The FTX crash has had the biggest impact on Solana, a prominent coin. After revealing that Bankman’s enterprises were insolvent, the Ethereum rival suffered a drop in market capitalization.
What Caused That To Occur?
Bankman has demonstrated his strong proponent of the altcoin. Solana and other assets from the crypto world were also heavily invested in his ventures. As an illustration, Bankman purchased $1.2 billion of SOL tokens via Alameda.
The trading firm owned a $1.15 billion stake in Solana. The firm was charged with dumping its altcoin assets to stop the devaluation of FTX’s token, FTT.
These elements caused SOL to experience a severe change and fall outside the top 10. After the fall, is Cardano finally getting a chance to shine in this regard? Will the altcoin eventually emerge as the “Ethereum Killer”?
Comparison Of Cardano And Solana
Cardano and Solana differ in some ways. They differ despite both being established to further the smart contract field.
Solana was created to ease the creation of decentralized applications. Solana combines a proof-of-history consensus with a proof-of-stake consensus. It was made to increase scalability.
While Cardano was created as a substitute for payments, it was intended to be used in locations with little connectivity to the banking system. Low prices and quick transactions characterize this smart contract platform. Cardano is notable for its analysis creation and for providing stakes without securing users’ ADA.
Rust is the network development language used by SOL. Plutus is the development language used by ADA.
Which “Ethereum Killer” Is The Best?
The argument about whether Solana and Cardano may surpass Ethereum is not new. For both, that fact is still far-fetched.
In terms of smart contracts, Ethereum remains at the top. Ethereum outperforms its rivals regarding NFT traffic and total blocked value in Defi. It is safe to argue that rivals of Ethereum are in direct competition with one another before they do so with ETH.
Despite FTX’s bankruptcy, Cardano remains operational. It is said that the ADA team delays their deliveries. But despite Ethereum’s rivals, it has demonstrated its resilience.
The market needed the collapse to put the coin on hold, at least during this crisis. Since its introduction, there have been eight network disruptions. Despite having an advantage, Cardano’s has yet to reach its capacity. As a result, the altcoin must endure over time to prove its ability to compete with Ethereum.