Top 7 Smart Contract Platforms Tokens by TVL [2024]

What are Smart Contracts?

Smart contracts are digital protocols operating atop blockchain networks, automating and enforcing contractual obligations without intermediaries. They function as self-executing codes designed to execute predefined actions when specific conditions encoded within them are met. This innovative technology revolutionizes traditional agreements, ensuring digital transaction transparency, security, and efficiency. It eliminates the need for intermediaries, making processes autonomous and reducing the scope for error or manipulation.

As the foundational element of the blockchain ecosystem, smart contracts enable the creation and deployment of decentralized applications (dApps). These applications operate without downtime or third-party intervention, fostering diverse innovations across sectors like decentralized finance (DeFi), supply chain management, gaming, and beyond. They play a pivotal role in reshaping the digital landscape, propelling the evolution of the crypto market, and paving the way for a more decentralized and secure future.

Ethereum

Ethereum stands as the pioneering force in smart contract technology, heralding the era of decentralized applications (dApps) and revolutionizing the blockchain landscape. As the first smart contract platform, Ethereum remains unrivaled, commanding the largest market share in the realm of smart contracts by a substantial margin. This dominance is attributed to Ethereum’s robust infrastructure, fostering an expansive ecosystem of dApps, smart contract coins, and decentralized finance (DeFi) protocols.

The platform’s versatility, scalability, and developer-friendly environment have made it a breeding ground for innovation, drawing in countless projects and users. Ethereum’s visionary approach manifested through its Turing-complete programming language, Solidity, has enabled developers to craft sophisticated smart contracts and launch diverse applications across industries. Its wide acceptance and established network effect further cement Ethereum’s position as the foremost choice for launching smart contract-based projects, solidifying its dominance in top smart contract platforms.

And more importantly, Ethereum also underwent the crucial Ethereum Dencun Upgrade on March 13, 2024 – 

Current Price	$3230
Market Cap	$386 billion
Circulating Supply	120.07 million ETH
Total Value Locked (TVL)	$47.6 billion
Vol (24H)	$29.5 billion
Change (YTD)	+41%
Founder	Vitalik Buterin, Gavin Wood, Charles Hoskinson, Anthony Di Iorio and Joseph Lubin

• Capitalizing on Bitcoin’s significant uptrend, Ethereum price has shown impressive bullish momentum in March 2024 following the successful deployment of the Ethereum Dencun Upgrade.
• Before the Ethereum Dencun upgrade, ETH surpassed the critical $4000 threshold but experienced a sell-off immediately after. However, a recovery is expected with the Bitcoin halving approaching next month.
• During this correction phase, Ethereum has found solid support at the R1 Fibonacci level, previously flipped at the start of March 2024, indicating a minor recovery underway.
• Ethereum price maintains a bullish stance in the short and medium term, trading comfortably above both the 50-day and 200-day EMAs, as indicated by a golden crossover.
• Currently reaching its highest point in almost two years, Ethereum is poised to reclaim the $4000 milestone once the current phase of profit-taking concludes and renewed buying activity returns to the market.
• Establishing a robust support zone, Ethereum is projected to find reinforcement around the $3000 level, aligning closely with the base pivot of the Fibonacci levels.

Read More: Top Cryptos in 2024

Tron

Tron has emerged as a pioneering smart contract platform known for its robust infrastructure and rapid transaction speeds, making it a notable player in the realm of smart contract tokens. Its popularity stems from its efficient network, offering one of the first smart contract platforms with low transaction costs and high throughput. Thus, it has become the second-largest smart contract platform by total value locked.

Tron’s innovative approach has attracted users seeking scalable solutions for decentralized applications (dApps) and smart contracts. Its versatility and developer-friendly environment have positioned it among the top smart contract platforms, continually drawing attention from users and developers alike. Tron’s ascent as one of the first smart contract platforms on the list is due to its seamless integration of blockchain technology and its commitment to fostering an extensive ecosystem for decentralized applications.

Current Price	$0.11
Market Cap	$10.2 billion
Circulating Supply	87.82 billion TRX
Total Value Locked (TVL)	$9.33 billion
Vol (24H)	$540 million
Change (YTD)	+8.2%
Founder	Justin Sun

• Tron’s TRX price has demonstrated a robust and enduring bullish trend in 2024 among leading cryptos by market capitalization. Since January 2024, TRX price has consistently surged, exhibiting a pattern of higher highs and higher lows before seeing a correction since the beginning of March. 
• TRX price has surged a little over 8% in 2024 as of writing, – and had rallied over 33% in 2024 at its highest point – indicating a sustained bullish momentum in this altcoin.
• Should the current upward trajectory of TRX price persist, there is a potential for Tron’s price to regain $0.14, contingent upon successfully surpassing the $0.13 resistance level which also coincides with the base pivot Fibonacci level. 
• Conversely, on the downside, $0.11 presents a significant support level, corresponding with the S2 level identified by Fibonacci pivot points.

Additional Read: Top Altcoins in 2024

Binance Smart Chain

Binance Smart Chain (BSC) stands as a prominent smart contract platform, ranking third in total value locked (TVL) due to its array of compelling features in the domain of smart contract coins. It has gained popularity for its rapid transaction speeds and cost-effective operations, offering a feasible alternative for executing smart contracts and decentralized applications (dApps). 

BSC’s ascent to become one of the top smart contract platforms is largely attributed to its interoperability with the Binance ecosystem, providing seamless integration with various decentralized finance (DeFi) applications and fostering a robust ecosystem. The platform’s compatibility with Ethereum’s tooling also played a pivotal role, attracting users and developers seeking an efficient yet familiar environment for deploying smart contracts. Binance Smart Chain’s user-friendly interface and thriving DeFi landscape have solidified its position among the leading smart contract platforms.

Current Price	$505
Market Cap	$75.6 billion
Circulating Supply	149 million BNB
Total Value Locked (TVL)	$5.34 billion
Vol (24H)	$4.5 billion
Change (YTD)	+62%
Founder	Changpeng Zhao Yi He

• Binance Smart Chain’s native crypto BNB – which was one of the poorest performing major tokens in 2023 has seen a strong rally in 2024 so far. 
• BNB price has rallied over 60% this year – and it is the third largest crypto by market cap, and the third largest by TVL too. 
• After a strong rally in March 2024 – BNB price saw a minor correction and is currently taking support at the R3 Fibonacci level. On the upside, if BNB price stays above $500, then it can hit $650 soon – which is the highest point in the past 27 months.
• On the downside, BNB price will find support near $460, which is the R2 Fibonacci level.

Arbitrum

Arbitrum, despite being a relatively new entrant in the smart contract platform arena, has swiftly gained traction and recognition as one of the top smart contract platforms. Renowned for its scalability and enhanced throughput, Arbitrum’s Layer 2 solution facilitates the execution of smart contracts with reduced gas fees and increased transaction efficiency. 

Its rapid ascent in popularity is owed to its capability to alleviate the congestion and high costs associated with Ethereum’s mainnet, making it an appealing choice for developers and users seeking efficient smart contract solutions. Additionally, Arbitrum’s compatibility with Ethereum’s tooling and infrastructure has propelled its rapid adoption, offering a seamless transition for Ethereum-based projects and enhanced scalability and speed. The platform’s innovative technology and user-friendly ecosystem have contributed significantly to its rise among the top smart contract platforms.

Current Price	$1.5
Market Cap	$3.9 billion
Circulating Supply	2.65 billion ARB
Total Value Locked (TVL)	$3.17 billion
Vol (24H)	$845 million
Change (YTD)	–3.8%
Founder	Steven Goldfeder

• Despite belonging to the recent wave of tokens in this sector, Arbitrum has not experienced the same level of price appreciation as its counterparts. 2024 has been a weak crypto token in the market – and it is down about 4% this year. 
• ARB price has broken down below both the 50-day and the 200-day EMAs – which does not bode well for the altcoin going forward. While the broader crypto market looks optimistic – this particular token doesn’t look as well.
• The crucial level to monitor on the upside is $2 – which is a crucial psychological level. A breach of this level could potentially trigger a rally towards the $2.3 to $2.5.
• Conversely, on the downside, the $1 psychological level is expected to act as a support zone for the token.

Solana

Solana stands as a frontrunner among smart contract platforms due to its exceptional speed, distinguishing itself in the realm of smart contract coins. Renowned as one of the fastest platforms, Solana significantly outpaces its counterparts in transaction processing times. Its novel consensus mechanism, Proof of History (PoH), accelerates throughput, supporting many smart contracts with unparalleled efficiency. 

This platform boasts transaction speeds that surpass even Ethereum, catapulting Solana into the ranks of top smart contract platforms. Its rapidity in executing smart contracts, facilitated by a network built for high-speed transactions, positions Solana as a promising contender in the list of leading smart contract platforms for 2024. This platform’s emphasis on speed and scalability solidifies its standing as an innovative and competitive force in the smart contract ecosystem.

Current Price	$179
Market Cap	$79.5 billion
Circulating Supply	443.8 million SOL
Total Value Locked (TVL)	$3.77 billion
Vol (24H)	$11.7 billion
Change (YTD)	+76.4%
Founder	Anatoly Yakovenko

• In 2024 alone, Solana price has witnessed a remarkable surge of nearly 77%, propelling it to a prominent position within the top 5 cryptos by market capitalization. This ascent briefly elevated Solana to fourth place, surpassing Binance Coin (BNB) and currently maintaining fifth place ahead of Ripple’s XRP and Cardano.
• Following the impact of the bear market in early 2022, SOL price exhibited a resilient recovery trajectory closely resembling that of Bitcoin.
• Currently, Solana price sits just below $180, demonstrating a solid upward momentum as of 2024, closely correlating with Bitcoin’s movements in anticipation of the Bitcoin Halving 2024.
• The notable outperformance of Solana price in relation to its 50-day and 200-day exponential moving averages indicates a bullish golden crossover, suggesting the potential for sustained upward trends. Solana’s price is trading above the established R3 level for March 2024 – marking its highest point in over 26 months. Following the breach of $170, the next target is set around the psychological level of $200.
• Positioned slightly above the psychological level at $130 and the R1 level of the Fibonacci pivot point at $133, this zone will function as a robust support area for Solana price on the downside.

Learn More: Top Solana Ecosystem Tokens

Polygon

Polygon (POL) stands as a prominent smart contract platform renowned for its cutting-edge solutions in the realm of layer 2 scaling. It has garnered attention as one of the most promising layer 2 scaling solutions, aiming to alleviate Ethereum’s scalability issues. The ecosystem’s recent transition from its native token, MATIC, to POL, known as the Polygon Ecosystem Token, marks a significant stride. 

This change showcases Polygon’s commitment to evolving and streamlining its offerings to serve its user base better. The migration to POL emphasizes the platform’s drive for innovation and the enhancement of its infrastructure, positioning it as a robust contender among smart contract platforms. Its focus on layer 2 scaling solutions and the transition to POL highlights Polygon’s continual efforts to fortify its position within the expanding landscape of smart contract ecosystems.

Current Price	$0.94
Market Cap	$60.2 million
Circulating Supply	9.3 billion MATIC
Total Value Locked (TVL)	$969 billion
Vol (24H)	$9.9 billion
Change (YTD)	-2.5%
Founder	Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic

• Aligning with the broader market’s recovery from February to March 2024, MATIC price has shown strong resilience, surpassing the significant psychological resistance at $1. However, since then, it has suffered a slight correction, and is trading just shy of $1 at $0.95.
• Throughout 2023, Polygon price, particularly its native token MATIC, faced notable challenges, experiencing a decline in value early in the year followed by an extended period of downward movement. 
• Currently, MATIC price sits just above the base pivot of the Fibonacci pivot points. Looking ahead, a breakout beyond the R1 level at $1 would set a new target of $1.5.
• On the downside, support for MATIC price is anticipated at the psychological milestone of $0.82, aligning with the S1 of the Fibonacci pivot levels.

Know More: Top Layer 2 Crypto Projects in 2024

Optimism

Optimism, with its native token, OP, emerges as a leading layer-2 scaling solution for Ethereum, making it a pivotal smart contract platform. Renowned for its efficient protocol, Optimism focuses on enhancing Ethereum’s scalability and transaction throughput. Its popularity stems from offering faster and more cost-effective transactions, significantly reducing congestion on the Ethereum network. This layer-2 platform plays a crucial role in facilitating seamless execution of smart contracts, attracting both developers and users seeking enhanced efficiency within the decentralized ecosystem. Optimism’s growing adoption reflects its robust infrastructure, allowing for quicker and cheaper transactions, making it a standout choice among top smart contract platforms.

Current Price	$3.2
Market Cap	$3.2 billion
Circulating Supply	1 billion OP
Total Value Locked (TVL)	$892 million
Vol (24H)	$692 million
Change (YTD)	-13%
Founder	Jinglan Wang, Kevin Ho, and Karl Floersch

• In line with other altcoins on this list – Optimism too has taken a major hit in the month of March 2024 – having fallen from levels above $4.5 to under $3.5 as of writing this article.
• OP price has broken down below its 50-day EMA but is trading just above its 200-day EMA, indicating short term bearishness going forward. 
• On the upside, if the $3.5 ot $3.6 level is breached, then we could see OP price reattaining $4.5 levels soon.
• However, on the downside, $3 would serve as a region of support for the smart contract platform.

Conclusion

In the fast-paced world of smart contract platforms, the landscape is ever-evolving, with each platform offering unique solutions and innovations. From Ethereum’s dominance to emerging players like Arbitrum, the diversity of options underscores the growing demand for scalable, efficient, and cost-effective smart contract solutions. Each platform brings its strengths, whether it’s Ethereum’s established presence, Solana’s speed, or Polygon’s layer 2 scaling prowess. Tron and Binance Smart Chain stand as robust alternatives, catering to different user needs with their thriving ecosystems. As Optimism charts new territories and Arbitrum emerges as a promising contender, the future of smart contract platforms appears promising, offering an array of choices for developers and users alike. With continuous advancements, competition, and collaboration, the smart contract landscape is set to witness further evolution, promising a vibrant ecosystem that pushes the boundaries of decentralized innovation.