Solana vs Cardano: In the past few years, crypto trading has gained tremendous popularity amongst mainstream investors. Altcoins like Cardano and Solana have been two of the best-performing projects over the past couple of years. All thanks to their major role in secular trends like Web 3.0, DeFi, NFTs, and gaming.
Along with being marketed as cheaper and faster than Ethereum, both the mentioned cryptocurrencies offer staking features where users can lock their $SOL and $ADA tokens and earn passive income. Hence, despite their price drawdowns in the crypto winter, Solana and Cardano continue to dominate the market by offering excellent attributes.
Solana vs Cardano: Which Crypto Will Provide More Gains
While both Ethereum Killers are similar in many aspects, their approach to technology sets them apart. While Solana’s developers are heavily focused on transaction speed and lower costs, Cardano’s developers have afforded more effort toward scalability and security. Let’s compare both cryptocurrencies and find out which one is set to offer more gains in 2023.
Difference Between Solana And Cardano?
As mentioned earlier, both the blockchains have many similarities like smart contract and DApp support, their transaction processing speed has surpassed Ethereum’s capabilities and lastly, both networks offer low gas fees compared to the Ethereum platform and the opportunity for great scalability through exceptional.
Now, let’s talk about some difference
Market Capitalization: Cardano’s market cap is currently around $13 billion, which ranks ninth among all cryptocurrencies. Whereas Solana’s market cap of around $8 billion is behind Cardano, Dogecoin, and Polygon, it still ranks 11th among all cryptocurrencies.
Technology: Cardano prioritizes security over everything. It was the first blockchain to implement the Ouroboros protocol, which offers proof-of-stake functionality with additional security. On the other hand, Solana has its own method for validating transactions “proof-of-history” mechanism that enhances transaction speed.
Transaction Fees: While both Cardano and Solana have vastly lower transaction fees than Ethereum, the average transaction cost on the Cardano blockchain network is currently about 13 cents per transaction. Solana offers an incredibly low transaction fee of one-fortieth of a penny per transaction.
Planning and Decision-making: While both blockchains use a selective, peer-review process that aims to identify and solve complex problems of new technology, the planning and execution of both networks share zero similarities.
At the time of writing, one ADA coin is worth $0.3853, which makes it one of the cheapest options among the more popular cryptocurrencies. Cardano’s price has surged nearly 8% in the past 24 hours and 7% in a month. Its one-day trading volume is up by 50%. Now it stands at $511,738,048. Cardano is 88% below the all-time high of $3.10 and the current circulating supply is approximately 34,634,384,577 ADA as per the crypto market tracker CoinMarketCap.
Solana’s price at the press time is $21.59, with a market capitalization of $8.13 billion and a 24-hour trading volume up by 37%. Now it stands at $833,725,211. Solana is more than 90% below the all-time high of $260.06. The current circulating supply is 376,439,883 SOL. While this is clear that SOL is much higher than ADA, it is still affordable even for beginning investors.
Which Crypto has a better growth opportunity in 2023?
Cardano blockchain is witnessing a series of upgrades and developments, which can result in better growth opportunities for ADA in the coming days. Meanwhile, the Solana network experienced numerous outrages last year that has hampered the growth of the platform to a large extent.
However, Cardano and Solana, both appear to have huge potential with a decent growth rate after the market sentiments flip a little. But before making any move a thorough study and close observation of the cryptocurrency market movements with extensive research is highly imperative.
In conclusion, Cardano is an evolving project, whose governing body often misses deadlines, while Solana is considered to be a better technological product with impressive backers. Both cryptocurrencies are great investments that can provide astronomically high returns overnight. But it is nearly impossible to predict where both Cardano and Solana will reach in the future. Therefore, before making any investment, one should analyze whether the time horizon, risk tolerance, and liquidity requirements fit their investor profile.
Disclaimer:The information provided in this article is solely the author’s opinion and not investment advice, nor is it an offer or invitation to purchase any digital assets. The whole purpose of “Solana vs Cardano: Which Crypto Will Provide More Gains in 2023” is to educate and provide information only.
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