The crypto industry is expanding at a breakneck pace with new projects and platforms emerging constantly. Some cryptocurrencies have built remarkable momentum, seeing their ecosystems achieve exponential growth. Here we examine 10 crypto ecosystems that are growing the fastest based on activity, developers, and market interest.
The Solana ecosystem saw massive growth through 2021 and 2022. Solana is a high-speed blockchain capable of 50,000 TPS. It has attracted developers building DeFi, NFT, and Web3 projects thanks to fast and cheap transactions.
Total value locked in Solana DeFi grew from under $1 billion in January 2021 to $7 billion by September 2022. $1 billion was invested into Solana ecosystem projects within just 6 months in 2021. Top NFT projects like Degenerate Ape Academy launched on Solana. The ecosystem is expanding rapidly across gaming, infrastructure, stablecoins, and more.
Avalanche is another high-speed layer-1 blockchain that has achieved remarkable ecosystem growth. It can process 4,500 TPS and offers sub-second finality. DeFi projects like Aave and Curve Finance have integrated with Avalanche to use its speed and low fees.
Total value locked in DeFi on Avalanche exploded from just $180 million in August 2021 to over $6 billion by September 2022. Avalanche also powers top NFT markets like OpenSea and lending protocol Kaiju. As developers migrate from Ethereum, Avalanche’s ecosystem is growing exponentially.
Polygon provides scaling solutions for Ethereum infrastructure. It has seen a mass influx of projects move to its sidechain technology to benefit from faster and cheaper Ethereum transactions.
Daily active Polygon users grew from around 20,000 in January 2021 to 1.5 million by May 2022. Top projects like Aave, Uniswap, and Decentraland operate on Polygon. Its ecosystem now has over 7000 DApps as Ethereum projects deploy on Polygon to solve scaling difficulties.
Terra is a blockchain payment network that powers the TerraUSD (UST) stablecoin. Despite UST temporarily losing its peg in May 2022, the Terra ecosystem has shown tremendous growth up till that point.
Terraform Labs ecosystems fund had invested over $150 million into Terra projects as of February 2022. Major DeFi platforms like Anchor Protocol and lending app Kado ramped up UST adoption. Terra saw strong developer growth before its collapse, though many builders have since migrated to forks like Terra Classic.
Harmony is a high-throughput blockchain with a focus on DeFi development and cross-chain bridges. The Harmony ecosystem has grown rapidly based on its Ethereum Virtual Machine compatibility and fast settlement times.
Total value locked on Harmony surged from $50 million in March 2021 to $300 million by October 2022. Top projects like SushiSwap, Aave, and Compound operate on Harmony. Hedge fund Pantera Capital made a large investment into Harmony ecosystem growth in 2021. Harmony bridges also connect it to Ethereum, BSC, and other chains.
Elrond is a scalable blockchain with adaptive state sharding and secure proof-of-stake. It has built growth through its Maiar DEX and Elrond-EGLD token used for staking and transactions.
Elrond’s ecosystem has expanded in Asia, especially Korea where Maiar has over 1 million users. Elrond has onboarded partners like Netopia in Romania which uses Elrond blockchain infrastructure. Total value secured on Elrond has risen above $1.4 billion signaling its ecosystem growth.
Tezos is a self-upgradable blockchain with an institutional grade smart contract platform. Its ecosystem is growing through real world NFT, DeFi, and Web3 adoption.
Ubisoft, Red Bull, and the Manchester City football club have launched NFTs on Tezos. The number of monthly contract calls on Tezos exceeds 2.5 million. Tezos has funded accelerator programs to drive ecosystem growth and integrates with major NFT marketplaces like Objkt.
NEAR is a climate-neutral blockchain designed for performance and usability. Its ecosystem is expanding through launches of DeFi applications like Ref Finance and stablecoin USN.
Total value locked on NEAR has risen close to $350 million by September 2022. NEAR has funded regional ecosystem accelerators in China, Korea, India, and Southeast Asia. Top gaming guilds like Yield Guild Games have built on NEAR. Its ecosystem is attracting developers focused on usability and environmental sustainability.
Kadena is a Proof-of-Work layer-1 blockchain focused on speed and scalability. Its ecosystem is growing through integration with the Chainweb decentralized network.
Kadena can process over 10,000 TPS with gas fees of just pennies. Its community of miners and developers is rapidly expanding. Kadena has partnered with enterprises like Rymedi and eco-friendly mining companies to grow real world use cases.
Fantom is a high-performance smart contract platform for digital assets and dApps. Its ecosystem growth is driven by DeFi applications processing $50+ million daily transaction volume on Fantom.
Top DeFi platforms like SpookySwap, SpiritSwap, Solidly, and Sushi operate on Fantom. Fantom has attracted 600+ dApps through its EVM compatibility and fast transaction confirmation. Total value locked on Fantom exceeds $1 billion signaling a thriving ecosystem.
These are the top rising crypto ecosystems with massive developer activity and user growth. Their communities are expanding worldwide with funding and integrations catalyzing their ecosystems. As adoption continues, these blockchain platforms are positioned to become the foundation for the new decentralized internet and financial system.