Blockchain Suitability Framework
We evaluate blockchains using the following framework
| Criterion | Definition |
|---|---|
| Redundancy Qualities | |
| Number of full nodes online | 10 minimum: How many node instances the network is spread across. This is a measure of data and processing redundancy. |
| Distinct operating environment locations | 3 minimum: How many different geographic locations the network is spread across. This is a measure of disaster resilience and redundancy. |
| Third party code audit | We required a qualified and reputable third party to audit and optimize all smart contract code developed (programmable blockchains only). |
| Reliability Qualities | |
| Mean Time Between Failures (MTBF) | Over the past 5 quarters (15 months) and as applied to consensus failures, not interface failures for which other highly available instances exist. |
| Uptime | - 2400 hours MTBF - 99.9% uptime |
| Operational Characteristics | |
| Testnet Availability | Required. A Testnet is a separate instance of the blockchain used for development and testing purposes that contains mocked up test data only and is not referenced as the source of truth for any token. |
| Node Ops Data | Ability to run at least one validator instance containing full history since advent of transfer agent usage. |
| Consensus Method | Non Proof-of-Work |
| Multi-Sig Capable | Required. Multi-Sig is the support of multiple private keys being used to sign a valid transaction, allowing secure separation of those keys to take place. |
| Block Time | < 10 seconds. This is a measure of how often new transactional information is recorded onto the blockchain. |
| Account (Public Key) Parallelization | Required. This is the ability for single transaction to be formed that affects many accounts (associated to public keys in various relationships) at once. |
| Signature Algo | The cryptographic signing algorithms currently supported by the Gémeo, Benji's wallet infrastructure: - ECDSA secp256k1 - EdDSA ed25519 |
| Fee Token | Which Cryptocurrency token is used to pay transaction fees (often called gas fees) to record data on the blockchain. All fees associated with the use of public blockchain networks will be the responsibility of the investment manager or its affiliates. |
| Effective Operating Cost per Transaction* | The U.S. Dollar equivalent cost of a business level transaction performed by the transfer agent, e.g., a distribution, a subscription, a redemption, a transfer. This could entail multiple underlying operations on the blockchain in question depending on its design. For retail investors with smaller account sizes this cost is ideally as low as possible, whereas institutional investors are compatible with higher cost networks. |
| Static costs per Account per year | ≤ $1 How much it costs to maintain data associated with a public key on the blockchain. |
| Controls | |
| Permission Control | Public Key Whitelisting |
| Clawback/Administrative Balance Control | Required |
Applying the Framework
As of July 2025
| Criterion | Stellar | Polygon | Arbitrum One | Avalanche | Aptos | Solana | Base | Ethereum | BNB Smart Chain |
|---|---|---|---|---|---|---|---|---|---|
| General | |||||||||
| Analytics | stellarbeat.io | polygonscan.com/nodetracker | arbiscan.io | subnets.avax.network/validators/dashboard | explorer.aptoslabs.com/analytics?network=mainnet | explorer.solana.com | basescan.org | etherscan.io/nodetracker ethernodes.org/countries | bscscan.com |
| RedundancyQualities | |||||||||
| Number Of Full Nodes Online | 78 | 153 | 25 | 1428 | 500 | - 6238 Total Nodes - 1101 Consensus Nodes | 103 (As of 2024) | 9419 | 115 |
| Distinct Operating Environment Locations | 21 | 10 | 9 | 10 | 22 | 49 | 6 (As of 2024) | 83 | 10 |
| Third Party Code Audit | n/a | Trail of Bits, Ancilla | Trail of Bits, Ancilla | Trail of Bits, Ancilla | Trail of Bits | Trail of Bits | Trail of Bits, Ancilla | Trail of Bits, Ancilla | Trail of Bits, Ancilla |
| ReliabilityQualities | |||||||||
| Mean Time Between Failures | ∞ | ∞ | ∞ | 5397 hours | 10794 hours | 10795 hours | ∞ | ∞ | ∞ |
| Uptime | 100% | 100% | 100% | 99.958% • 274 minutes downtime • 2 events | 99.953% • 305 minutes downtime • 1 event | 99.954% • 298 minutes downtime • 1 event | 100% | 100% | 100% |
| OperationalCharacteristics | |||||||||
| Testnet Availability | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Node Ops Data | Full history | Full history | Full history | Full history | Full history | Full history | Full history | Full history | Full history |
| Consensus Method | Stellar Consensus Protocol (PBFT based) | Proof-of-Stake with checkpoints on Ethereum | Proof-of-Stake with Rollup to Ethereum | Avalanche Consensus Protocol | Proof-of-Stake (PBFT based) | Proof-of-Stake + Proof-of-History | Proof-of-Stake with Rollup to Ethereum | Proof-of-Stake | Proof-of-Staked-Authority |
| Multi Sig Capable | Native method | EIP-191 + EIP-712 | EIP-191 + EIP-712 | EIP-191 + EIP-712 | Native method | Native method | EIP-191 + EIP-712 | EIP-191 + EIP-712 | EIP-191 + EIP-712 |
| Block Time | 5 seconds | 2.5 seconds, 3 hr finality to Ethereum | 0.25 seconds, 3 hr finality to Ethereum | 2 seconds | 0.2 seconds | 0.4 seconds | 2 seconds, 2 min finality to Ethereum | 12 seconds | 0.75 seconds |
| Account Public Key Parallelization | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Signature Algo | - EdDSA - ed25519 | - ECDSA - secp256k1 | - ECDSA - secp256k1 | - ECDSA - secp256k1 | - EdDSA - ed25519 | - EdDSA - ed25519 | - ECDSA - secp256k1 | - ECDSA - secp256k1 | - ECDSA - secp256k1 |
| Fee Token | XLM | MATIC | ETH | AVAX | APT | SOL | ETH | ETH | BNB |
| Effective Operating Cost Per Transaction | $0.000006 | $0.008 | $0.016 | $0.35 | $0.008 | $0.000782 | $0.017 | $13.72 | $0.022 |
| Static Costs Per Account Per Year | $0.50 | $0 | $0 | $0 | $0.006 | $0.25 | $0 | $0 | $0 |
| Minimum Initial AUM | $20 | $1,000 | $1,000 | $100,000 | $100 | $100 | $100 | $5,000,000 | $1,000 |
| Controls | |||||||||
| Permission Control | Bidirectional Trustlines | Whitelist | Whitelist | Whitelist | Whitelist | Accesslist, Excludelist, Rate Limits | Whitelist | Whitelist | Whitelist |
| Clawback Administrative Balance Control | Clawback flag | Smart contract | Smart contract | Smart contract | Smart contract | Permanent delegate authority on Smart contract | Smart contract | Smart contract | Smart contract |
Native Digital Assets of Blockchain Networks
As of July 2025
| Stellar (XLM) | XLM has a circulating supply of 31.21 billion tokens with a maximum supply of 50.0 billion tokens. XLM is used to pay for transaction fees on the Stellar blockchain. |
| Polygon (MATIC) | MATIC has a total fixed supply of 10 billion tokens with 1.91 billion tokens circulating. The circulating supply grows gradually due to staking rewards on the Polygon network. MATIC is used to pay transaction fees on the Polygon network and a percentage of the transaction fee is burned. |
| Arbitrum (ARB) | ARB has a total fixed supply of 10 billion tokens with 5.15 billion tokens circulating. Investor and insider allocations have been vesting monthly since March 2024 and will continue to do so over a four-year period. ARB is the governance token of the Arbitrum Network. |
| Avalanche (AVAX) | AVAX has a circulating supply of 422.27 million tokens with a total supply of 457.27 million tokens. The maximum supply of AVAX is 715.74 million tokens. Total supply increases by staking rewards at 4-6% rate. All transaction fees on the Avalanche network are paid in AVAX and are burned. |
| Aptos (APT) | APT has a circulating supply of 670.88 million tokens with a total supply of 1.16 billion tokens. Total supply inflates from staking rewards, which are 7% annually declining at 1% with a 3.25% minimum. All transaction fees on the Aptos network are paid in APT and are burned. |
| Solana (SOL) | SOL has a circulating supply of 538.04 million with a total supply of 606.32 million tokens. Total supply inflates from staking rewards which is currently at 5.1% and declining 15% per annum with a 1.5% minimum. All transaction fees are paid in SOL and a percentage of fees are burned (currently 50%). |
| Base (BASE) | Base is an Layer 2 rollup execution environment on the Ethereum Network. As of July 2025 it does not have its own token, instead ETH is used to pay transaction fees on the Base network. |
| Ethereum (ETH) | ETH has a total supply of 120.71 million tokens. Total supply inflates from staking emissions, which are currently at a 0.39% annual inflation rate and are a function of the staking participation rate. ETH is used to pay transaction fees. Transaction fees are split into a base and priority fee. The base fee is burned and is approximately 80% of the total transaction fee. |
| BNB Smart Chain (BNB) | BNB has a circulating and total supply of 139.28 million tokens as of July 2025. Total supply is deflationary due to regular quarterly auto-burns and the BEP-95 real time fee burn mechanism, steadily reducing supply toward the 100 million target. All transaction fees on Binance Smart Chain are paid in BNB, with a portion of fees permanently burned, supporting a declining supply and sustainable tokenomics. |
