The first thing to understand when learning the difference between Polygon (MATIC) and Cardano (ADA) is that both of these networks have large followings. These systems share a goal to resolve some issues that Ethereum developers have dealt with over the last few years. From there, the differences become more evident. Here’s everything you need to know about Polygon (MATIC) and Cardano (ADA).
What is Polygon?
Polygon is a developer-centric open-source blockchain. The protocol was initially launched as MATIC before rebranding to its current title. The platform was designed to help bring more interoperability to the Ethereum ecosystem. The Ethereum DeFi ecosystem is the largest in the world. As such, improving interoperability has huge potential to drive adoption moving forward.
Polygon is fully Ethereum compatible which makes it easy for developers to migrate their protocols to the network. It also provides lower fees and a similar development process. In this way, Polygon provides a valuable infrastructure to those seeking to enter the Ethereum ecosystem and make a difference.
What is Cardano?
Cardano entered the market in September 2017 with a splash. Notably, the protocol was already on traders’ radar due to the fact that the project’s Founders, Jeremy Wood and Charles Hoskinson, both held high positions on the Ethereum network previously. They decided to leave Ethereum to create a more capable network. Cardano is the culmination of their efforts.
Cardano is unique in many ways. For one, it’s the first blockchain to be developed using academic theory and scientific philosophy. The protocol is regarded as the “smart blockchain” by some due to its tight association with educational facilities and processes. Today ADA operates as one of the top cryptocurrencies in the world.
What Problems was Polygon Built to Alleviate?
Polygon reduces some major concerns for both developers and traders alike. For one, the network reduces congestion through the introduction of a new consensus mechanism. The protocol has much lower fees than the competition including zero-gas transactions.
The platform leverages a scalable consensus algorithm that supports transaction throughput on par with top-performing networks. The network has near-instant transaction finality as well. Polygon also supports custom wasm execution environments which enable developers to create Dapps faster.
Restricted Dapp Development
Polygon introduces a customizable tech stack that supports the latest DeFi features. The platform empowers developers to push for new heights with their creations. As part of this strategy, the network requires no deposits and operates in a permissionless manner.
DeFi has a problem. The sector lacks many standards. As such, there are many protocols that do the same thing, just on other networks. This lack of interoperability costs developers time and effort recreating the same services. Polygon introduces an inter-network messaging system that enables Ethereum-compatible networks to communicate freely.
What Problems was Cardano Built to Alleviate?
Cardano was built to get away from guessing and add some scientific background to the blockchain sector. The protocol was designed to be like a scientific thesis. The concept was peer-reviewed at the highest levels and top-level academics provided input to help improve the system.
Cardano helps to reduce scalability issues in the market. Ethereum in particular is in the midst of high gas fees. These fees cause users to be wary of making transactions. This situation results in networks suffering. Cardano integrates a customized consensus system that provides performance and security to the blockchain.
Cardano has a smaller carbon footprint than its predecessors. Networks like Ethereum and Bitcoin have received criticism for their extensive power demands. Cardona’s technical structure requires low energy to remain valid. As such, the network has a tiny carbon footprint compared to PoW networks.
How Does Polygon Work?
Polygon enables developers to create subnetworks to meet nearly any demand. The protocol support custom blockchains including purpose-built tokens. Notably, Polygon provides one-click deployment which eliminates the technical barriers associated with launching blockchains. This approach saves developers money and time.
There are a variety of modules that developers can drag and drop to create their new protocol. You can adjust items such as consensus, staking, governance, EVM/Ewasm, execution environments, dispute resolvers, and much more. This flexibility makes Polygon a favorite for developers seeking more freedom and lower fees.
Polygon leverages four layers that work together to provide the network’s services. The Ethereum layer is responsible for staking and finality. It’s the layer that handles the internetwork messaging as well. Lastly, it supports Ethereum smart contract execution. The security layer validates the networks. As such, it handles node management and other core processes.
MATIC is a critical component of the Polygon ecosystem. The token can be used as a cryptocurrency, to pay fees, secure returns, and much more. MATIC provides fast transactions and can be sent internationally in seconds. Users must hold MATIC to interact with Polygons features.
How Does Cardano Work?
Cardano integrates a third-generation PoS blockchain and custom cryptocurrency to provide a better user experience. The network was written in Haskell and provides full-stack programmability. The system enables developers to create in the Plutus Playground which is a web-based development interface.
Notably, Cardano has three separate and independent teams that work on its development. The teams use a set of standards to ensure interoperability. This structure has worked well for the project, with each team providing specialized services to the protocol when needed.
The Cardano Foundation is the non-profit responsible for driving large-scale adoption of the network. This group provides both financial and technical support to projects with the capabilities to improve the ecosystem. The group has put a strong focus on standardization as a means to improve innovation and adoption.
The ADA token is the main utility token for the network. Uniquely, the token received its name as homage to the 19th-century mathematician, Ada Lovelace. She is credited as the first computer programmer in the world. Users can find ADA on nearly all top-performing CEXs at this time.
How to Buy Polygon (MATIC) and Cardano (ADA)
Currently, Polygon (MATIC) and Cardano (ADA) are each available for purchase on the following exchanges.
Bitstamp – Founded in 2011, Bitstamp is one of the oldest & most trusted exchanges in the world. This exchange currently accepts Canada, UK & USA residents excluding the states of Alabama, Hawaii, Idaho, Louisiana, Nevada, & New Jersey.
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: Assets available on Uphold are subject to region. All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
Binance – Best for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from purchasing most tokens. Use Discount Code: EE59L0QP for 10% cashback off all trading fees.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. This exchange currently accepts International & United States residents.
Polygon Vs. Cardano – Ethereum Competitors Face-Off
When you look at the differences between Polygon (MATIC) and Cardano (ADA) it’s easy to see that these protocols look similar from afar but up close, they serve different roles. Additionally, they have different technical structures that make them unique to each other. Despite these differences, both networks provide more scalability and lower fees. In terms of which one is the better of the two, there is no clear-cut answer, as both networks have their respective niches.
PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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