Cardano Takes the DeFi Fight to Polkadot

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Last Updated on 10 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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In the CoinMarketCap’s top 10 there are some interesting moves being made in the subgroup. Although the top 4 is quite steady (Bitcoin will probably never have to give up first spot, Ethereum is a distant second for the others to catch, XRP and Tether rarely switch places), a battle is erupting just beneath those places. From 5th to 10th place there is only 1 billion difference in market capitalization. For crypto bull runs, which can take a coin upwards 20% in a day, not too much difference and thus from time to time you see changes. Lately there have been some very interesting ones.

For example, Cardano, currently eighth, has been steadily climbing the charts and ever since Bondly, a DeFi project, switched from Polkadot to Charles Hoskinson’s Cardano, it could do even more damage.

Stellar Lumens is knocking at the door of that top 10, thanks in part to a new project and the fact that it’s CEO Jed McCaleb can influence the XRP price if he wants to.

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Bondly

Polkadot, which over the summer rose to fame, famously explained that it wanted to cooperate with the Ethereum platform rather than compete against it. Such is not the case for Cardano, certainly given the fact that founder Charles Hoskinson used to work side by side with Ethereum’s Vitalik Buterin and therefore now looks like a man who has a score to settle.

As such, the news that a first DeFi project called Bondly decided to switch over to the Cardano platform from the Polkadot one seems to have rejoiced Hoskinson, who responded with:

And so it begins….

He is clearly anticipating others to follow suit. The move has in any case seemed to have pushed Cardano forward at is took over the eighth spot in the CoinMarketCap top ten from Polkadot. Talk about double dipping there.

Co-exist

Meanwhile Polkadot is risking to fall out of the top 10 itself. In September we were proud to announce that the platform could be crowned as the winner of the month given that its choice to co-exist alongside Ethereum rather than compete with it looked like it was paying off.

By now, looks like Cardano is ready to take the fight to Ethereum (and Chainlink) itself. To further prove his point, When Coinbase announced they would be doing a series on Ethereum-killers, Charles found it incredible they hadn’t included his coin.