Ethereum and Cardano are some of the best-known blockchains in the industry. They are also some of the largest, with Ethereum having a market cap of more than $351 billion. Cardano has a market value of over $28 billion and is the eighth biggest cryptocurrency in the world. In this Ethereum vs Cardano comparison, we will identify the better buy between the two.
The case for Ethereum
Ethereum is a dynamic blockchain project that is helping people build all types of decentralized applications (dApps). Some of the most popular dApps are in the decentralized finance (DeFi), non-fungible token (NFT), and gaming industries.
There are several reasons why Ethereum is better than Cardano. First, it has a better brand recognition considering that it was among the first cryptocurrencies to be established. As such, it is the second most popular cryptocurrency after Bitcoin.
Second, it has the biggest ecosystem in the blockchain industry. Its DeFi apps have a total value locked (TVL) of over $120 billion, giving it a market dominance of over 52%. It also has a leading market share in industries like non-fungible tokens (NFT) and gaming. Some of the most popular platforms in the industry like OpenSea, Bored Ape Yacht Club, and Decentraland use Ethereum.
Finally, Ethereum is in a transition to become a proof-of-stake (PoS) network. The merge of the current Ethereum and the Beacon Chain will happen in Q3 of this year and will help transition the network to the faster proof-of-stake network. Here’s how to buy Ethereum.
The case for Cardano
The next part of the Ethereum vs Cardano comparison looks at the latter. Cardano is a similar blockchain project that offers fast speeds and lower transaction costs. Unlike Ethereum, it was built using a proof-of-stake (PoS) consensus.
While Ethereum has a bigger ecosystem, there are several reasons why some analysts believe that Cardano is a better investment. First, it is a relatively new platform that has millions of fans globally. Indeed, on-chain data shows that Cardano has some of the most active holders in the market.
Second, since Cardano is a newer platform, analysts believe that it has a longer runway for success than Ethereum. They see Ethereum as a mature platform whose growth will be limited.
Third, Cardano’s ecosystem is growing, with the number of developers building in it rising. Some of the top apps in the ecosystem are SundaeSwap and MinSwap. Here’s how to buy Cardano.
Cardano vs Ethereum
In my opinion, I believe that Ethereum is a better buy than Cardano because of its strong ecosystem and the ongoing transition to Ethereum 2.0. A faster and cheaper Ethereum will remove the incentive for developers to build on alternative chains.