The Cardano community has reason to celebrate as their cryptocurrency has surpassed Solana in the market cap ranking competition.
To begin with, the Cardano and Solana comparison has been a hot topic in the crypto industry for a while now. These two projects are constantly competing, with price fluctuations and market capitalization being closely watched. However, there have been other noteworthy blockchains as well.
Recently, the Cardano development team added some more finishing touches to the blockchain after releasing a new mainnet upgrade.
New Mainnet Upgrade on Cardano Network
Despite the market cap battle between Cardano and Solana, the development team of Cardano was working on a significant accomplishment. They recently launched a mainnet upgrade for their blockchain, which resulted in various improvements. It is similar to taking your car for maintenance and repairs when a crypto development team releases a new mainnet upgrade.
The new upgrade was named Daedalus 5.3.0, and it is expected to bring positive changes to the network. Already, it is confirmed the new upgrade will integrate a new ProjectCatalyst registration process. What is this all about? The ProjectCatalyst registration process will help the Cardano network improve the exchange rate conversion feature. What else? The new update will also make the syncing progress percentage formatting more reliable than in the past.
This is a huge milestone for Cardano, but there's a bigger one. The Cardano community has been hyped up after their native token (ADA) reclaimed its market cap position after defeating Solana in the race.
Cardano Overtakes Solana in Market Cap
The Cardano community was allowed to celebrate in a market filled with bloody charts. The truth is, with the current market situation, even the smallest wins matters. After all, achieving new market capitalization levels is a big win. Well, for the Cardano and Solana comparison, the former managed to come out with the victory after becoming the 7th token with the highest market capitalization, ahead of Solana.
But a few days back, Solana was the one who had occupied that position. It enjoyed some good moments in the bloody crypto market and saw the SOL token market cap increase to take the 7th position. This saw its closest competitor, ADA, drop to the 8th position. But it didn't last long, as the positions would soon shift, with ADA reclaiming the 7th place.
This achievement made headlines, and the Cardano community celebrates the win. But there's a catch. The recent Cardano win might be a fluke. How? Well, data shows Cardano managed to get into the 7th position because Solana suffered some massive losses and not because ADA made any significant gains. Cardano made it to the 7th position because Solana took huge losses. At the time of writing, Solana has taken many losses of nearly 3% in the past 24 hours.
The distance between them isn't even large, as they both have a $10 billion market cap. The only difference between the two is about $500 million. While this might seem a little big, one of the new Solana projects might see it take the 7th position from Cardano. But at the moment, the Cardano community can feast.