Cardano vs Polygon: Comparative Analysis between ADA vs MATIC

INTRODUCTION 

Crypto assets have come a long way in the world of finance. The adoption of crypto has come far and wide despite the criticism and has finally being accepted and received well by a few countries regulating Virtual digital assets. Amongst 12,000+ crypto assets ADA and MATIC are moving up the ladder. Both Cardano ADA and Polygon MATIC are promising blockchain projects. These projects have appreciated over time and can be expected to grow even further on the back of a wide variety of use cases it caters to.

KEY TAKEAWAYS

  • Cardano is trading at 34 to 52 INR while MATIC traded between 43.91 – 52.70 INR in the past 5 days. 
  • Both ADA and MATIC fall under top 20 assets making it good investment options 
  • MATIC coin was down in the red but has recovered in the recent weeks while ADA crypto has took a major hit during the ongoing bear run but will bounce back sooner.

WHAT IS CARDANO(ADA)?

Cardano is a proof-of-stake blockchain, works on a peer reviewed consensus mechanism Ouroboros which enables the blockchain to scale faster without having to compromise on security. It is built to enable larger foundations to be able to adopt Cardano for entrepreneurial use. The blockchain recently launched its Vasil hard fork on testnet. The hard fork has been one of the most awaited events of the Cardano blockchain. ADA’s price is anticipated to increase post the hard fork. The hard fork is scheduled to deploy towards the end of July. 

Additional Read: Updates on Vasil Hard Fork

UNIQUE FEATURES OF CARDANO 

  • Offers a higher degree of decentralization as anyone holding the ADA token can become a valiator on Ouroboros.
  • CSL (Cardano Clearing Level) allows users to instantly trade ADA with low fees.
  • The blockchain offers the best of both worlds: PoW and PoS thanks to its architecture. Cardano is often cited as one of the best opponents for Ethereum. 

Additional Read: How Cardano works?

WHAT IS POLYGON(MATIC)?

MATIC is an ERC -20 token and is the native crypto of Polygon blockchain. Polygon is a Layer-2 blockchain built on top of Ethereum. MATIC coins power the blockchain and are used to pay transaction fees and incentives to contributors securing the blockchain. 

UNIQUE FEATURES OF POLYGON

  • MATIC’s blockchain ‘Polygon’ is EVM (Ethereum Virtual Machine) compatible, which makes it easier for Ethereum developers to adapt to Polygon.
  • The blockchain uses Zero Knowledge Rollups that basically computes transactions off chain so the transactions do not require more energy as compared to ‘Proof-of-Work’ blockchain consensus. 
  • MATIC announced its partnership with 0xDAO to create the Polygon DAO and set aside a $10 million ecosystem fund earlier this year. 

Additional Read: How MATIC Coin works?

CARDANO VS POLYGON: Comparative Analysis

Comparison Basis Cardano (ADA) Polygon (MATIC)
Launch Date 27 September, 2017 19 April, 2019
Founders Charles Hoskinson Sandeep Nailwal
Blockchain  Protocol Ouroborous Protocol Proof of Stake protocol, EVM compatible
Total supply of tokens 34,277,702,082 10,000,000,000
Circulating supply 33.93 billion ADA 8.01 billion MATIC
Max Supply 45 billion ADA 10 billion MATIC
Market Cap $16,144,813,708 $4,648,356,000
Ticker  ADA MATIC
Use Case Smart Contracts, NFTs and dApps supported Smart Contracts, NFTs and dApps supported

Additional Read: Top Penny Cryptos 2022

PROS & CONS OF CARDANO vs POLYGON

PROS

Cardano (ADA) Polygon (MATIC)
Peer to peer decentralized technology Proof of Stake EVM compatible blockchain
Highly Scalable and interoperable Home to Ethereum developers, can be interoperable to other Ethereum dApps at inexpensive fees compared to Ethereum gas fees. 
Cardano has received a lot of appreciation for its developments. MATIC is still in its development phase but has been appreciated for its technology ‘Plasma’ and ZK roll ups
Cardano has active use cases. Has over 1000 dApps MATIC has reached over 19000 dApps running on the network

CONS

Cardano (ADA) Polygon (MATIC)
Cardano is yet to be fully developed. Its Vasil Hard fork too has been delayed. (Mainnet) MATIC’S overall ROI on dApps built is relatively low.
Low adoption rate (1000 dApps) Not an autonomous blockchain. Works on Ethereum as Layer 2 

Additional Read: Polygon Selected for Disney Accelerator Program 

HOW HIGH WILL CARDANO ADA PRICE GO IN 2022? 

ADA price targets $0.64 after Charles Hoskinson confirmed smart contract compatibility with Vasil hard fork. Cardano has been on a bear run for while now and it is expected that the Vasil Hard Fork will bring about some recovery. Cardano, as of 10th July is trading at 37.73 INR. As of July 09, 2022 72.53% of ADA is staked which is worth $11.39 billion. (Source: PoolTool.io) 

Here a rebound is required to raise the price back above INR 50. If the asset flips the bearish divergence, then it may set up a strong upward trend in the second half of 2022 to reach beyond a 3-digit figure. Else continue to hover between INR 60 to INR 75 by the end of the year.

Additional Read: Cardano Price Prediction 

HOW HIGH WILL POLYGON MATIC PRICE GO IN 2022? 

MATIC is currently trading at 48.52 INR. From a price range of 34 -31 It has seen a marginal rise over the last few weeks. Now with broader market cues turning positive, MATIC can be expected to stage some kind of recovery going forward.

Additional Read: Polygon Price Prediction

POLYGON vs CARDANO TECHNICAL ANALYSIS

Source: Tradingview

  • Cardano has shown massive recovery in the last 7 days. After the correction the price of Cardano has been setting in consolidation phase. 
  • Though the last one month graph shows an array of red candles but the asset has notable recovered and is predicted to stay in the green as further developments are lined for the project. 
  • Similar signs of recovery can be seen in the case of Matic too. The token has shown a steep rise in the last 7 day graph (Source: Coinmarketcap)

Additional Read: MATIC Technical Analysis

SIMILARITIES BETWEEN CARDANO & POLYGON

Both projects are proof of stake protocols and intend to solve problems of scalability. Cardano and Matic both have a good TPS and consume less energy and transaction fees as compared to proof of work blockchains. Both blockchains offer state of the art architecture to solve real life scalability problems. The price valuation for both assets have been quite close in the past. 

Also Read: Top 10 Crypto to Invest

SHOULD YOU BUY ADA Crypto OR MATIC Coin?

Both assets are great choices for long term investing as their technical advancements have been really moving the value needle for Cardano and Polygon. With really impactful technical architectures and higher adoption rates the value of both assets may see a steep rise further. 

As an in vector, you will need to keep a close watch on the market sentiments and the updates & developments on Cardano & Matic as they may impact the prices to a larger extent.

HOW TO INVEST IN ADA Crypto OR MATIC Coin?

You can register yourself on the CoinDCX crypto app, complete your KYC and get started with crypto investing. 

You can choose to invest through Crypto SIPs – to systematically invest in Cardano or Matic. This will allow you to make weekly investments as well. A great way to bring investment discipline. 

Additional Read: 

Polygon vs Tezos

Cardano vs Solana

Cardano vs Ethereum

Terra LUNA vs Polygon


Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].

The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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