Solana Leads Cardano As The Ethereum Alternative
The cryptocurrency industry is growing at a fast rate, far bigger than what the early blockchain creators could have imagined. It is only natural then, that new blockchains will challenge older blockchains on different grounds; healthy competition breeds the development of new features which drive growth.
Two blockchains, Solana and Cardano, have been locked in a running battle to become the most popular, adaptable, secure, and preferred blockchain for use in the industry.
The Ethereum Killers
Solana and Cardano have been dubbed the Ethereum Killers. This is due to their individual performance in recent months and the development of network features which trump Ethereum. Solana and Cardano have network speeds of 50,000 TPS and 257 TPS, effectively trumping Eteherrum’s 13 TPS. Although Ethereum is currently the leading blockchain in DeFi deployment, Solana and Cardano are catching up. Solana currently has over 400 DeFi projects on its network and with their recent upgrades that NFTs exchange and lower transaction fees, they are fast overtaking Ethereum as the preferred blockchain for DeFi.
Solana in The Lead
Cardano was on a strong rally that pushed the value of its native token, ADA, beyond previous limits. It however hit a pause in early September after it launched its smart contracts. Going into October, ADA continued to drop and closed that month with an overall 7% loss in value. October was a green month for most coins in the market though.
Earlier today, Solana overtook Cardano in market capitalization. At exactly 08.59 am, their market capitalizations were $64.1 billion and $63.5 billion (on Coinmarketcap), respectively. Solana overtook Cardano for the first time since they launched. This is a significant move as it tells at a glance what Solana means for the crypto community.
Solana has now done a stunning 17,319% in bullish moves since January. That figure dwarfs Cardano’s respectable 980% within the same period. Both blockchains have shown immense growth and tremendous capacity to sustain high trends. Solana has now hit a new all-time high of $232.65 as of press time.
Other Ethereum Competitors
When it comes to blockchain and DeFi deployment, Ethereum (ETH) has four biggest competitors; Binance Smart Chain (BSC), Solana (SOL), Polkadot (DOT), and Cardano (ADA). These blockchains have developed newer systems that provide creators with better platforms than Ethereum to build DeFi projects. The stunning rise of DeFi projects has now increased the requirement for blockchains that can meet the needs of modern projects designed to bring further decentralized financial systems to everyone.
Although Ethereum remains top of the preferred chain, for now, it may not be long before it is overthrown and a new king emerges. Solana and Cardano are in fierce competition to outdo each other and emerge top of that list. Planned partnerships, projects, and network upgrades will see an increase in the use of these blockchains. The Metaverse is already taking shape and every blockchain wants to become the foremost representative of the wider crypto industry in launching the new digital world.
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