The world of cryptos has been swelling rapidly over the past two years attracting many onto the platform. And hence due to huge attention and adoption, cryptos are now considered one of the good investment options. Among the thousands of cryptos in the market, Cardano & Solana have marked their presence hard, claiming to be the ‘Ethereum-Killers’ which compel the traders to think,
“Which is the better investment option?” Let’s dive deep and figure out a suitable response!
After Bitcoin & Ethereum, Cardano is the third-generation, decentralized Proof-of-Stake(PoS) blockchain. The platform aims to address the issues related to Scalability, interoperability, and sustainability by being cost-effective, and environment-friendly with high throughput.
The blockchain is been built in five stages namely, Foundation, Decentralization, Smart-Contracts, Scaling & Governance. The native token of the Cardano blockchain is ADA which is named after 19th-century mathematician Ada Lovelace.
In a major update for the Cardano blockchain network, engineers at IOHK had successfully hard forked the Cardano testnet with the Vasil upgrade. This Vasil Hard Fork is basically the part in its plan to improve upon the scalability and speed of the network. Thus this effort brings the project another step closer to dethroning the largest smart contract and DeFi platform out there – Ethereum. With this latest upgrade, Cardano’s developers hope to improve the efficiency of smart contracts to make Cardano cheaper and faster to use.
We’re happy to report that today at 20:20 UTC the IOG team has successfully hard forked the #Cardano Testnet. This is an important next step in the journey towards the Vasil upgrade on mainnet. 🧵
— Input Output (@InputOutputHK) July 3, 2022
Additional Read: Cardano Vasil Hard Fork
Solana is a decentralized, layer-1 blockchain that facilitates more transactions per second at a low cost, operating both on Proof-of-Work(PoW) & Proof-of-Stake(PoS) mechanisms. While PoS permits validators to validate the transactions, PoW enables the transaction to be timestamped.
The public blockchain, Solana also has a smart contract capable of giving a throughput of more than 71,000 transactions per second, becoming one of the most used blockchains in recent times.
Additional Read: Proof of Stake vs Proof of Work
Unfortunately, Solana has been one of the blockchain networks that has suffered multiple major attacks leading to major loss of funds from time to time. Very recently, nearly 8000 Solana based wallets were hacked that resulted in a loss of over $5 million in SOL crypto and USDC tokens in a matter of a few hours.
An exploit allowed a malicious actor to drain funds from a number of wallets on Solana. As of 5am UTC approximately 7,767 wallets have been affected.
The exploit has affected several wallets, including Slope and Phantom. This appears to have affected both mobile and extension.
— Solana Status (@SolanaStatus) August 3, 2022
Read all about this hack: Solana Wallets Hacked
|Founders||Charles Hokinson||Anatoly Yakovenko|
|Blockchain protocol||Ouroborous Protocol||BFT & PBFT- these are fault tolerance mechanisms|
|Use case||Smart-Contract, NFT, DApps & Crypto supported||Smart-Contract, NFT, DApps & Crypto supported|
|Market Cap*||INR 1.30 trillion||INR 1.04 trillion|
|Circulation Supply**||33.74 billion ADA||342,508,447.06 SOl|
|Consensus method||Proof-of-Stake(PoS)||Proof-of-Stake & Proof-of-Work|
|Peer-to-peer, decentralized technology||Fast Transaction speed and Low Fees|
|Highly scalable and interoperable||Home for Smart Contracts & NFTs|
|Cardano is environmental friendly||Solana is environmental-friendly unlike Bitcoin|
|Does not get influenced by hype or criticism in the market rather focuses on the development||Attractive Staking Rewards|
|Cardano is still in the development phase||Low Network Stability|
|Is building the features which the other chains already posses||Limited projects built on Solana|
|Low adoption rate||Solana has now fixed supply hence is an inflated asset|
|75% of ADA is not in circulation but staked||Solana is speculated to be less decentralized|
Cardano is trading with extensive bearish pressure. Slight upswing results in a massive plunge squeezing out all the gains incurred. Currently, ADA price has dropped below INR 40 and testing the crucial support at INR 34.
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.
The Solana crypto price is attempting to rebound from the lower support by sustaining strong above INR 2000. The SOL price is required to test and clear the crucial resistance at INR 4200 to set a bullish trade for the rest of the year.
The crypto asset if continues to trade within the bearish captivity may possess less volatility and the upper target may remain capped below INR 6000. However, if the bulls take over the rally, then a higher possibility of the price smashing INR 10,000 emerges by the end of 2022.
Additional Read: Cardano Price Prediction 2022, 2023, 2024, & 2025
Cardano & Solana has displayed a significant bullish trend throughout the year 2021 since the beginning As Cardano is a couple of years elder than Solana, it could hold some advantages of being more experienced. On the other hand, Solana’s fast transactions and capability to process a minimum of 60,000 TPS could attract more traders.
Considering the upcoming trend, SOL price is expected to recover more quickly than ADA as the market sentiments flip to bullish. However, ADA crypto price always follows s slow & steady approach that may hold the support levels firmly. Therefore, both the assets carry their advantages and strengths which can be considered depending on the length of the investment.
Cardano & Solana crypto can be easily bought here on CoinDCX along with the best deals in the market. Just download the CoinDCX App crypto investing app, enter the details required and wait for your profile to get verified. Once done, fund your wallet and buy Cardano and/or Solana. Moreover, with Crypto Investment Plan(CIP) you can invest in easy weekly installments too.
*Prices and Data as of 5th August June, 2022
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].
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