Singular's Top 10 Best Blockchain Platforms 2023
In this article, we explore the intricate structures of the top 10 blockchain platforms, highlighting their fundamental importance within the world of cryptocurrencies. Using a thorough assessment that combines both quantitative and qualitative approaches, our team of experts has crafted this piece to provide insight into which blockchain platforms appear to hold the greatest promise for your investment portfolio.
Introduction
Blockchain technology has continued to evolve, revolutionizing various industries with its innovative applications. As we step into 2023, it's crucial to stay updated with the latest advancements and the top-performing blockchain platforms in the market. In this article, we will explore Singular's carefully curated list of the top 11 best blockchain platforms for 2023, each offering unique features and capabilities that make them stand out in the ever-expanding blockchain landscape.
The Importance of Blockchain in 2023
Before diving into the specifics of each platform, let's understand why blockchain technology remains crucial in 2023. Blockchain has proven to be more than just the backbone of cryptocurrencies like Bitcoin; it has the potential to disrupt and enhance various sectors, including finance, supply chain, healthcare, and more. Its decentralized and transparent nature ensures security, immutability, and efficiency in transactions and data management, making it an attractive solution for businesses and organizations worldwide.
In our evaluation of top blockchain platforms, we analyze their technical strengths and community engagement. This involves assessing security, efficiency, scalability, and decentralization, along with factors like governance structures, team reputation, and user engagement. We focus on blockchain projects ranked within the top 100 by market capitalization, excluding more centralized tokens. Our scoring system ranges from 0 to 5, reflecting inherent attributes and progress since the last evaluation. We also consider partnership potential as a supplementary metric.
Tokens with low progress scores are typically excluded due to inactivity or slow growth. However, promising tokens with low scores receive a closer examination for exceptional factors. It's important to note that while partnership potential is considered, it's not given greater importance than the other key evaluation criteria.
Top Blockchain Platforms for 2023
Bitcoin
Singular Score: Bitcoin (BTC) receives a Singular Score of 8 out of 10, acknowledging its pioneering role as the original blockchain platform with a capped supply of 21 million coins. While it has gained traction with NFTs known as Ordinals, concerns arise due to centralization issues, with two major conglomerates controlling over 51% of the hashrate, and potential challenges in mining profitability during upcoming halving events.
Team analysis: Due to the lack of information about Bitcoin's creator, Satoshi Nakamoto, contributes to a lower team analysis score of 5 out of 10.
Token Utility & Tokenomics: Despite criticism for its energy-intensive Proof of Work, Bitcoin maintains strong community support, often being likened to digital gold, and achieves a perfect score 10 out of 10 in Token Utility & Tokenomics due to its hard-capped supply and diminishing inflation design. However, the lack of information about Bitcoin's creator, Satoshi Nakamoto, contributes to a lower team analysis score of 5 out of 10.
2. Ethereum
Ethereum, often referred to as the "king of smart contracts," continues to lead the blockchain space with its robust ecosystem and innovative updates. Ethereum 2.0, with its transition to Proof of Stake (PoS) consensus, promises to address scalability issues and reduce energy consumption, making it a top choice for developers and decentralized application (DApp) enthusiasts.
Singular Score: Ethereum, launched in 2015 by Vitalik Buterin, garners a strong Singular Score of 9 out of 10. It was the pioneering blockchain platform to introduce smart contracts, enabling the development of decentralized applications (dApps). Ethereum's roadmap includes notable updates like Shapella, Cancun, and EIP 4844 (Proto-Danksharding), introducing innovations such as the 'blob' transaction type and progress on account abstraction. With a Total Value Locked (TVL) of $28 billion, it holds a substantial 58% of the aggregate TVL. The Ethereum Foundation actively supports development through grants, with key metrics featuring 196 core developers (30-day average), 1.4K code commits (30-day total), and an annual revenue of $2.78 billion.
Team analysis, Ethereum earns a commendable score of 9 out of 10, with notable figures like Ming Chan, Jeffrey Wilcke, Vitalik Buterin, and Jeremy Wood contributing to its success. The community sentiment analysis stands at 0.8 out of 1, reflecting a strong social presence with extensive mentions and over 2.93 billion social engagements.
Token Utility & Tokenomics achieve a perfect score of 10 out of 10 as ETH serves as a medium for governance, gas fees, and staking, with a transparent distribution model that includes community allocation, foundation support, and rewards for early contributors and miners.
3. Arbitrum
Singular Score: Arbitrum (ARB) receives a Singular Score of 7 out of 10 for its role as a scalable Layer 2 blockchain developed by Offchain Labs, implementing Rollups technology to boost Ethereum's transaction throughput while maintaining security and decentralization. The project recently announced a grant program and has allocated $120 million in ARB tokens to support initiatives on its platform. Notably, 44% of ARB tokens are securely locked, with a release schedule starting in March 2024. In the last 30 days, Arbitrum has seen an average of 27 core developers, 301 code commits, and an annualized revenue of $2.43 million.
Team Analysis scores 9 out of 10, with key figures like co-founder and Chief Scientist Ed Felten, who began his roll-up research in 2014, alongside Steven Goldfeder and Harry Kalodner. Community Sentiment Analysis rates at 0.7 out of 1, indicating a decrease in initial enthusiasm, based on Lunar Crush data, although Kryptview metrics are not available.
Token Utility & Tokenomics score at 2.5 out of 10, with ARB primarily used for governance and staking rewards, while gas fees are transacted in ETH. A significant 45% portion, including team and investor holdings, is set to unlock in March 2024, with 27% allocated to the team & advisors and 18% to investors, but with a reassuring extended vesting period of another year.
4. Solana (SOL)
Solana (SOL) achieves a Singular Score of 7 out of 10, standing out as a high-performance blockchain platform designed for decentralized applications and cryptocurrencies. Its robust framework makes it an ideal choice for developers creating apps for crypto investment and for users interested in apps for investing in crypto. It employs a unique architecture known as the Solana Protocol, which combines Proof of History (PoH) and Proof of Stake (PoS) mechanisms to achieve impressive scalability and speed while maintaining network security and decentralization. Solana's Proof of History technology ensures remarkable scalability, with a focus on enhancing interoperability in its roadmap. With a Total Value Locked (TVL) of $266 million, Solana has a robust framework that has withstood real-world tests. The project is proactive in granting support, and key metrics reveal an average of 81 core developers engaged in the last 30 days, 600 code commits during the same period, and an annualized revenue of $7.29 million.
Team Score: Solana receives a score of 8 out of 10, led by co-founder Anatoly Yakovenko, with substantial contributions from Raj Gokal. Their team's expertise is evident, reflected in a promising Kryptview score of 8 out of 10. Community Sentiment Analysis stands at 9 out of 10, indicating a vibrant and engaged Solana community, supported by Lunar Crush data capturing 461K social mentions and a staggering 1.68 billion social engagements. Kryptview awards them a perfect score for traction and community resonance.
Token Utility & Tokenomics score at 5 out of 10, with SOL tokens serving various purposes, including governance, gas fees, and staking. The token distribution is well-balanced, with the community holding 38.9% of tokens, followed by allocations from various sales and the team's share. The allocation for the team and foundation is judiciously managed, reflecting a balanced distribution by Ava Labs, the proficient team leading the project.
5. Polygon (MATIC)
Singular Score: Polygon (MATIC) has a Singular Score of 8/10, representing its role as a framework co-founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, designed to build and connect Ethereum-compatible blockchains. This innovative approach addresses Ethereum's challenges, offering flexibility, scalability, and an improved user experience while nurturing a collaborative multi-chain ecosystem. Polygon's technology framework includes a Plasma chain and an upcoming zkEVM chain, along with initiatives like Polygon Miden, a ZK-optimized rollup, and Polygon ID, an identity system. Supported by a Total Value Locked (TVL) of $1 billion, a robust foundation grant program, and Polygon Ventures, the network boasts 40 core developers, significant business development efforts, and impressive financial metrics, generating $67 million in annualized fees and over $50 million in annual revenue.
Team Score: In terms of the team, Polygon's transparency and extensive experience earn them a Kryptview score of 7 out of 10, reflecting their strong capabilities. The community sentiment towards Polygon is outstanding, with Lunar Crush data revealing 220K social mentions and 701M social engagements. Kryptview awards Polygon a perfect score of 10 out of 10 for traction and community engagement.
Token Utility & Tokenomics: MATIC tokens serve multiple functions, including governance, gas fees, and staking. The token distribution is well-balanced, with allocations to the ecosystem, foundation, Binance IEO, team, staking rewards, advisors, and private investors, ensuring a healthy token ecosystem.
6. Polkadot (DOT)
Singular Score: Polkadot (DOT) receives a Singular Score of 8 out of 10, as it represents a multi-chain blockchain platform conceived by Ethereum co-founder Dr. Gavin Wood. Polkadot's mission is to enable different blockchains to exchange messages and value without relying on intermediaries, aiming for a decentralized internet where individuals have control over their own data.
Polkadot's impressive technical framework focuses on cross-chain development, featuring a foundational Relay Chain and Parachains. It incorporates the XCMP cross-chain message passing protocol and introduces parathreads, a unique variant that offers renting instead of auctioning. With a Total Value Locked (TVL) of $185 million in its parachains and strong support from the foundation and projects like Moonbeam and Edgeware, Polkadot demonstrates significant potential. It boasts an average of 158 core developers in the last 30 days, 1.64K code commits in the same period, and an annualized revenue of $2.3 million, showcasing a dynamic development landscape.
Team Score: Polkadot earns a score of 9 out of 10, led by co-founder Gavin Wood, a co-architect of Ethereum and the mind behind the Solidity language. Co-founders Peter Czaban and Robert Habermeier also contribute to the team's strength. The collaborative efforts of Gavin Wood's Parity and the Web3 foundation are key players, reflecting a highly capable leadership. Community Sentiment Analysis scores at 0.8 out of 1, indicating a thriving Polkadot community with 20.8K social mentions and 47M social engagements according to Lunar Crush data. Kryptview gives a commendable score of 3.5 out of 4, highlighting substantial traction and a vibrant community presence.
Token Utility & Tokenomics: Polkadot scores 9 out of 10. DOT tokens serve multiple purposes, including governance, covering gas fees, supporting staking, participating in Parachain Loan Offerings, rentals, and Parachain Auctions. Token allocation is well-balanced, with 50% designated for the community, 8.4% for private sale investors, 11.6% for the Foundation, and a significant 30% allocated to the Web3 foundation for Polkadot's growth. This strategic distribution, combined with the token's diverse utilities, emphasizes its central role in the thriving ecosystem.
7. Optimism (OP)
Singular Score: Optimism (OP) earns a Singular Score of 7.5 out of 10, driven by a proficient team of developers. It offers a layer 2 scaling solution for Ethereum, leveraging Optimistic Rollups to enhance throughput and reduce latency while maintaining alignment with Ethereum's security, composability, and decentralization principles. This innovative approach reflects Optimism's dedication to solving Ethereum's scalability challenges, improving the overall efficiency and accessibility of the Ethereum blockchain. Optimism employs Optimistic Rollups, a cutting-edge scaling solution that uses off-chain computation to securely record transactions while benefiting from Ethereum's robust security. Transactions are finalized on the Ethereum mainnet, ensuring a strong security foundation. The introduction of Bedrock, a significant upgrade, highlights the protocol's forward-thinking approach. An active grant program further demonstrates its commitment to fostering innovation and growth.
Team Analysis: receives a score of 2.5 out of 10, as the Optimism team maintains anonymity, with a Kryptview score of 2.2 out of 4, indicating a need for greater transparency and community trust. Revealing the team members behind the project may help bridge the trust gap.
Community Sentiment Analysis: scores at 0.75 out of 1, with Lunar Crush data revealing a positive reception on social media, supported by a favorable score of 3.4 out of 4 from Kryptview, highlighting strong community traction and engagement.
Token Utility & Tokenomics: which scores 6 out of 10, the OP token plays a crucial role, serving in governance, rewards distribution, and ecosystem support. An unvesting event for $OP tokens in June generated anticipation. The token allocation plan follows a balanced strategy, with 25% allocated to the Ecosystem Fund, 19% designated for User Airdrops, 19% reserved for Core Contributors, 17% allocated to Investors, and a 20% share for RetroPGF, creating a well-structured tokenomic landscape.
8. Avalanche (AVAX)
Singular Score: Avalanche (AVAX) achieves a Singular Score of 7 out of 10, driven by an adept team led by Emin Gün Sirer. This novel blockchain platform employs a unique consensus protocol to achieve high throughput and low latency, aiming to bridge the gap between decentralized finance (DeFi) and traditional financial systems. Architecturally, Avalanche comprises three distinct chains: X-Chain, utilized by crypto asset management company for robust asset management; c-chain, for intelligent contracts operating on the Snowman consensus; and P-Chain coordinating validators. While it benefits from DAG optimization, the 2023 roadmap lacks clarity. The protocol currently focuses on ZK proofs and boasts a TVL of $800 million, contributing 1.66% to the total TVL. An active grant program from the foundation, coupled with core development metrics featuring an average of 40 developers over 30 days and 912 code commits, underscores a dynamic ecosystem.
Team Analysis: scores 9 out of 10, as Avalanche operates transparently with team members holding strong educational backgrounds and substantial field experience. Kryptview assigns a score of 7 out of 10, emphasizing their credibility.
Community Sentiment Analysis is 9 out of 10, with Lunar Crush data reflecting predominantly positive sentiment toward Avalanche. Kryptview awards a perfect score of 4 out of 4 for community traction and engagement.
Token Utility & Tokenomics: which scores 0.5 out of 1, AVAX tokens play vital roles in governance, gas fees, and staking. A gradual vesting plan for 5% of the tokens is scheduled over the next six months. Token allocation is structured as follows: 50% for staking rewards, 10% for the team, 9.26% for the foundation, 8.3% for Public Sale 2, 7% for community and development, 5% for strategic partners, 3.5% for private sale, 2.5% each for seed sale and airdrop, 1% for public sale, 0.67% for Public Sale 3, and 0.27% for the testnet incentive program.
9. Aptos (APT)
Singular Score: Aptos (APT) receives a Singular Score of 7.5 out of 10, led by a proficient team including Mo Shaikh and Avery Ching. It presents a growing blockchain platform utilizing the Move smart contract language to enhance scalability and security. Aptos aims to provide a trustworthy blockchain infrastructure for contemporary AI applications, combining blockchain innovation with real-world utility. It's often seen as a potential competitor to Solana, prioritizing scalability and security over decentralization. Aptos has recently collaborated with Microsoft to train AI models using blockchain data, adding significant value to the platform. While it doesn't emphasize interoperability with other chains, it seeks integration with industry leaders and shares team members with the former Diem project, leading some to view it as a continuation of the Sui project.
Team Analysis scores 8 out of 10, with Aptos initiated by Mo Shaikh and Avery Ching, both having extensive experience from reputable organizations such as BlackRock, ConsenSys, Meta, and Los Alamos laboratories (linked to the US military).
Community Sentiment receives a score of 5 out of 10. Aptos maintains an active online presence but has received criticism for restricting AMAs to Discord without recording provisions, along with relatively moderate social media engagement, which has dampened overall community sentiment.
Token Utility & Tokenomics which scores 5 out of 10, Aptos has successfully raised $350 million across two funding rounds, with significant involvement from VC firms. Currently, around 170 billion tokens have been issued, and the private investors' cliff is set to end in November, with token circulation expected to double by mid-Q2 2024, reaching 340 billion. Concerns arise from a lack of transparency in communication and substantial discounts offered to early investors. Additionally, skepticism surrounds the Aptos Foundation's ability to instantly stake their allocation and liquidate unlocked rewards monthly.
10. Cosmos (ATOM)
Singular Score: Cosmos (ATOM) boasts a strong Singular Score of 9.5 out of 10, driven by a skilled team of developers. The platform aims to revolutionize the blockchain sector with its layered architecture, which includes the Cosmos Hub, Tendermint Consensus, and Delegate application layer. Cosmos champions Inter Blockchain Communication (IBC) through Peg Zones, seeking to seamlessly connect diverse blockchain platforms and resolve interoperability and scalability challenges. With a Total Value Locked (TVL) of $1 billion, Cosmos is emerging as a pivotal blockchain platform fostering cross-chain development and innovation.
Cosmos is structured with three distinct layers: the Cosmos Hub, Tendermint Consensus, and Delegate. It utilizes the IBC protocol to connect blockchains via Peg Zones, facilitating communication between different blockchains. Despite facing a rejection for Cosmos 2.0, the platform continues to grow, with increased developer activity, illustrated by the foundation's grant program and strong core development metrics.
Team Analysis, Cosmos scores 7 out of 10, with the team demonstrating partial transparency through verifiable LinkedIn profiles detailing their educational and professional backgrounds. The backing from the Tendermint foundation adds to its credibility.
Community Sentiment Analysis receives a score of 9 out of 10, with Cosmos earning a perfect score of 10 out of 10 for community traction and involvement, despite moderate engagement suggested by Lunar Crush.
In Token Utility & Tokenomics, Cosmos scores 9 out of 10, with ATOM tokens serving multiple purposes in governance, gas fees, and staking. The token allocation is well-balanced, with the majority (67.9%) allocated to public contributors, and smaller portions designated for key stakeholders like All in Bits Inc., ICF, strategic & early adopters, and seed contributors.
Conclusion
In this comprehensive analysis, we employ a blend of quantitative and qualitative methodologies to delve into the distinctive attributes of the leading 11 blockchain platforms and their respective native tokens. It's important to note that our intention is not to provide investment advice, but rather to present a structured framework for gaining a deeper understanding of each blockchain platform's dynamics. Blockchain platforms serve as the cornerstone of the cryptocurrency space, exerting a profound influence on its growth and development. By identifying these unique factors, individuals can navigate the complex landscape of cryptocurrencies and decentralized finance (DeFi) with greater clarity, ultimately aiding in informed investment decision-making.
Stay tuned for Singular’s upcoming Best Blockchains Thematic via the Singular App, where you can effortlessly invest in each of the top blockchain platforms mentioned above with a single tap. Benefit from the convenience of automatic rebalancing and reallocation in response to market fluctuations, ensuring your investments remain optimized.