BSC was created as a parallel blockchain to BNB Beacon Chain, which launched in April 2020 to facilitate decentralized trading. Total Market Cap (July 14, 2021): $45.310 billion (Rank #4)īNB Smart Chain is a fairly recent smart contract blockchain, introduced in late August 2020. While dozens of blockchain platforms have recorded significant growth in 2021, we’ll focus on the platforms that have risen in the crypto market cap ranks and made substantial progress with their technology and communities. In this article, we give a quick look at some of the notable blockchain platforms that will likely play crucial roles in the growth and future of the industry. Most of these emerging blockchains offer Ethereum compatibility alongside a bevy of enhancements, such as faster transactions, quicker processing times and other advantages, making it easy for developers to switch to these new platforms or at least alternate between Ethereum and its rivals.Īs a result, these new blockchain platforms have risen in the cryptocurrency ranks, driven by their growing communities, unique selling propositions, and increase in valuations. While Ethereum’s core developers have been tirelessly improving the blockchain’s mechanics, the platform’s challenges opened new opportunities for competitor blockchains to rise to the occasion and generate additional business from crypto projects worldwide. However, the increase in network activity for Ethereum has also led to new problems and challenges to their capacity, such as record-high fees, slow transaction speeds, and more. In Ethereum’s case, industry-wide changes like the explosive growth of DeFi (decentralized finance), NFTs (non-fungible tokens) and other notable innovations catalysed their renewed dominance as the platform of choice for blockchain apps. In Bitcoin’s case, unprecedented interest, investments, and bullish forecasts from institutions like multinational companies, hedge funds, and even governments have fueled the top crypto’s bullish run for most of the year. From a macro standpoint, the record highs of Bitcoin and Ethereum this year have lifted the crypto industry in general, driving renewed interest in numerous blockchain projects as traders constantly search for the next big performers in their portfolios. The growth of newer blockchain platforms has been a major factor of this change in the crypto landscape. In recent weeks and months, the level of dominance of Bitcoin and Ethereum has been at the lower end of that range. For most of crypto history, Bitcoin and Ethereum have accounted for around 65% to 85% of total market valuation. Ethereum, the second-biggest crypto and the top blockchain platform, accounted for 13%. At the beginning of this year, Bitcoin, the world’s top cryptocurrency, accounted for around 70% of the industry’s total market capitalization, according to data from CoinMarketCap. More Blockchains Emerge Amid Bitcoin, Ethereum DominanceĬryptocurrency’s rise to a trillion-dollar industry in 2021 has paved the way for the emergence of more blockchain platforms alongside the ever-dominant Bitcoin and Ethereum. We encourage you to do further research on any token or project before getting involved. While there are thousands of public blockchains in existence, with dozens making significant impact around the world, a few notable blockchain platforms like Polygon, Solana, Polkadot, Cardano, and BNB Smart Chain have risen as top-performing networks in 2021, with fast-growing ecosystems and huge growth potential.ĭisclaimer: This article does not endorse or promote any of the projects, tokens, or other entities mentioned. The growth of the overall cryptocurrency industry in 2021 has led to the rise in prominence of new blockchains beyond market leaders Bitcoin and Ethereum, giving developers new platforms to build decentralized applications.
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