What the ETH? MoneySense’s guide to ethereum and other altcoins
As well, ADA and ether have different monetary policies. ADA’s maximum supply is set at 45 billion, of which 34 billion coins are currently in circulation, as of Nov. 9, 2022, according to CoinMarketCap.com. Ether has no “hard cap” on the number of coins.
Further, Cardano’s upcoming Alonzo Hard Fork upgrade is expected to substantially improve its functionality and attract more DeFi app developers to its network. (In blockchain technology, a hard fork is a drastic change to a network’s protocol that requires all users to upgrade to the latest version of the software.)
Avalanche
Avalanche is another proof-of-stake (PoS) blockchain claimed to be one of the fastest smart contract platforms. Its native coin, AVAX, is the 19th-largest crypto by market cap, as of the time of writing, per CoinGecko.
Ethereum rival Avalanche is a Layer 1 (L1) blockchain that can host decentralized applications and custom blockchain networks. (Layer 1 protocols form the foundation of what can be built on top of the blockchain and how quickly transactions are processed.) As a smart contract platform, Avalanche can confirm thousands of transactions in less than a second.
Due to its cost efficiency and faster transaction speeds, Avalanche is steadily eating into Ethereum’s market share. As a result, Avalanche has been reeling in substantial funding, which it’s using to further fortify its vibrant ecosystem, as per a JPMorgan note to investors.
AVAX supply is capped at about 411 million coins, per CoinGecko, of which nearly 300 million are currently in circulation. As of early November 2022, Avalanche has USD$1.07 billion in total value locked (TVL), the overall value of crypto assets deposited in a particular DeFi protocol.
Polkadot
A relatively new kid on the crypto block, Polkadot (DOT) is fast gaining traction and climbing up in the crypto ranking. Launched about a year ago, it’s already the 11th-largest coin by market value, as of Nov. 9, 2022, proving its utility, technological proficiency and growing popularity.
Polkadot is a multi-chain blockchain with unique architecture that connects different blockchains into a single unified network. While its rival blockchains operate on their own, Polkadot serves as a connecting bridge between blockchain networks. Put another way, the Polkadot network works as a blockchain of blockchains.