Comparing Cardano and Ethereum will keep discussions heated for a few more years to come. There are devotees in both camps who are sure that they have the Willy Wonka Golden Ticket in their hands. But should they? Both chains are in the middle of important updates. Ethereum just completed The Merge a few days ago. Cardano will have the Vasil hard fork tomorrow.
Exciting times for both camps. In this article, we will have a look at which chain is better. We also look at the differences between Cardano versus Ethereum. So, let’s start and dig in.
Ethereum:
Inferior Staking (Locked) vs Cardano's Delegated.
Inferior Account Balance vs Cardano (+Ergo) eUTxO.
Inferior Solidity vs Plutus plus DSLs.Ethereum is not ahead of anyone. There is zero mainstream adoption for retail or enterprise.
Cardano foundation still ignored. https://t.co/KTCQXRcwSl
— Garry Golden (@garrygolden) September 15, 2022
Which Is Better – Cardano or Ethereum?
Asking if Cardano or Ethereum is better, is that like the chicken and egg question? Yes, Ethereum arrived earlier at the scene. But who will be the more successful chain in the future? The Cardano versus Ethereum debate will keep fueling discussions for a while to come.
At this moment, Ethereum leads in many areas. For example:
- Its market cap is higher, $164 billion. That’s 10x higher compared to Cardano with its $15 billion.
- TVL of Ethereum is $30.56 billion, compared to $79.97 million for Cardano. According to DeFiLlama stats.
- NFT daily sales volume for Cardano are $600,000. That’s what the CNFTJungle stats tell us. OpenSea on Ethereum does $11.5 million volume in a day. That’s what CryptoSlam tells us.
- DeFi – Ethereum with 3,000+ dApps and Cardano with over 1,000.
- And we can go on.
However, that’s not the whole story. Ethereum started with the basic minimum to have a blockchain. All upgrades will come later.
Cardano, on the other hand, has a much more diligent approach. It takes its time with a peer-reviewed and research-driven approach. Cardano also combines academic rigor. Together with a mathematical approach. It combines all this with blockchain technology.
Cardano has the upper hand on TPS. Currently at 250 TPS over Ethereum with its 30 TPS. However, Cardano foresees a 2.5 million TPS rate in the future. Ethereum will get to 100,000 with sharding.
What Is the Difference Between Cardano and Ethereum?
There are many differences between Cardano and Ethereum. Not just one! We mentioned a few already just a moment ago. Some other important differences are as follows:
- Ethereum has single layer architecture. Layer 2 projects build on top of Ethereum. They offer fast and cheap transactions. Plus, they are scalable. Cardano uses two layers for the get go.
- Cardano uses the Ouroboros consensus mechanism. This is like PoS. On the other hand, Ethereum used PoW until a few days ago. After The Merge, they are now also a PoS chain.
- Cardano uses Haskell as its programming language. This is secure and fast. Ethereum uses Solidity.
- Governance on Cardano has three independent organizations. They control everything. IOHK for coding and the consensus mechanism. The Cardano Foundation for blockchain development. Emurgo to onboard big companies to Cardano. In contrast, Ethereum only has the Ethereum Foundation. However, it claims not to run Ethereum. But how decentralized is Ethereum after The Merge? A fairly small group of stakers control most of the Ethereum total stake.
These are just some differences. However, don’t forget that they also have a few things in common.
Will Cardano Be Worth More Than Ethereum?
Currently, it’s probably a safer bet to invest in Ethereum. ETH has a better price and is #2 on the list for market cap. Cardano doesn’t do too bad, though. On that same list, they take the eighth spot. However, the ETH market cap is $160 billion, and the ADA market cap is $15 billion. See the picture below.
The future might see an increase in price and profit on ADA. The Vasil hard fork is around the corner. This may be a kick-start for the long-awaited price increase in ADA.
Both blockchains offer similar services to developers. But they go about it in different ways. Cardano is like the diesel engine, a slow starter but steady. Once it gets going, it doesn’t stop anymore. On the other hand, Ethereum is running on gasoline and had a great start to its adventure. Still, it may well be that, in the long run, Cardano will take the lead.
Source: CoinGecko
Can Cardano Match the Ethereum Price?
Currently, that is not very likely. Ethereum is the dominant L1, and its price is many multiples higher than Cardano. Just after The Merge, the price of ETH dropped to $1,327. The current ADA price stands at $0.0446.
Cardano needs to surge x11 to get the same market cap as Ethereum. Such a move requires a massively tremendous gain. Now, having said that, nothing appears to be impossible in crypto. However, this scenario seems unlikely at this moment.
Conclusion
We compared Ethereum and Cardano. At the same time, we also answered four popular questions about them. Currently, it looks like Ethereum has the upper hand on almost all fronts. However, by no means, can you count out Cardano. It is thorough and careful in everything it does. As a result, once Cardano releases or upgrades something, it works. Still, some people think that Cardano is slow. It is not, but it does have a different approach and philosophy.
In the long run, it won’t surprise me if Cardano will be the better option.
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