The honest answer before the rest of the page
BungeeCord carried the first generation of Brazilian networks, and Waterfall arrived as a PaperMC fork: same API, same plugins, protocol fixes. PaperMC declared Waterfall discontinued and pointed to Velocity. It still works, but with no active development.
For a new network the smallest regret is Velocity, and this page will not pretend otherwise. Almost every BungeeCord still online today is inheritance: active players, a working shop and plugins written against the net.md_5.bungee API.