In order to automatically execute, control, or document legally significant events and actions in accordance with the terms of a contract or an agreement, a smart contract is a computer program or transaction protocol.

Currently, Fantom and Solana are two of the fastest blockchain networks, but Fantom may eventually overtake Solana as the largest. Investigate the causes now!

What is Solana (SOL)

With thousands of projects spanning DeFi, NFTs, Web3, and more, Solana is the fastest blockchain in the world and the fastest-expanding ecosystem in the cryptocurrency space.

With an unlimited supply and a 4.9% annual inflation rate, Solana is a crypto-computing platform that aims to achieve high transaction speeds without sacrificing decentralization. It has been open to the public since 2020. Solana is extremely decentralized with thousands of nodes validating its blockchain but It has an unknown amount of actual funds transactions per second, which might be a Red flag.

Read More: Crypto Compare Guide 2023 – Exchanges, Wallets, Tokens & More

In the event that the official wallet experiences any problems, some third-party wallets that support SOL coin addresses ensure increased project reliability.

On its base layer, Solana supports smart contracts and is currently based on a Proof of Stake (PoS) consensus model. Even though it is extremely quick to send—typically taking less than 10 seconds to fully confirm SOL transactions on the blockchain—its transfer costs are very low.

Read More: What is Solana Faucet

What is Fantom (FTM)

Fantom is a powerful, scalable, and customizable directed acyclic graph (DAG)-based platform for smart contracts that provides developers with decentralized financial services (DeFi).

Since 2018, the public has had access to Fantom, an open-source smart contract platform for digital assets and dApps that is quick and high-throughput. The FTM coin supply is constrained, with about 80% of the total coins currently in circulation and an inflation rate of about 7.2% annually. The blockchain of the coin is also centralized, with about 60 nodes validating it.

Averaging 0.2 fund transfers per second, it has a low blockchain traffic volume. If the official wallet experiences any problems, some third-party wallets that support FTM coin addresses ensure that the project will continue to function.

On its base layer, Fantom supports smart contracts and is presently based on a Proof of Stake (PoS) consensus model. Additionally, it is very quick to send; on average, it takes less than 10 seconds for FTM transactions to be fully confirmed on the blockchain. However, although its transfer costs are relatively low, they are not cheap.

Solana Vs Fantom Utility Comparison

Generally speaking, Solana’s utility is inferior to Fantom’s, and it is anticipated that this difference will continue for some time.

Solana typically cost about 70 times less to send than Fantom. Moreover, the confirmation time for SOL’s transactions is approximately nine times faster, i.e. reach acceptable certainty. Due to Solana’s approximately 30-fold greater decentralization, SOL is likely more reliable and potentially more secure.

For example, Solana and Fantom support self-custody. independent wallets. As a result, they become less dependent on centralized organizations for security, such as official wallets and exchanges. Currently, at least one (1) well-known cryptocurrency payment processor, such as SOL or FTM, accepts both SOL and FTM widely. Coingate, NOWPayments, and CoinPayments are examples.

While Solana’s maximum supply is unknown or unlimited, Fantom’s available supply percentage of FTM coins is at 80%. In terms of inflation, Solana has a roughly two-times lower inflation rate than Fantom. 6.5% APY for SOL and 5.4% APY for FTM are offered by Solana and Fantom’s staking capabilities, respectively.

Finally, both Solana and Fantom support smart contracts. Where smart-contracts enable programmers to create decentralized applications on top of the blockchain protocol, e.g. Decentralized finance, or DeFi.

Why Fantom Could Be Bigger Than Solana

Fantom (FTM) is jumping because it’s a layer 1 protocol with super-fast speeds, like Solana (SOL). These two coins’ values soared by 14,000% and 11,000%, respectively, in 2021. With a $7 billion market cap compared to $43 billion for Solana, Fantom is significantly smaller, but it won’t be for long. Fantom (FTM) is currently unheard of.

1. It Might Be the Fastest Blockchain

As opposed to Ethereum, which only processes 14 transactions per second, Solana processes 50,000. While Fantom is not as quick as Solana, it is still far faster than Ethereum; in a test run in 2018, its blockchain handled 25,000 transactions per second. However, if you consider the time to finality, Fantom has a pretty strong case for being the fastest blockchain. This statistic, which indicates when a transaction has been fully validated on the chain, is arguably the most significant one. In contrast to Solana’s 13 seconds and Ethereum’s over a minute, Fantom’s time to finality is only about a second.

The total number of blockchain transactions is also rocked by Fantom. Fantom had 4,000 daily transactions on average a year ago. The network now averages 750,000 users per day, which is an incredible growth rate. Fantom is already fifth in the number of transactions, and it has zoomed past much bigger coins like Avalanche (AVAX).

2. It’s Compatible With Solana and Ethereum

Compatibility is one of the issues in the blockchain world because switching a virtual wallet from one blockchain to another can be difficult. These blockchain networks generally have bad relations. Everybody is competing and seeking the victory. But they must also get along and cooperate.

The Ethereum Virtual Machine (EVM) is compatible with Fantom, as it is with the majority of Ethereum’s rivals. Because of this, creating decentralized applications (dApps) for the Fantom blockchain is made simpler for engineers who have experience with Ethereum. Additionally, it facilitates the migration of dApps from the Ethereum blockchain to the Fantom blockchain in order to save money.

Being incompatible with Ethereum makes Solana somewhat unconventional. The blockchain of Fantom is thus outside the Ethereum universe, but what makes this fascinating is that Fantom is also a part of the Solana ecosystem.

3. Major Players Are Backing the Coin

Sam Bankman-Fried is №.58 on the He is the wealthiest crypto magnate on the Forbes 400 list with a net worth of $26 billion.

Bankman-Fried is a major backer of Fantom. His firm Alameda Research, bought $35 million in This occurred at the same time that Fantom began fusing its blockchain with the Solana network.

Also, Andre Cronje the founder of Yearn Finance (YFI) and is one of the architects of the decentralized finance (DeFi) revolution. Cronje is a technical advisor to The blockchain’s development was aided by Fantom. He has already developed a non-fungible token (NFT) market on Fantom that directly competes with OpenSea, the largest NFT market. Cronje is also working on a secret project to be released on the Fantom blockchain in the coming months.

What Problems Was Fantom Built to Alleviate?

By addressing both network congestion and centralization, Fantom aspires to be a viable Ethereum substitute. The system can handle 3000 transactions per second and is highly scalable to meet the demands of the expanding crypto market. Fantom’s technical architecture makes it ideal for use across a variety of industries that demand high transaction throughput.

Energy Consumption

Sustainability was another consideration when creating Fantom. Previous blockchains have come under fire for consuming too much energy. For instance, Bitcoin consumes more electricity than a few small nations, a level of consumption that many people consider unsustainable. In order to achieve a carbon-zero footprint, Fantom was created from the ground up to be environmentally friendly.

High Fees

On the majority of networks, transaction fees are increasing. Because gas costs for Ethereum transactions can exceed the transaction value, many users have left the ecosystem as a result. The cost of using Fantom, on the other hand, is reasonable, with users frequently paying close to no fees.

What Problems Was Solana Built to Alleviate?

The market’s best performance was another goal when designing Solana. According to developers, the network can handle 29,171 transactions per second, which puts it ahead of regional payment processors like VISA and PayPal in terms of scalability. Because Solana has the ability to scale proportionally by adjusting network bandwidth, this TPS rate is possible.

Censorship

Since the protocol runs as pure code, Solana developers are free to create whatever they like. There are no centralized organizations to obstruct your transactions or seize your money as a result. The entire protocol runs in a distributed, trust-less fashion.

Lack of Passive Income

Users of the Solana network can quickly and easily secure passive income because it uses Delegated Proof of Stake. You can take part in the validation procedure using DPoS networks even if you are not a validation node. Instead, you give a validation node control over your tokens. Depending on how much each delegate contributed, the rewards are distributed among the delegators.

How to Buy Fantom (FTM) and Solana (SOL)

These exchanges currently have Fantom (FTM) and Solana (SOL) available for purchase.

Kraken

With over 9,000,000 users and a quarterly trading volume of over $207 billion, Kraken, which was founded in 2011, is one of the most reputable brands in the sector.

The Kraken exchange offers trading access to over 190 countries including Australia, Canada, Europe, and is our most recommend exchange for USA residents. (Excluding New York & Washington state)

Uphold

This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.

Uphold Disclaimer: Region affects the assets that are accessible on Uphold. All trading and investments carry risk, and it is possible to lose money. Cryptoassets are largely unregulated and are therefore not subject to protection.

Binance

Best for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from purchasing most tokens. Use Discount Code: EE59L0QP for 10% cashback off all trading fees.

KuCoin

Over 300 other well-known tokens can currently be traded for cryptocurrencies on this exchange. When new token buying opportunities arise, it frequently offers them first. This exchange currently accepts residents of the United States and other countries.

Conclusion

Fantom has the potential to be a new rising star in the crypto space. It might emerge as a major player if it keeps setting itself apart through clever alliances and technological advancements.

The biggest distinction between Fantom and the other projects is that on Fantom, a new blockchain is created for each deployed smart contract. As a result, scalability is improved and the workload is distributed among the blockchains.