The Most Used Blockchain Networks of 2023: Essential Insights

Introduction

Blockchain technology has undergone remarkable growth, becoming an integral part of diverse industries such as finance, healthcare, and more. As we embark on the journey through 2023, the need for innovative blockchain networks continues to surge. Staying informed about the latest advancements and dominant players in the field is imperative, whether you are an individual, a blockchain development firm, a business seeking blockchain software, or simply an enthusiast eager to explore the cutting-edge technologies shaping the future. In this article, we will delve into the 10 most influential blockchain networks and service providers that are leaving an indelible mark on the industry in 2023.

Ethereum Blockchain – Redefining Smart Contracts and Scalability

Leading the charge in blockchain development offerings is Ethereum 2.0. With its huge transition to Proof-of-Stake (PoS) and the introduction of shard chains, it is poised to revolutionize smart contracts and scalability. This upgrade not only promises enhanced efficiency but also addresses environmental concerns by reducing energy consumption. Ethereum’s vast ecosystem, featuring 1046 protocols, offers countless opportunities for blockchain application development firms to create more efficient and eco-friendly decentralized applications (DApps).

Ethereum 2.0 Blockchain Statistics:

Total Value Locked (TVL): $61.99B

Market Cap: $267.68B

Market Cap TVL: 4.12

Tron (TRX) – A High-Throughput Public Blockchain

Tron, a public blockchain aiming to be the core infrastructure for a decentralized internet, takes the spotlight. Utilizing a Delegated Proof-of-Stake (DPoS) mechanism, TRX ensures high throughput, with 27 Super Representatives validating blocks and transactions every 6 hours. Supporting smart contracts in Solidity and native tokens (TRC-10), Tron offers an enticing environment for blockchain development service providers, with 47 protocols enhancing its capabilities.

Tron Blockchain Statistics:

Total Value Locked (TVL): $8.09B

Market Cap: $9.13B

Market Cap TVL: 1.14

Binance Smart Chain – Bridging the Gap between DeFi and NFTs

Binance Smart Chain (BSC) emerges as a formidable player, offering unique and custom blockchain software development solutions. Boasting lowest transaction fees and smooth compatibility with Ethereum tools, BSC has become an ever-attractive choice for blockchain application development services. Its robust ecosystems in decentralized finance (DeFi) and non-fungible tokens (NFTs) continue to attain traction, with 695 protocols showcasing its versatility.

Binance Smart Chain Statistics:

Total Value Locked (TVL): $4.35B

Market Cap: $44.68B

Market Cap TVL: 10.7

Solana – High-Performance Network for Developers

Solana’s exceptional transaction speeds and lower fees propel it into limelight as a superb option for blockchain development solutions providers. With its robust support for smart contracts and decentralized finance (DeFi) projects, Solana stands out as a high-performance blockchain catering to multiple use cases. Its 133 protocols highlight its versatility and appeal. Solana has witnessed a 134% growth in its TVL in December 2023. It is mainly fueled by the impressive returns of SOL within the last two months.

Solana Blockchain Statistics:

Total Value Locked (TVL): $3.3B

Market Cap: $47.2B

Market Cap TVL: 13.22

Arbitrum – Optimizing Ethereum’s Bandwidth

The fifth in the list is the Arbitrum blockchain. Arbitrum emerges as one of the most popular Layer 2 (L2) solutions for Ethereum, addressing the challenge of low bandwidth. By transferring tasks to side chains, Arbitrum enhances the overall efficiency of the cryptocurrency network. With a Total Value Locked (TVL) of $2.37B and 529 protocols, it remains a significant player in the blockchain development landscape.

Arbitrum Blockchain Statistics:

Total Value Locked (TVL): $2.37B

Market Cap: $1.68B

Market Cap TVL: 0.59

Avalanche – Customizable Blockchain

Avalanche empowers every developer with a higher level of flexibility to create customizable blockchain networks specifically tailored to specific needs. This makes it a go-to choice for blockchain app development companies. Subnets and its compatibility with Ethereum assets further enhance its appeal, with a TVL of $1.4B and 370 protocols showcasing its growing influence.

Avalanche Blockchain Statistics:

Total Value Locked (TVL): $1.4B

Market Cap: $15.98B

Market Cap TVL: 11.2

Polygon – Bridging Scalability with Interoperability

7^th ranked blockchain network in terms of its TVL is Polygon. Formerly known as the MATIC network, Polygon serves as an interchain scalability solution, combining adaptability and scalability with Ethereum’s security and interoperability. With a TVL of $1.1B and 519 protocols, Polygon continues to play a pivotal role in shaping the blockchain landscape.

Polygon Blockchain Statistics:

Total Value Locked (TVL): $1.1B

Market Cap: $10.05B

Market Cap TVL: 9.57

Optimism – Fast, Stable, and Scalable Ethereum Transactions

Founded in 2019, Optimism is an L2 blockchain built by Ethereum developers, providing fast, stable, scalable, and secure solutions for Ethereum applications. With a TVL of $912.6M and 226 protocols, Optimism stands as a key player in optimizing Ethereum transactions.

Optimism Blockchain Statistics:

Total Value Locked (TVL): $912.6M

Market Cap: $3.1B

Market Cap TVL: 3.06

Cronos – High-Performance and Low-Cost Ethereum Environment

Cronos Blockchain emerges as an innovative and promising platform, offering a high-performance, low-cost environment for building and deploying dApps on the Ethereum ecosystem. With a TVL of $379.86M and 106 protocols, Cronos is positioned to become a major player in the blockchain industry.

Cronos Blockchain Statistics:

Total Value Locked (TVL): $379.86M

Market Cap: $2.45B

Market Cap TVL: .46

Cardano – Sustainability and Interoperability

Distinguishing itself with a commitment to sustainability and interoperability, Cardano stands out as a blockchain platform prioritizing security. With a TVL of $376.5M and 43 protocols, Cardano offers unique features that make it an appealing choice for custom blockchain software development. It has grabbed the 10^th spot recently by showing an impressive 60% growth in its TVL in December. It is the second-best performing blockchain this month after Solana.

Cardano Blockchain Statistics:

Total Value Locked (TVL): $376.5M

Market Cap: $21.32B

Market Cap TVL: 51.99

Conclusion

As we navigate the dynamic landscape of blockchain in 2023, these top blockchains are poised to have enormous impact on the industry’s future. Whether you’re a blockchain development company seeking tailored solutions or a business aiming to capitalize on blockchain technology, staying abreast of these influential players is key to navigating the evolving blockchain landscape. All the statistics have been taken from CoinMarketCap.