In the crypto world, Avalanche and Solana are considered promising projects with solid technology behind them. Which one should you choose? Let’s find out.
Full Rundown on Avalanche and Solana Projects
Avalanche is a platform for creating and launching decentralized apps and financial services using blockchain. Solana is a high-performance blockchain designed to scale to tens of thousands of transactions per second. It’s also considered a reliable tool for launching dapps, which makes it quite similar to Avalanche.
In short, both applications are big competitors to Ethereum. Moreover, the two are often traded, meaning you’ll often see AVAX vs SOL as a trading pair in online exchanges. The following article will explain the two projects and their cryptocurrencies and compare their key characteristics.
Avalanche: Basic Info
Avalanche (AVAX) is a blockchain platform that provides an efficient and secure way for developing distributed ledger applications. It uses a novel consensus algorithm called the Snow Consensus. This allows nodes to reach consensus in seconds and enables the platform to process thousands of transactions per second.
AVAX is the native cryptocurrency of the platform. It is used to pay for network fees, as well as for collateralization of smart contracts. The AVAX token is used to incentivize users and developers to build applications on the Avalanche platform.
The platform was founded by Emin Gün Sirer and Kevin Sequini, both from Cornell University. They established a company called Ava Labs, with the project closing its first ICO in 2020 in just 24 hours, raising a total of $42 million during it.
Solana: Basic Info
Solana is a blockchain-based platform designed to support large-scale applications while providing high throughput and low latency. It uses a combination of technologies, such as Proof of History and Proof of Stake, to achieve high throughput and scalability. Solana can theoretically support 65,000 transactions per second.
Solana is powered by its native cryptocurrency, SOL. This cryptocurrency is used to pay transaction fees, incentivize miners, and secure the network. It also serves as a store of value and is used to power the platform's decentralized applications (DApps).
The mastermind behind Solana is Anatoly Yakovenko. He started working on the project that would later become Solana in 2017 after partnering with one of his colleagues from Qualcomm — Greg Fitzgerald.
The popular cryptocurrency is currently present at many online crypto exchanges. One popular option is https://godex.io/.
Avalanche vs Solana: Comparing Key Characteristics
Let’s start with Avalanche. The max supply for AVAX is 720,000,000, while the total supply is currently at around 419 million AVAX (due to the burning processes that are part of the ecosystem). The current circulating supply is at around 44% of the total supply (314.5 million AVAX) as of January 2023. Avalanche’s record high was on November 21, 2021 (about $146). The all-time low was $2.79 — on December 31, 2020, not a year before its peak.
Solana doesn’t have a max supply, with the total supply being around 539 million SOL at the moment. The circulating supply is 371 million SOL. The cryptocurrency reached an all-time high of $260.06 on November 6, 2021, and the lowest recorded price was just $0.5052 on May 11, 2020.
Here’s a quick recap of the differences between the two:
Choosing the Best Crypto to Invest In
Both AVAX and SOL have a similar purpose, supporting their respective networks. Both Avalanche and Solana platforms are a great basis for developing decentralized applications. Each is coming with a unique set of features that make them successful. However, there are subtle differences between the two platforms and their tokens. That’s why we recommend further exploring before opting for one and investing your funds.
