priority. On the other hand, each of them are young startups that have much room for development both in terms of token price and technology.