Is Cardano Fighting A Losing Battle Against Solana?
04 Noviembre 2021 - 5:00PM
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Cardano and Solana are the leading competitors for Ethereum as the
top smart contracts platform. Their entrance into the space has
been highly lauded as this will provide some much-needed
diversification in the space. Activities are already underway on
the Solana blockchain. However, Cardano has not had much in the way
of activities on its blockchain since the launch of smart contracts
capability. This has mainly been due to the fact that smart
contracts capabilities debuted on the network less than two months
ago and it will take some time for developers to test and deploy
their applications on the blockchain. Cardano is behind its
competitors due to this delay but is no doubt a contender in the
space. The blockchain has maintained its position as the second
leading smart contracts platform. Now, though, Solana has come for
the crown and it is winning the fight. Related Reading
| Volume Of ADA Staked On Cardano Network Reaches Record High
Solana Overtakes Cardano On Crypto Top 10 For months, Cardano had
maintained its position at 3rd place on the crypto top 10 projects
by market cap, before being pushed out by BNB last month. This was
mainly due to the run-up in the digital asset in August that saw
the price of ADA break above $3 for the first time. Its market cap
skyrocketed with this rally to over $75 billion, making it one of
the most valuable cryptocurrencies in the market. Recent trends
have however not been favorable for Cardano. The coin had not seen
any significant movement after crashing back down to the low $2.
While the broader market had rallied, ADA had remained mostly
stagnant and this provided Solana the perfect opportunity to make a
place for its spot. SOL trading at $239 | Source: SOLUSD on
TradingView.com Solana (SOL) has had a profitable couple of months
with the advent of its decentralized finance (DeFi) marketplace and
this has played into the high value of the asset. The early hours
of Thursday saw the price of Solana hit a new all-time high,
pushing its market cap to $72 billion, considerably higher than
that of Cardano. With its new market cap, Solana clenched the 4th
spot on the crypto top 10, while Cardano slid down to 6th place
behind Tether. Given that SOL has a considerably lower circulating
supply than ADA, it far exceeds the latter in terms of value.
Leading Through DeFi Solana is lightyears ahead of Cardano when it
comes to decentralized finance. While developers are still
struggling to get DApps and DEXes on the Cardano ecosystem, the
DeFi space on Solana has been in full bloom for months. Users can
lend, borrow, yield farm, and more on Solana while protocols that
provide these services are still awaited on Cardano. Related
Reading | Cardano Founder Says Hydra Is A ‘Necessity’ For
Growing Traffic Currently, Solana has over $14 billion in TVL
(Total Value Locked) on the network, with over 37 billion total
transactions. Since the DeFi space is yet to kickstart on Cardano,
TVL on the network remains at zero. Expectations for Cardano in the
future remain high. However, in the meantime, Solana has proven to
be the better choice of the two for DeFi. This makes it the top
competitor for Ethereum in the space. Featured image from Medium,
chart from TradingView.com
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