Solana flips Cardano to become the fifth biggest crypto by market cap as it reached a new all-time high over the past 24 hours as we are reading more in our latest altcoin news today.
SOL as the native coin of the smart contract blockchain Solana, hit a 7% increase over the last day to become the fifth-biggest crypto by market cap as Solapa flips Cardano. ADA was not able to keep pace with its fellow Etheruem killer as its price got up 2% in one day but then shed 8% of the value over the past week. Solana’s market cap stands at $64 billion compared to the $63.5 billion for Cardano.
Solana was faster out of the gate than Cardano and moved faster to bring the principle aspects of ETH smart contracts, DeFi applications, NFTs, and more, with a less congested network. Via the network’s speed, there was some potential security drawback and a few days of the network outage where the metrics remained positive. The price of SOL reached an ATH of $219 a week ago and the current price of nearly $213 is off the pace. According to the stats site DeFi Llama, the value of crypto assets in the Solana Defi apps reached a record high and let people swap assets, borrow funds, earn interest, and more without a third party.
Cardano in the meantime had a shaky smart contract launch a while back and has yet to build a comparable ecosystem of Defi applications. However, its founder Charles Hoskinson as one of the Etheruem founders was in East Africa to build up the interest for the network and his IOHK platform signed a memorandum of understanding with the country of Burundi. As recently reported, the IOHK team led by Charles Hoskinson was in Africa to meet with entrepreneurs and politicians in a bid to enhance Cardano’s cause. Hoskinson and the team dropped by Ethiopia’s Ministry of Education for a follow-up on the student credential system that was mentioned in August. Cardano gets on track with enhancing its presence in Ethiopia with its Atala Prism project in the county is ranked the 14th most influential project in 2021 by the Project Management Institute.
IOHK’s director of African Operations John O’conner said that there was some strong resistance against the project at a government level but the state started realizing that the digital identity and blockchain technology are not as disruptive at first thought.
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