Introduction
So much has been talked about the biggest altcoin by market cap; Ethereum; in the last couple of years, thanks to its roadmap containing a series of upgrades that are soon to take place one after the other. However, since the inception of Ethereum, there have been a few projects that came to being, which were termed as ‘Ethereum killer’ for the tokens being cheaper and their transaction speed being faster. Two of the most prominent names along those lines are; Solana and Cardano.
To know the two networks better, let us take a deep dive into the functionality of them!
What is Solana?
Solana is an open-source, permissionless, and high-speed layer-1 decentralized blockchain. It aims to achieve the highest throughput compared to the other blockchains at affordable rates. The platform implements a hybrid consensus model that combines both the versions of Proof-of-stake(Pos) and Proof-of-history(PoH). Due to this, the platform is able to generate over 710K transactions per second(TPS) with minimal scaling solutions.
The core component of Solana is its POH which provides a digital record of confirming the occurrence of an event on the network at a given time. It relies on PoS’s Byzantine fault tolerance(BFT) algorithm to reach a consensus. It also uses a 256-bit secure hash algorithm (SHA-256) to provide real-time data.
Read More: Solana vs Ethereum
Latest News on Solana Blockchain
- With the newer steps taken by Ethereum and Polygon, Solana is not far behind! Back in February 2023, The Solana network mentioned that it is set to work on deployment of oracles as Helium is looking to improve its scalability and reliability. Soon after, the Helium network mentioned that on March 27, 2023, the transition of the network will be taking place over 24 hours. Helium’s team commented, “This upgrade will encompass all wallets, Hotspots, and Helium Network state, and will take place over a 24-hour transition period commencing at approximately 1500 UTC / 10:00 AM ET.”
Helium Wallet users can now preview @Solana functions for the wallet (Settings > Preview Solana) for testing on Devnet. Token balances on Devnet are only for testing and are not real tokens. Helium is not yet on Solana Mainnet. Feedback can be provided on the Helium Discord. 🧪 https://t.co/LHByZyojkR
— Helium🎈 (@helium) March 16, 2023
What is Cardano?
Cardano is an open-sourced, decentralized network that aims to empower the DeFi & smart contract space. The network is backed by 3 entities namely, the Cardano Foundation, Input-Output (IOHK), and EMURGO. Build on a Proof-of-stake consensus mechanism, Cardano is considered a 3rd generation blockchain after Bitcoin & Ethereum.
The blockchain consists of 2 layers, a settlement layer(CSL)- to manage the movement of assets between the sender & receiver and a Cardano Computation Layer(CCL) which helps the platform to replicate the Bitcoin ecosystem’s smart contract platform.
The platform underwent a Shelley upgrade in 2020 and further underwent Alonzo hard fork in September 2021. The most recent upgrade is the Vasil hard fork introduced several upgrades to the network’s programming language Plutus.
Latest News on Cardano Blockchain
- Following a successful security audit, Djed, the new overcollateralized stablecoin, from DeFi service provider COTI, has been deployed on the Cardano mainnet earlier this year. This news has gotten the community pumped for the further developments!
2023 is the Year of #Cardano sidechains
– Midnight privacy sidechain
– Sidechains Toolkit EVM compatible
– Milkomeda, first Cardano sidechain
– …more to comeDo you remember what happened when people started to build sidechains/tokens on Ethereum?
Take that and make it x10. https://t.co/n8KWCX2SVh— Cardano Hieronymus (@CardanoHumpback) January 12, 2023
CEO of Coti, Shahaf Bar-Geffen said, “Not only do we need a stablecoin, but we need one that is decentralized, and has on-chain proof of reserves.”
Solana vs Cardano: Comparative Analysis
| Crypto Name | Solana | Cardano |
| Launch Date | March 2020 | 27 September 2017 |
| Founder | Anatoly Yakovenko | Charles Hoskinson |
| Blockchain Protocol | Solana blockchain | Cardano blockchain |
| Native Token | SOL | ADA |
| Market Cap | $5.11 billion | $10.78 billion |
| Token Type | Native | Native |
| Circulating Supply | 363.03 billion | 34.43 billion |
| Max Supply | 534.63 million | 45 billion |
| Consensus Method | PoH & PoS | PoS Ouroborous Protocol |
Additional Read: Ethereum vs Solana vs Polygon
Technical Analysis: Solana Price vs Cardano Price
Source: Tradingview
- Cardano & Solana price had been training besides each other until the beginning of the monthly trade
- Soon after the FTX collapse, SOL price was badly impacted due to which the price dropped heavily and currently trading within the same range
- SOL/USDT price slightly raised from -6.49% to +25.24% and dropped massively to reach -62.88% and presently trading at -52.96%
- Meanwhile, ADA/USDT price also began the monthly trade on a bullish note and surged beyond +20%, but the bearish market sentiments dragged the price to as low as -12.93% at the moment
- Both the tokens have been plateaued from more than a wee suggesting a larger price action in the coming days, regardless of the direction
Solana Price Prediction
- The SOL price has been running at $22.26 with an upward trajectory of 2% today; March 20,2023 with a market cap of $8,547,285,409
- The price has been recovering for the past 24 hours with 1.64% in the value recovery, however, given the current rally continues, SOL price might have to first deal with a very wide consolidation range between $28 and $46.
- The price trajectory shows that it can reach around the $35 level by the end of Q1 2023 and if the activity remains similar, by the end of H1 2023, the SOL price has the potential to rise close to $40.
Read On: Solana Price Prediction
Cardano Price Prediction
- The ADA price has been running at $0.33, with a downward trajectory of 0.40% today, March 20,2023, with a market cap of $11,799,006,948.
- The ADA network has been functioning fundamentally strong, even with the value faltering since Q1, 2023.
- Following the Vasil Hard Fork in September 2023, the ADA price has been in a recovery stage. Experts believe that 2023 might just be so for the network as the network is expected to form new lows and that might ignite a rebound to rise towards the middle bands.
Pros & Cons
Pros
| Solana Pros | Cardano Pros |
| Fast transactions & low fees | Peer-viewed, 3rd generation technology |
| Swelling NFTs & Smart contract platform | Highly scalable and interoperable |
| Solana has low environmental impact | It is environmental friendly |
| Staking solana may earn rewards | It is a substance over hype |
Cons
| Solana Cons | Cardano Cons |
| Network highly instable | Ambitious scope of work |
| Very limited projects available on Solana | It is not memeable |
| No fixed supply hence highly inflationary | No-first mover advantage |
| Less decentralized network | Huge Competition |
Use Cases of Solana and Cardano
Cardano Use Cases
- The network will be managed democratically and the users will have the power over the network, once the Cardano blockchain completes the set of updates set in its roadmap.
- The solid build of the lower layers of the Cardano blockchain ensures the hardness and security of the network.
Solana Use Cases
- DeFi: This use case of Solana includes crypto exchanges, DEXs or Decentralized Crypto Exchanges, digital wallets, and automated financial contract systems.
- NFT: Solana has been home for many digital creators who work with NFTs. The blockchain allows its users to mint and trade their digital artwork.
Should You Buy Cardano or Solana?
Cardano blockchain carries a huge scope of work as the roadmap consists of a series of upgrades and developments to the network in the coming days. Meanwhile, the Solana network experienced numerous outrages in 2022 which has hampered the growth of the platform to a large extent. However, both blockchains hold a significant share in dominance within the smart contract & NFT space.
In the coming days, ADA price may experience a decent upswing soon after the market sentiments flip a little. Meanwhile, the recent developments within the crypto space have hampered the SOL price to a large extent. Therefore, before buying Cardano or Solana, a thorough study and close observation of the market movements with extensive research is highly imperative.
Is Solana a good investment or Cardano?
Cardano and Solana, both appear to have huge potential with a decent growth rate once the bearish clouds fade over the crypto space. While ADA is backed by a huge community, SOL price is feared to loose its grip over the market soon. Hence, before investing in ADA or SOL, it is important to study the future prospects of both tokens in detail.
How to Invest in Solana and Cardano?
Buying Solana and Cardano is extremely simple & safe on CoinDCX app. To register with CoinDCX all you need to do is download the CoinDCX App on your smartphone. Later enter all your details and complete with KYC. Once your profile is validated, fund your wallet and buy SOL or ADA or both.