Crypto assets have come a long way in the world of finance, with the adoption of crypto spreading far and wide despite criticism. Amongst 12,000+ crypto assets, Cardano vs Polygon are moving up the ladder as promising blockchain projects. These projects have appreciated over time and can be expected to grow even further on the back of various use cases it caters to.
So what is the difference between Cardano and Polygon? Let’s explore Cove Markets through the article below!
What Is a Crypto Ecosystem?
A crypto ecosystem is a collection of digital assets and platforms that work together to create a complete system. It typically includes a cryptocurrency, a blockchain, and a decentralized application (DApp).
What’s Unique About Cardano?
Cardano is a blockchain technology that is advancing rapidly and looks to compete with Ethereum in building a large blockchain ecosystem. Cardano distinguishes itself by using mathematical principles in its consensus mechanism and a unique multi-layer architecture, which makes it stand out from other competing blockchains.
What’s Unique About Polygon?
Polygon is a unique cryptocurrency because it uses a Proof-of-Stake (PoS) consensus algorithm instead of the more common Proof-of-Work (PoW) algorithm. PoS is more energy efficient and environmentally friendly than PoW. Polygon is also unique because it’s built on top of Ethereum, which means it has the potential to scale Ethereum’s network.
Read more: Comparison of Two Blockchain Consensus Algorithms: PoW Vs PoS: Which Is Better For You 2023
Advantages vs. Disadvantages
What Do They Have in Common?
- Both Cardano and Matic are proof-of-stake protocols that aim to solve scalability issues. They both have good TPS and consume less energy and transaction fees than proof-of-work blockchains.
- Both blockchains offer state-of-the-art architecture to solve real-life scalability problems. The price valuation for both assets has been quite close in the past.
Cardano Vs Polygon: What Are The Differences Between 2 Ecosystems?
- Cardano utilizes a cutting-edge proof-of-stake (PoS) blockchain protocol called Ouroboros for consensus. This innovative consensus mechanism allows for ADA to be sent and received easily and securely at all times, while also ensuring the safety of smart contracts on the Cardano blockchain.
- Polygon uses a unique proof-of-stake consensus mechanism that allows for instant consensus with every block. This eliminates the need to process numerous blocks to achieve consensus, as traditional proof-of-stake methods require. In exchange for agreeing not to trade or sell their MATIC, network participants are given the right to validate Polygon transactions. Successful validators are rewarded with MATIC.
- The Plutus programming language is designed for writing smart contracts on the Cardano blockchain. It is the fastest of the languages available for the Cardano blockchain. Plutus is a Haskell-based programming language, so using it requires prior knowledge of Haskell.
- Meanwhile, to create smart contracts on Polygon, it uses Solidity – the same programming language used on Ethereum. Besides, Polygon SKD is a flexible and extensible framework for building ETH-compatible networks, written in Golang —an open-source programming language.
Cardano uses a novel dual-layer architectural design:
- Cardano Settlement Layer (CSL): Cardano’s value ledger, called the Cardano Settlement Layer (CSL), is where digital asset transactions are settled. As you might have guessed, the ADA cryptocurrency lives on the CSL, as will other digital tokens issued on Cardano after intelligent contracts are implemented.
- Cardano Computation Layer (CCL) is the network’s brain. It keeps track of why transactions happen on the CSL. The CCL allows the Cardano blockchain to have special features, like programmable tokens that private organizations and DAOs can use to follow their rules. Every transaction has a flow of money and a set of rules for that flow. The CCL makes it possible to specify these conditions, which is an essential feature in a regulated blockchain environment.
Polygon uses several different technologies to get expanded its vision, including:
- POS Chain: Polygon’s main chain is an Ethereum sidechain known as the Matic POS Chain, which adds an extra layer of security to blockchains launched on Polygon by using a proof-of-stake (POS) system.
- Plasma Chains: Polygon employs a scaling technology called Plasma to move assets between the root chain and child chains via Plasma bridges.
- ZK-rollups: An alternative scaling solution combines many off-chain transfers into a single transaction using zero-knowledge proofs for the final public record on Ethereum’s main chain.
- Optimistic rollups: A solution that utilizes Ethereum to facilitate near-instant transactions through the use of “fraud proofs”.
- Polygon is a decentralized Ethereum scaling platform that enables developers to build scalable user-friendly dApps while still maintaining security.
- Cardano is a decentralized PoS blockchain that has positioned itself as an alternative to PoW blockchains like Bitcoin. Cardano is more energy-efficient as it does not rely on crypto mining.
- Cardano: When Cardano was down in June 2020, an attacker could have taken control of the network because of a security flaw. It happened on June 26 and went on for about five hours. The problem was found by the people who make Cardano. According to the report, the attack didn’t work, but it did show how important it is for the community to help keep the network safe.
- Polygon: On July 1, 2023, the Polygon network announced that the Ankr RPC gateway had been subject to a DNS Hijack attack. DNS Hijack takes control of the domain name resolution system (DNS) and redirects the website address that the user visits. The attack is said to have compromised control over several services on the Polygon network. However, one of the latest update announcements confirmed that the Polygon PoS network is not affected.
Transaction cost (Gas fees)
The gas fee on Cardano blockchain is 0.17 ADA, which is about 0.91 USD. With Cardano, you can enjoy a fast and secure transaction with a very low fee.
Meanwhile, Polygon Matic network’s gas fee is usually between $0.0005 and $0.2, but it has been rising lately. Some crypto analysts believe it could return to $0.1 in the coming months.
Thanks to its innovative Proof-of-Stake protocol, the Cardano network can handle up to 250 transactions per second. This makes it much more suitable for a wide range of applications than slower blockchains, paving the way for potential mainstream utility.
In contrast, Polygon blockchain is incredibly fast, handling up to 65,000 transactions per second. Blocks are confirmed in less than two seconds, making it one of the quickest blockchains around.
Read more: Polygon Vs Harmony: MATIC Vs ONE. Which Crypto Is Better In 2023? Which Should You Choose?
Cardano nodes are the backbone of the Cardano network. A blockchain network is essentially a collection of interconnected nodes that work together to validate transactions and blocks through consensus.
Cardano employs three types of nodes in its network topology: (1) core nodes, (2) edge nodes and (3) relay nodes with a total of 2,924 validators.
The size of the Polygon blockchain depends on the number of transactions that are conducted on the network. However, it is estimated that the current size of the Polygon blockchain is around 100 validators and 100 nodes on each validator.
To date, Polygon’s scaling solutions have been widely adopted by 250+ Dapps, 20M+ transactions, and 390K unique wallet users. Polygon aspires to transform Ethereum into the ‘Internet of Blockchains’ through the construction of extra scaling infrastructure and a robust multi-chain ecosystem.
Meanwhile, Cardano is primarily focused on the blockchain’s user-friendliness, particularly for developers. Their primary goal is not expansion but rather regular use of their features to produce decentralized applications that outperform those of their current rivals in the market.
|Market Cap (USD)||15,207,430,564||6,704,719,857|
|Change 24h %||-2.46045||-2.784|
|Change 7d %||-3.697||0.130|
Cardano is now working to improve not only the blockchain ecosystem but also the activities of the Cardano community. The Cardano Foundation has given money directly to several ambitious projects. Some of these projects were proposed on Project Catalyst, which shows how much Cardano means to the world.
For example, EMPOWA makes property affordable for everyone, or Grow Your Stake transfers all ADA rewards in staking for supplying sustainable water for underdeveloped communities.
Cardano is often lauded for its environmentally friendly projects, such as Green Stakepool and OpenLitterMap. The latter is an open database that uses Cardano’s metadata to locate trash and litter.
Polygon has entered the “accumulation” phase, with real developers starting to build applications on the platform. The important pieces of DeFi on Polygon are also appearing and connecting with each other.
- Dex: AMM is the main Dex model used on Polygon Network. There are quite a few Dexs that support Polygon Network right now, but these five are the most well-known: Quickswap, DFYN, Sushiswap, Curve, Ox.
- Lending & Borrowing: The most prominent is Aave. Some less popular Lending Protocols than Aave include: beefy Finance, Adamant Finance, Autofarm Finance,…
- Yield aggregator, Yield Farming & Yield optimizer Platform: With the strong growth of Dex and Lending & Borrowing, they have made a vast source of yield for yield mining products (Yield aggregator, Yield Farming & Yield optimizer Platform). Some great Yield optimizer projects on Polygon are beefy Finance, Adamant Finance, Autofarm Finance,…
- Stablecoin: DAI, USDT, and USDC are the three most popular stablecoins used on Polygon.
The following are some of the most prominent NFT projects:
- Bondly Finance is a digital platform that offers collectibles for projects, brands, and artists. However, the system was hacked by an unknown party, which caused a lot of damage and the token price shrank.
- ADAZOO is an exciting new game that uses NFTs!
- CNFT is the ultimate Cardano NFT marketplace, a one-stop shop for minting, buying, selling and trading NFTs.
- THEOS is a new business that lets people make their own NFT.
- ARTANO is using Machine Learning and Artificial Intelligence to improve and customize NFTs.
The Cardano ecosystem is the perfect place for NFT projects to grow and prosper.
The NFT gaming sector on Polygon is developing quite well, with the support of Polygon Studios. ZED RUN, Loser Chick, and Decentraland typically have a stable number of monthly users. Of course, most of these projects are in the early stages of development, without many outstanding updates.
At a Glance
|Launch Date||27 September, 2017||19 April, 2019|
|Founders||Charles Hoskinson||Sandeep Nailwal|
|Blockchain Protocol||Ouroboros Protocol||Proof of Stake protocol, EVM compatible|
|Total supply of tokens||34,277,702,082||10,000,000,000|
|Max Supply||45 billion ADA||10 billion MATIC|
|Circulating supply||34,16B ADA||8.68B MATIC|
|Use Case||Smart Contracts, NFTs and dApps supported||Smart Contracts, NFTs and dApps supported|
Read more: Polygon Vs Polkadot: MATIC Vs DOT. Which Crypto Is Better Investment In 2023 For Crypto Traders
The DeFi surge is occurring now and Cardano is catching up. A large number of new DeFi projects are being deployed on Cardano with various applications such as AMM DEXs, Synthetic Assets, Stablecoins, Derivatives, etc.
The Catalyst Project is a great idea for making government less centralized. The Cardano community votes on how much money and help to give to startup projects that have asked for it. In the Catalyst Project Fund5, about 33,000 voting wallets are used to fund 70 projects on Cardano.
- According to the Layer 2 foundation, in 2023 Polygon Hermez and Polygon Miden will launch public testnets in Q2 and Q3 respectively.
- Opera will be incorporating the Polygon blockchain into its Web3-enabled browser and built-in crypto wallet for Android in the first quarter of 2023. This will allow users to access dapps and take advantage of Polygon’s low transaction fees.
- EIP-1559 aims to upgrade in 2023 and Polygon MATIC is reportedly rolling out a write mechanism similar to Ethereum. Polygon has begun upgrading EIP-1559 on its network to introduce MATIC token burning and better fee visibility, with a testnet release in December.
ADA vs MATIC: Which Is a Better Investment?
When comparing Cardano and Polygon, it is important to consider the investment potential of each project. Cardano has a strong team with a proven track record in the cryptocurrency industry. Polygon is a relatively new project with a lot of potential. It is up to the investor to decide which project is a better investment.
Where to buy ADA and MATIC?
You can currently buy Polygon (MATIC) and Cardano (ADA) on exchanges such as
Bitstamp, Uphold, Binance, KuCoin.
Read more: Best Crypto Exchanges For Trading In 2023: Centralized Exchanges
Which one should I choose?
It depends on your individual needs and preferences. If you are looking for a more secure and scalable platform, then Cardano may be a better choice. However, if you are looking for a platform with more features and flexibility, then Polygon may be a better option.
Which one is the best ecosystem?
There is no clear answer as to which one is the best ecosystem. Both Cardano and Polygon offer a variety of features and benefits that make them both appealing options. It really depends on what you are looking for in an ecosystem and which one offers the most benefits that align with your needs.
Is Cardano more secure than Polygon?
- Both Cardano and Polygon offer different levels of security. Cardano is a more established platform with a longer track record, while Polygon is a newer platform that is still in development.
- Both platforms have their own strengths and weaknesses, so it is up to the user to decide which one is more secure for their needs.
Which is more advanced?
There is no definitive answer to this question as both Cardano and Polygon are constantly evolving and improving. However, some people may consider Cardano to be more advanced due to its focus on delivering a robust and scalable platform for smart contracts and decentralized applications. Additionally, Cardano has been designed from the ground up to be a proof-of-stake protocol, which is considered to be more secure and energy-efficient than proof-of-work protocols like Polygon.
Is Cardano or Polygon more popular?
Cardano and Polygon are popular in different ways. Cardano is a popular blockchain platform that is known for its scalability and security. Polygon is a popular layer 2 solution that is known for its high throughput and low transaction fees.
Why are they so popular?
There are a few reasons for Cardano, Polygon, and other similar platforms’ popularity.
- First, they offer a way to build decentralized applications (dApps) without having to deal with the underlying infrastructure. This makes it much easier for developers to create and deploy dApps.
- Second, they provide a good user experience and have a wide range of features.
- Finally, they have a large and active community of users and developers, which helps to ensure that the platform remains popular.
Where can I learn more about them?
There is a lot of information available on the internet about Cardano and Polygon. You can find some good introductory articles on Wikipedia. Alternatively, if you want to learn more about these two projects, you can check out their respective websites.
In addition, you also find a lot of information related to Polygon and Cardano through our website:https://www.covemarkets.com/
Ethereum may be the most well-known blockchain ecosystem, but Cardano and Polygon are leading the charge in promoting the development of decentralized applications for a Web3 internet.
As more and more cryptocurrencies are adopted and regulations become more favorable, these two crypto projects will be able to attract many institutional investors well into the future.
Cove Markets hopes that with the information we bring, you have an overview of the differences between Cardano and Polygon. From there, make the right decision for your investment choice.
Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.
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