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What an amazing week it has been with the major news that Cardano has overtaken Binance in market cap after the release of its long-awaited smart contract update. Cardano is unique among other blockchains in that everything it does is subject to a lengthy, formal verification process; it also has higher TPS than ETH or BSC and lower costs. So, what does this ADA smart contract release mean for ETH and BSC? I'll summarize the key points below, or you can watch the video for a full analysis.
1. Cardano's release of smart contracts led to a 19% price appreciation in one day
2. Although Cardano is in the process of rolling out smart contracts, it's important to remember that both ETH and BSC have a HUGE assortment of already existing smart contracts and DApps that have been well tested and have Billions of value in them.
3. Transaction fees on Cardano (around 39 cents) can be lower than ETH (around $3.11) and comparable with BSC (34 cents), but Cardano (~250) does have an edge over both BSC (55) and ETH (15) in terms of TPS.
4. Staking rewards for Cardano (6.29%) are comparable with ETH 2.0 (5.71%) but considerably lower than BSC at 16.58%.
Overall, I think that the release of smart contracts on Cardano is a net positive not just for ADA's price but for the entire cryptosphere as it gives people one more choice of a smart contract capable crypto platform. Cardano does have an edge over both ETH and BSC in terms of transactions per second and average cost, but is currrently lacking in terms of DApp variety and availability. Of course, I expect this to change rapidly as more DApps are developed. At the same time, I also expect ETH's TPS amnd cost to improve with the release of ETH 2.0
As I have said many times before, I don't expect there to be one "King" blockchain and I see multiple chains all having different features that appeal to different people. I see Cardano's smart contract release as evidence of this. ETH and BSC have been quick to innovate and release cutting edge products, and investors have rewarded that by investing heavily into ETH and BNB. At the same time, Cardano moves at a slower pace, and thoroughly researches everything before releasing anything. As evidenced by the huge price spike, there are clearly people out there who value that approach as well.
Moving forward, I see a continue role for ETH and BSC, but I also expect to see many people adopt and use Cardano based DApps as well.
As always, thanks for reading and nothing is financial advice.