How Did Solana Become the New Cardano Killer?

How Did Solana Become the New Cardano Killer?

 

The real talk that has dominated the crypto market is Flippening – the eventuality of Ethereum overtaking Bitcoin to become the leading Cryptocurrency. As that contest continues, another race is gearing up. Solana and Cardano, the two major “Ethereum killers,” are in fast-paced competition. At the moment, Solana is winning, effectively becoming the new Cardano killer.

A Brief Background

Solana and Cardano have a lot in common. Both are smart contract digital currencies that have inbuilt solutions to issues facing Ethereum. For instance, the two cryptocurrencies boast more scalability, affordability, and speed. Additionally, these third-generation virtual currencies aim to lower the high transaction fees and reduce network congestion that characterizes the Ethereum network.

Solana’s Growth Over Tumbling Cardano

Solana has edged Cardano out of the top five cryptocurrencies by market cap, and it is now the fourth-largest digital currency pushing ADA to the sixth position. But Solana’s dominance has been long coming. It has grown over 15000% year-to-date to reach a market cap of $75 billion and its bullish trend is predicted to continue, according to a short-term Solana price prediction for tomorrow, the coin is expected to be in the $173.937 – $255.790 price range.

Solana has touched an all-time high of $258, pushing the market cap past $70 billion, which could soon hit $100 if the current momentum continues. The growth trajectory is way stronger than Cardano’s, which has only increased 1000% to reach a market cap of $66 billion.

Solana and several other cryptocurrencies posted double-digit gains in October. However, Cardano tumbled more than 13%. This retracement came after the strong bullish movement over the summer, mainly due to the Alonzo hard fork upgrade, which was expected to enhance the blockchain accessibility to smart contracts and decentralized apps.

Why Solana is Outperforming Cardano

One of the major reasons Solana has grown to be a “Cardano killer” is numerous projects on its network. The blockchain has over 350 projects, including decentralized finance apps. According to DEFI Llama, these projects have locked in $15 billion.

Also, the development of Non-Fungible Tokens s and Defi smart contracts has significantly contributed to the growth of Solana. Its proof of history and one global state feature set it apart from the rest. Despite the speed, the growth of Solana has not been without setbacks of network outages this year, but the overall outlook is still positive. 

On the other hand, Cardano trails at a distance. There are only around 70 projects on its network. Remember, ADA development takes a slow approach that involves peer reviews and experimentation. While this means the products will have top-notch efficiency, it does not promise quick returns, often driving prices to record highs.

That notwithstanding, Cardano is making strides to popularise and bring its big partners. Currently, a team led by the founder is touring Africa, and it is already partnering with the Ethiopian and Burundian governments.

Final Words

Both Solana and Cardano are great long-term crypto assets investments. They both will record wins and face various challenges along the way. It is imperative, therefore, to keep an eye on how they progress. Ideally, you could divide your crypto investment between two assets. You do not have to necessarily choose between Cardano and Solano. But as it stands, Solan is winning.





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