Solana (SOL) or Near Protocol (NEAR)? Two powerful smart contract platforms, with similar characteristics, trying to gain the bigger piece of the pie in their respective industries, with the aim to dominate in the years to come. But which one is the best and most promising?
The well-known cryptocurrency analyst Coin Bureau, attempts to answer the above question by presenting some arguments, via a video he posted on his 2.06 million subscribers YouTube channel.
“Tokenomics is where Solana “shines”. It is impressive that early investors were able to sell some or even many of their SOLs without a collapse in the value of the currency.
As innovative as the Near Protocol’s trade commission mechanism is, Solana seems to have a better understanding of the long-term implications of things like fee burning, inflation and rewards in staking. Also, there is nothing to prevent Solana from implementing the same transaction fee mechanism.
Strong tokenomics is arguably why Solana wins on the price side as well. Even with its huge market cap, there is a high probability that SOL will see more gains in percentage terms than NEAR when the next bull market occurs, simply because it somehow ”broke the tokenomic code” of cryptocurrencies.
The particular point of interest in this prediction is the circulating supply of NEAR, which, once established, means that there will be almost no selling pressure from early investors in Near Protocol. This could give NEAR the conditions it needs to significantly increase its price when that speculative demand returns.”
However, the analyst points out that Solana faces more technical hurdles than Near Protocol and notes that how the two platforms address their respective challenges will also show who wins over investors.
“If you ask me, the challenges that both of these projects face are key to this ‘battle’. The winner will be the one who manages to overcome these challenges.
I have to admit that Solana faces much bigger obstacles than Near Protocol. The fact that Solana’s blockchain still continues to crash, despite the fact that its developers had promised that they would fix the problem, this suggests that the problems are bigger than they admit or even know…
If Solana’s outages are not addressed, they will eventually kill the project. We should not ignore this, and we should not ignore that this is an existential threat that neither Near Protocol nor any other major cryptocurrency project in this regard is facing.”
In Near Protocol the advantage
Coin Bureau also pointed out that NEAR seems to have an advantage over SOL at the moment, but this could change depending on potential problems that may arise in the future.
“To be fair, Near Protocol is still in the process of developing its innovative sharing mechanism, which could cause a whole host of other problems. Example: Near Protocol already discovered some of these issues after the release of its first four fragments last fall. The point is that those issues were resolved, and that’s why at this point in time I think Near Protocol is coming out on top.”