Cardano vs. Polkadot: Who will be Ethereum Killer?

High-profile Tyler Swope from Chico Crypto compares Cardano (ADA) and Polkadot (DOT) to see who is likely to take the title of “smart contract king”.

As Tyler Swope says, one of the biggest problem with Ethereum now is its “ridiculous” high gas fee and that would make projects want to move into a more sustainable and compatible ecosystem.

Cardano (ADA)

According to the trader, in less than 2 weeks, on 12th September, the long-awaited smart contract is coming on Cardano (ADA).

The Alonzo hardfork will take place on the mainnet, and people are getting really pumped up as they think Cardano is going to steal a lot of thunder from Ethereum,”

However, the trader believes that ADA will follow the theory of “buy the rumor, sell the news”. In particular, he points out that people have already been buying the rumor since the beginning of August as the price has exploded from $1.31 cents to as of yesterday $2.79, resulting in a 112% rally in a month.

He adds that there may be one more run-up of the Cardano price before September 12th, getting back close to the $3 dollar level, and then ADA will “dump.”

Besides that, Swope points out 2 reasons that Cardano cannot replace Ethereum. First is due to the programming language.

“According to the Cardano Plutus roadmap, with the Alonzo hardfork, Plutus smart contracts will be implemented. The Plutus Platform is the smart contract platform of the Cardano blockchain. Plutus contracts consist of pieces that run on the blockchain (on-chain code) and pieces that run on a user’s machine (off-chain or client code). Both on-chain and off-chain code is written in Haskell, and Plutus smart contracts are Haskell programs. This means, you have to develop the contracts with Haskell.”

He adds:

Any Ethereum or smart contract developer, isn’t going to rewrite all of their dApps smart contracts into an obscure language that is extremely tough to learn… And as of 2020 it’s ranked last, dropping in popularity each year since 2012! People don’t like developing with Haskell, that isn’t any new news!”

Hence, he believes that Cardano is most likely not going to see much use as many popular applications on Ethereum don’t have plans to develop with Haskell, thus there will not be any well known DeFi applications ready to launch on Cardano where they can use converted tokens.

Polkadot (DOT)

Meanwhile, Swope points out that Polkadot (DOT) is ready to host Ethereum dApps and beyond.

Polkadot, Kusama, and a certain parachain which is going to allow EVM compatibility on these networks in a big way. It’s ready to go, and porting over contracts to the parachain will be simple for Ethereum developers!”

The analyst also highlights the synergy between Polkadot and Ethereum in which Polkadot has developed a Substrate SRML module that introduces an Ethereum-compatible execution environment “natively” into Substrate.

“Essentially, this allows Substrate chain to host the vast majority of the Ethereum state transition function.”

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