Solana vs. Cardano: Which is Better?

Written by Banks Editorial Team
5 min. read
Written by Banks Editorial Team
5 min. read

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There’s a rapidly growing number of cryptocurrencies to choose from nowadays; Bitcoin, Ethereum, Dogecoin, Litecoin, and so many others clutter the market for digital assets. However, it’s quite hard to discern differences, pros and cons, and, most importantly, which one is likely to be more valuable in the future. 

This article will look at two of the most popular alternatives to Ethereum and Bitcoin to help those looking to expand their holdings and make themselves more resilient against a crash in one fiat coin. 

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What Is Solana?

Solana is a new cryptocurrency released in 2017. On its base level, it acts as a financial instrument to be bought and sold, similar to how stock or option trading works. However, Solana also has other benefits that make it more useful than perhaps a lot of the general public know. 

Combining decentralization, safety, and scalability, Solana has very low transaction fees and high-speed ways of processing transactions, meaning that it is a highly attractive way for new investors to grow if they are looking to divert from Ethereum and Bitcoin. 

Solana also aids developers by providing the same benefits to traders to those looking to use the blockchain to write software incorporating it. This allows those developers to create quick and efficient digital programs that are also relatively cheap and affordable compared to their alternatives. 

Is Solana a Good Investment? 

Solana is a good investment, though it’s highly volatile like all other cryptocurrencies. Due to the relative novelty of the coin and the industry, there is always some incorporated risk with investing in Solana. Still, in terms of functionality and purpose, it is a great opportunity for investors that will likely increase in price as it continues to expand around the world to be used by more developers and bought and sold by more traders. 

What Is Cardano?

Cardano, like Solana, is a relatively new cryptocurrency also released in 2017. It can be purchased and traded just like all other cryptocurrencies, allowing investors to further diversify their portfolios when investing in digital assets. Cardano is run by a non-profit organization and has the primary purpose of making cryptocurrencies more interoperable, scalable, swift, and sustainable.

This crypto coin is the first “third-generation” digital currency. It’s aimed at providing a way for cross-chain transactions to occur without going through an intermediary, which often puts up the price and slows down transaction times. In addition, it is a pioneer in its field that, through its sustainability corner, aims to provide ample compensation to miners and stakeholders in a way that continues the platform’s development over time. 

Is Cardano a Good Investment?

Cardano was created by the co-founder of Ethereum, Charles Hoskinson, who clearly has considerable experience creating a functioning and purposeful coin that have the potential to become incredibly profitable. 

Cardano’s success already as a digital coin is proof of its ability to survive and thrive in the crowded digital marketplace. Its technology continues to reach new developers every day. 

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Solana vs. Cardano: Similarities

Both of these crypto coins are great options for investors looking to add a further coin to their wallet or to break into the industry with a product that has the potential to grow massively. For those using the programs to create external projects (such as developing), it is important to look at the exact specifications of each. However, for the investor, the similarities and differences holistically are very important: 

2021 Fastest-Growing Cryptocurrencies

Both Solana and Cardano were among the fastest-growing cryptocurrencies in 2021, growing substantially over the year. In 2021 alone, Cardano’s price rose from $0.18 to $1.37 but hit $2.85 in August, while Solana went from $4.23 in Jan to $172 in Dec, putting both of them on the radar for all crypto investors. 

The two have also seen price growth in 2022. They are definitely considered some of the biggest possible winners in the coming years, primarily because of their following and developer backing. 

“Ethereum Killers”

The two coins have also been dubbed “Ethereum Killers” because of their ability to be better and more functional than Ethereum, primarily because of their technical capabilities. 

Due to the intelligence and functionality behind each of the coins and the relative lack of competitors, Solana and Cardano are likely to become increasingly popular tools for developers and for digital financers, which will fuel their increase in price in the future. 

Smart Contracts

A smart contract is an automated digital agreement that cannot be corrupted or altered. Cardano added smart contracts to their system in 2021, similar to Solana, so both have the feature, mimicking the fundamental building block of Ethereum and allowing the new coins to match, if not better, their predecessor. 

Solves Ethereum’s Scalability Issue Promise

While it may sound like a lot, Ethereum can only process 15 transactions per second on its system. As it becomes more widespread and additional programs use it; it slows down considerably. Its gas fees increase, making it considerably worse to use. 

Both Cardano and Solana were built with this problem in mind and with solutions capable of effectively solving this issue, making them more viable options for the future of crypto. 

Why Choose Cardano Over Solana?

While the two currencies rival each other considerably in terms of popularity and profitability, certain defining characteristics differentiate them. Knowing these differences is key to choosing which one is the better long-term investment for profitability. 

Unfortunately, the two systems are constantly developing new features and improving their efficacy, meaning further alterations beyond these may be possible. 

Better Validation Mechanism

Cardano’s validation mechanism is incredibly effective at transmitting data than Solana. Furthermore, by using a number of validators, each of which works inter-chain for multiple transactions, Cardano can be the most censorship-protected of the two (and highly ranked on the fiat coin market in its totality). 

Ouroboros Consensus Protocol

As the revolutionary proof-of-stake system that enabled Cardano to become so famous in the crypto community, Ouroboros is peer-reviewed for its level of security and efficiency. It also has a highly affordable way of completing transactions that’s up to four million times more effective than the system that controls Bitcoin, making it a much more effective option for users and investors. 

Better Stability: Peer-Reviewed System

Additionally, Cardano’s system in its entirety has been peer-reviewed to validate its usability and its efficiency at performing various tasks, and it was the first fiat coin to undergo this. 

In terms of reliability and trustworthiness, Cardano’s programs have been confirmed to be one of the best options available. Solana and many other coins have not been peer-reviewed, but this is not necessarily a way of indicating the coin is poor. 

Why Choose Solana Over Cardano?

While Cardano does have its benefits, Solana should not be overlooked as a cryptocurrency that has seen remarkable growth for a good reason. 

The cryptocurrency is a pioneer in many ways and can stand apart from the crowd for its capabilities, making it better than its rival Cardano. 

Faster Transaction Rates

Firstly, Solana’s transaction rates are considerably faster than Cardano’s due to the direct method it employs to transmit information. Solana’s programming provides it with the necessary features to be used as an effective transaction hub for developers looking for speed. 

Lower Transaction Fees

In a similar method to the faster transaction times, Solana also has the added bonus of having lower transaction fees. The transaction can be completed quickly and does not have to be waiting on the blockchain, lowering gas prices and making it a more affordable alternative to Cardano. 

More Blockchain Projects Currently

Solana also began outreach for its projects faster than its alternative, meaning that it now has a greater number of users and projects currently involved with the system. So while Cardano may catch up to it in time, Solana has a considerable head start and tremendous popularity at the time of writing. 

Solana vs. Cardano: The Bottom Line

Both the two coins have the potential for remarkable growth in the future. As a result, neither can be written off as a complete investment dud; a crypto investor that puts their money into either of the options is entirely rational, given the power and momentum of both. 

The technology backing both coins and platforms makes them different in many ways. In terms of investment potential, given the lower current price of Cardano, it has the highest growth potential. With considerable professional backing from a proven crypto expert, it is likely to be the choice for investors. However, Solana has a large number of features that make it more functional for transactions. 

Either option is likely to be a profitable one. 

Where Can You Buy Both Cardano and Solana?

Nowadays, with Cardano and Solana having reached the public eye through their massive growth, the two fiat coins can be purchased from a large number of digital crypto services. One of the primary platforms that you can use to purchase either crypto coin, alongside over 100 other cryptocurrencies, is Exodus

Exodus allows you to purchase Cardano and Solana at market price and then store it in their offered wallet or a wallet of your choosing. 

In addition, the website wallet and app also offer several other ways, besides storing, to earn from your crypto, including acting as a digital bank and enabling you to stake your crypto for rewards. 

Exodus is a great way to get started investing in Solana and Cardano, you can learn more about the app on their website or sign up for an account if you are ready to get started.

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