Could Cardano (ADA) Really Be an “Ethereum Killer”? Analyst Replied
Popular crypto analyst Lark Davis considered whether Cardano (ADA) could indeed outperform ETH among projects seen as Ethereum killers .
The Latest Situation Between Ethereum and Its Competitors
In fact, it is known that the leading projects that are currently seen as Ethereum killers in the industry are Cardano, Binance Coin, Polkadot, Solana and EOS. Although EOS has lost its popularity recently, BNB, ADA and DOT are showing serious competition instead.
Cardano, developed by Polkadot, developed by Ethereum co-founder Gavin Wood, and another Ethereum co-founder Charles Hoskinson, is experiencing and surviving the competition. Some Ethereum developers and investors emphasize that ADA can never rival ETH. Although the ADA price has recently seen a record high, the lack of smart contract support in the Cardano network underlies these criticisms.
Cardano Has a Long Way to Go
Although the Cardano network has recently made a big step forward with the Mary hard fork, it still has the Alonzo hard fork and a new phase ahead. This shows that Cardano is far, far behind its rival Ethereum when it comes to smart contract support.
Analyst Lark Davis turned his eyes to Ethereum 2.0, stating that Ethereum will soon experience one of the biggest updates in its history. Stating that ETH will switch from PoW infrastructure to PoS infrastructure with this update, Davis emphasized that ETH has a strong hand.
Stating that Cardano has reached a serious investor base but cannot technically be able to rival ETH, Davis sees the slow implementation of smart contracts as a problem. Cardano still does not have a publicly decentralized application development infrastructure, which also negatively affects the situation.
Ethereum Wins This Competition
While transaction fees on the Ethereum network are quite high due to infrastructural issues and scalability, Davis believes this will be resolved soon. Stating that Cardano sees this problem as an advantage for now, Davis emphasized that the advantage will turn into a disadvantage when the L2 solutions in the Ethereum network are implemented. Davis also underlined that Ethereum is the undisputed leader in this comparison.
While the ETH price is trading at $ 1,714 at the time of this writing, the ADA price is $ 1.19 and there is an almost $ 160 billion difference between the total market values.