Solana vs. Cardano: Who Will Come Out on Top in 2023?

Paigambar Mohan Raj
Source: Wealth Mastery

Solana (SOL) and Cardano (ADA) have had a rough couple of weeks. Both tokens, along with Polygon (MATIC), were called “unregistered securities” by the SEC in its suit against Coinbase. The SEC’s filing fueled fears among investors, causing their prices to plummet.

However, both projects are seeing a healthy rally today. Solana (SOL) is up by 4.8% in the daily charts and by 13% over the previous week. Cardano (ADA), on the other hand, is up by 6.6% in the last 24 hours and 0.5% over the last week.

Also Read: Cardano vs. Ethereum: Hoskinson Lauds ADA’s Staking Mechanism

With that being said, let’s take a look at…

Solana vs. Cardano: Who wins in 2023?

Since January of this year, Cardano (ADA) has grown by around 18.4%, while Solana (SOL) has grown by 89.86%. Going by their growth so far in 2023, SOL seems to have the upper hand. However, the regulatory scrutiny from the U.S. SEC has cast doubts about how the projects will fare in the time to come.

Cardano (ADA) founder Charles Hoskinson has denied that ADA is a security. According to Hoskinson, the project has unfairly been affected by the SEC’s crypto crackdown.

Decentralized finance (DeFi) is still Cardano’s main development driver in the long term. While Cardano has seen some success in other blockchain-related fields, such as non-fungible tokens (NFTs), DeFi continues to be the key growth engine. Cardano’s DeFi growth reached historic levels in 2023, and it’s finally starting to appear as though Cardano might someday rank among the top DeFi ecosystems worldwide.

Due to the strong ties between Solana and Sam Bankman-Fried, the former FTX CEO, Solana was implicated in the collapse of the exchange last year. Secondly, Solana’s development strategy has been based on venture capital.

The extensive blockchain ecosystem of Solana is one of its main selling points. Solana has consistently developed new strategies to create this ecosystem and is already a pioneer in fields like NFTs and DeFi.

Also Read: Ethereum Founder: I Feel Bad That Solana is Getting ‘Hit’

Both Solana (SOL) and Cardano (ADA) have solid development activities. However, SOL has vastly outshined ADA in terms of price growth. Therefore, in terms of just value, SOL might come out on top throughout this year. However, in terms of development alone, ADA has a chance to take the top spot.