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Is Cardano Fighting A Losing Battle Against Solana?
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Is Cardano Fighting A Losing Battle Against Solana?

Best Owie
Best Owie
3 years ago
3 mins read
Picture of a Cardano and Solana logo side by side

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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.

Solana price chart from TradingView.com

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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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

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