Advertise your product or service? Contact us on Discord.

Solana Beats Cardano in Everything Except Market Cap - But that's about to change

By: illustrious
July 18, 2023 4:36 PM EDT
Twitter Share

In the competitive world of cryptocurrencies, Solana (SOL) has emerged as a strong contender, surpassing Cardano (ADA) in several key areas. Although Solana has yet to surpass Cardano's market cap, it has briefly flipped its rival and is currently engaged in a battle for the #8 spot on Coingecko. This article explores how Solana has excelled in various metrics, demonstrating its potential for future growth.

Market Cap

While Cardano holds a higher market cap than Solana at the time of writing ($10,660,011,664 compared to Solana's $10,226,875,686), it is essential to look beyond this single metric to gain a comprehensive understanding of their comparative performance.

Source: CoinGecko

Decentralized Exchanges (DEX) Volume

Solana's top DEX, Jupiter, boasts an impressive trading volume of $40,942,353. In contrast, Cardano's leading DEX, Minswap, has a comparatively lower volume of $2,311,159. This significant disparity indicates the greater demand and liquidity found within the Solana ecosystem.

Source: CoinGecko

NFT Volume

Solana's 24h NFT volume is nearly 4x higher than Cardano's at $1,053,611. Cardano has not recorded a higher volume day than Solana's according to data. Additionally, despite the lower volume, Cardano records a higher % of the volume as wash trading.

Source: Cryptoslam

Total Value Locked (TVL)

The Total Value Locked (TVL) metric provides insights into the value of assets locked within decentralized finance (DeFi) protocols. Solana's TVL currently stands at $313.39 million, surpassing Cardano's $179.49 million. Solana's higher TVL suggests a greater level of participation and confidence from users in its DeFi offerings.

Source: DefiLlama

Active Addresses

Solana demonstrates a considerably higher level of user activity, with 272.2k active addresses compared to Cardano's 53,470. This disparity implies a larger and more engaged community utilizing Solana's blockchain network for various transactions and interactions.

Source: The Block

Token Staking

Solana exhibits a higher proportion of staked tokens, with 388.6 million staked out of its 402.8 million circulating supply. In comparison, Cardano has 22.79 billion staked out of its 35.05 billion circulating supply. This discrepancy indicates that a greater percentage of Solana token holders actively participate in the network's staking mechanisms, underscoring the community's commitment and belief in the platform's long-term viability.

Source: Cardanoscan

Conclusion

While Cardano currently maintains a higher market cap than Solana, a deeper analysis reveals the latter's strength across multiple metrics. Solana's dominance in DEX volume, TVL, active addresses, and token staking showcases its growing popularity and potential for further expansion. As Solana and Cardano compete for higher rankings, these metrics suggest that Solana possesses the fundamental ingredients necessary for continued success in the crypto space. It will be intriguing to observe how these two platforms evolve in the future and whether Solana can solidify its position in the rankings.

illustrious
Always experimenting.

Recent News

Loading...
banner image of nft

DRiP Hits Milestone: Surpasses 25 Million Collectibles

By: illustrious
August 14, 2023 5:03 PM EDT
DRiP has achieved a new milestone, surpassing its 25 millionth collectible. This feat underscores its unique approach to digital assets, emphasizing mass engagement over rarity. Leveraging Solana's efficiency and a creator-centric model, DRiP's influence in the NFT space continues to soar.
Loading...
banner image of nft

Solana's TVL Hits 2023 Highs at $325 Million

By: illustrious
August 12, 2023 3:53 PM EDT
Solana's 2023 TVL peaks, highlighting increased trust and adoption. Key drivers: innovative protocols, user-friendly platforms, key partnerships, and enhanced security. Its rise underscores Solana's growing DeFi dominance.

© 2023 SolanaFloor