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Cryptocurrency News Articles
Solana (SOL) And Cardano (ADA) Battle For DeFi Supremacy, But Community Backs Sui Network (SUI)
Oct 06, 2024 at 08:03 pm
Solana (SOL) and Cardano (ADA) are considered notable contributors to the Decentralized Finance (DeFi) ecosystem. However, community members have often pitted the two against each other, attempting to crown one the ultimate tech leader.
Solana (SOL) and Cardano (ADA) are two of the most popular cryptocurrencies on the market today. Both coins are designed to power decentralized applications, and both have their own unique strengths and weaknesses.
One of the key metrics that is often used to compare Solana and Cardano is Transaction Per Second (TPS). This metric measures how many transactions a blockchain can process per second. The higher the TPS, the faster the blockchain can handle transactions.
According to recent data, Solana’s TPS is currently around 40,000. This is significantly higher than Cardano’s TPS, which is currently at 1.3. However, Cardano’s website states that its eUTXO model can theoretically handle hundreds of TPS.
This discrepancy in TPS claims has led some crypto analysts to accuse Cardano of misleading investors. One analyst, Marty Party, even went so far as to urge the crypto community to move from ADA to SOL.
“Facts>Feelings – not personal, business. Move $ADA to $SOL asap,” Party wrote in a recent post on X.
Party’s comments quickly sparked a debate regarding the performance and potential of each blockchain. Some followers replied, saying that they may consider converting their ADA to SOL.
However, one community member suggested moving to Sui Network (SUI) instead. This suggestion is likely due to SUI’s recent strong performance. Within 30 days, SUI price gained 117%, while SOL surged 9.5%, and ADA price increased 7.4%.
To put this in perspective, SUI has outperformed both altcoins and is recording an uptrend.
As mentioned earlier, Solana is among the top-performing assets in 2024. SOL has surged over 520% in the past year to $142. In September 2024, it achieved a record of 5.5 million active daily addresses.
Solana’s technical analysis suggests the potential for further price growth. The Relative Strength Index (RSI) is below 40, indicating that the asset is oversold and could be due for a bounce.
Analysts anticipate upward momentum for SOL, with a potential parabolic recovery targeting $560. The recent bullish trend reflects a wave of optimism surrounding the network due to network advancements.
For instance, in September, Google Cloud partnered with Solana Labs to launch Gameshift. This newly launched platform is a Web3 API service that acts as a Web2 to Web3 gateway for developers.
Moreover, Travala recently integrated Solana to enable users to book travel with assets created on the blockchain.
Despite these positive updates, Solana still has its fair share of critics. Edward Snowden, for example, has stated that the protocol is centralized.
Ultimately, whether or not Solana is an overhyped chain is up for debate. However, what cannot be denied is the blockchain’s improved scalability, relatively faster transaction speed, and reduced cost. These aspects of Solana are what blockchain users and key stakeholders find fundamental for expanding practical applications in the crypto ecosystem.
Furthermore, the Solana network has good stablecoin volume traction and Non-Fungible Token (NFT) volume. This marks a good indicator that the network has a considerable market share.
Disclaimer:info@kdj.com
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- 72% Of ETHUSDT Traders On Binance Go Long – Is This The Buy Signal You Need?
- Oct 07, 2024 at 02:20 am
- In a recent trading activity on the crypto exchange Binance, 72% of ETHUSDT traders have taken long positions. This interesting sentiment is revealed through the trading analytics platform CoinGlass. This surge in long position is more notable as it comes after a week of Ethereum trending downwards.
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- CYBRO Surpasses $2.9 Million in Pre-Sale: A One-of-a-Kind Next-Gen DeFi Investment Opportunity
- Oct 07, 2024 at 02:20 am
- CYBRO is catching the attention of crypto whales as its exclusive token presale quickly surpasses $2.9 million. This next-generation DeFi platform offers investors unparalleled opportunities to maximize their earnings in any market condition.
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- Solv Protocol Overtakes Solana and Uniswap in Protocol Fee Revenue
- Oct 07, 2024 at 02:15 am
- In the past 24 hours, Solv Protocol has outperformed Solana in protocol fee revenue, securing $1.48 million, according to DefiLlama. This impressive growth has placed Solv Protocol at the 6th spot among the top decentralized finance (DeFi) platforms.