• 23 July, 2024
News

Data Aggregator Enlists Top 10 L1 Cryptocurrencies Based on Popularity

According to the data aggregator CoinGecko’s recent research study, Ethereum emerges as the most popular Layer 1 cryptocurrency with over 3,578 coins and tokens on its network and a total value locked (TVL) of $32 billion. 

As the pioneer in smart contract technology, Ethereum gained a significant market share due to its first-mover advantage. Its active developer community contributed to a wide array of decentralized applications (dApps) spanning various sectors such as decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs).

Following Ethereum, BNB Chain (previously Binance Smart Chain) has achieved the second position among the most popular Layer 1 blockchain ecosystems, hosting 2,992 cryptocurrencies and boasting a TVL of $5 billion. Developed by the centralized cryptocurrency exchange Binance, BNB Chain facilitates decentralized asset transfer and trading.

Ranking third, Avalanche hosts 343 cryptocurrencies with a TVL of $865.5 million. This open-source, proof-of-stake blockchain emphasizes scalability, transaction speed, and smart contract functionality.

Fantom comes in fourth with a TVL of $470.7 million and 268 cryptocurrencies. This fast, scalable, and secure platform uses the aBFT consensus mechanism and supports smart contracts and token issuance.

At fifth place, Cronos has a TVL of $377.5 million and 82 cryptocurrencies. Developed by Crypto.com, Cronos is an EVM-compatible chain that focuses on DeFi, NFTs, and decentralized applications.

According to the data, Solana is the sixth most popular Layer 1 blockchain, featuring a TVL of $293.1 million and 149 cryptocurrencies. Known for its high throughput and low transaction costs, Solana supports various DeFi and Web3 applications.

Cardano holds the seventh position with a TVL of $170.7 million and 29 cryptocurrencies. This proof-of-stake blockchain is designed for security, scalability, and sustainability, focusing on smart contracts and DeFi applications.

Furthermore, ranking eighth, Algorand has a TVL of $143.6 million and 26 cryptocurrencies. Celo is the ninth most popular Layer 1 blockchain, with a TVL of $135.3 million and 12 cryptocurrencies. Finally, Canto takes the tenth position with a TVL of $134.0 million and 17 cryptocurrencies.

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