Cardano was created in 2017 by mixing the Proof of Stake consensus algorithm with the UTXO model. This innovative approach has led to new searches and experiments for layer-1 Blockchains. Crypto expert Vinicius Barbosa spotlights 3 Cardano competitors. These have strong growth potential, says the expert.
Cardano’s success and troubles
As you follow on Kriptokoin.com, Cardano is among the top 10 cryptocurrencies by market value. The project’s history is a living testament to experimentation, flexibility and growth. One of the main criticisms of the project lies in the complexity of protocol development due to the unique features of the ecosystem that directly affect the increase in total value locked (TVL).
In this regard, the dApps account on Cardano reported another major pullback for ADA’s TVL. However, its native token, ADA, has seen significant success in user adoption. This supported the increase in the market value of the token. Despite this, old challenges in the Cardano ecosystem still haunt its growth.
Cardano ecosystem is in pullback recently, do we invest more now, or do we wait ? pic.twitter.com/hSJ5X6pYMY
— dApps On Cardano (@dappsoncardano) November 16, 2023
Interestingly, the highly competitive cryptocurrency market continues to grow with promising projects emerging as viable alternatives to Cardano. Solana (SOL) has surpassed both ADA’s market cap and TVL. Thus, it became a successful example of a newer and more innovative competitor conquering its own space.
3 ADA rivals that should be on your watchlist
Looking at the lower ranks of the market cap indices, the expert selects three other Cardano competitors that could show similar growth if they can find optimal conditions and a growing demand in the future.
First in line is Near Protocol (NEAR)
Near focuses on creating a more development-friendly stage. In this regard, it is a promising contender with an active development ecosystem. Currently, NEAR is ranked 38th on CoinMarketCap’s index. Additionally, it is trading at $1.71 with a market cap of $1.71 billion. Its native token NEAR peaked at $20.44 on January 16, 2022. Meanwhile, Near’s total locked value has consistently outperformed other blockchains.
NEAR historical price chart.Second Cardano competitor: Algorand (ALGO)
Another relevant competitor in the space is Algorand (ALGO), which focuses on offering an energy-efficient Blockchain and attracts users and developers who are more concerned about the environment. At the time of writing, ALGO is ranked 52nd on CoinMarketCap’s index. Additionally, it is changing hands at $0.143, with a market cap of $1.11 billion. Algorand’s TVL is higher than Near’s even with a lower price capitalization. Each of them has $63 million and $49 million of value locked in DeFi, respectively.
ALGO historical price chartFantom (FTM) comes in last place
It is noteworthy that among the 3 alternatives of Cardano (ADA), the one with the lowest value has the highest TVL. Fantom (FTM) focuses on providing a highly scalable decentralized finance experience. Meanwhile, it recorded a total value of $66 million at the time of writing. Its native token, FTM, is ranked 53rd on CoinMarketCap’s index. Additionally, the token is trading at $0.33 with a market cap of under a billion dollars.
FTM historical price chartThe opinions and predictions in the article belong to the expert and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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