The most popular blockchains such as Ethereum are plagued with high transaction fees, especially during the periods when the blockchain is loaded. This is why developers and users are in a constant search for blockchains where fees are low.
Here, we have compiled a list of cryptocurrencies-Ethereum killers that are known for their low fees.
BNB Smart Chain (BNB)
BNB Smart Chain was created as a cheap alternative to the Ethereum blockchain. It is powered by Binance, one of the leading centralized cryptocurrency exchanges, and the BNB token is the native token of the chain.
It offers significantly faster and cheaper transactions than Ethereum and is compatible with the Ethereum Virtual Machine. An average transaction fee on BNB Smart Chain is around $0.15.
Cardano (ADA)
The main difference between Cardano from other similar projects is the scientific approach of its founders and developers to each feature. Its innovative consensus algorithm Ouroboros guarantees the top security level and allows for the highest scalability levels along with very low transaction fees.
The Cardano blockchain is powered by its native coin called ADA. ADA is considered one of the most sustainable coins. An average transaction fee on Cardano is approximately $0.5.
Solana (SOL)
Solana with its native coin SOL is another project dubbed as Ethereum-killer. It is a highly functional open-source project that allows for dApps and smart contracts development. The blockchain improves scalability by introducing the proof-of-history consensus mechanism, and it has one of the lowest transaction fees which are $0.003 - $0.006.
Polkadot (DOT)
Polkadot’s main aim is to solve the Ethereum scalability issues, however, it can also compete with the Ethereum blockchain in matters of transaction costs. However, the main benefit of Polkadot is its ability to make different blockchains work together.
An average transaction fee on Polkadot is around $0.6.
Tezos (XTZ)
Tezos is another blockchain that enables the development of smart contracts, the creation of new assets, and the development of dApps. This blockchain was among the first to use the proof-of-stake consensus mechanism. The fees on the Tezos blockchain vary from 0.1 cents to 22 cents which cannot be compared to Ethereum’s fees especially when the blockchain is loaded.
Avalanche (AVAX)
Avalanche is a blockchain that is actually made up of three chains: X, P, and C Chains. These chains are handling token creation, smart contracts, and proof-of-stake validation. The average gas fee on Avalanche is approximately $4 which is higher than on some other blockchains but is still much lower than on the Ethereum blockchain.
Bottom Line
Even though there are a lot of promising blockchains, and they can effectively compete with the Ethereum blockchain in matters of scalability and fees, Ethereum still stays the main blockchain for developers. One of the main reasons for it is its vast community. So, new platforms have to do additional work to attract users to their projects. However, the crypto space is evolving, and new platforms that offer new features and effectively address challenges appear constantly.