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Tron Continues Network Growth as Cardano Drops Out of Top Ten Market Cap Ranking
- Tron’s significant growth has pushed the DeFi project into the top ten cryptocurrencies, dethroning Cardano’s place.
- This comes a few months after Toncoin, home to GameFi phenomenon Hamster Kombat, made its way into the top ten by market cap.
- Cardano’s network activity has remained quite subdued, while Tron’s has exploded on the back of several new and exciting memecoin platforms.
The prominent DeFi networks in the upper echelon of the crypto market have long jostled for pole position. The past few years have seen the ascension of Solana and Binance Coin into the top five cryptocurrencies by market cap, overtaking long-time leaders like XRP and Cardano.
The battle is starting to heat up again, as newer projects like Toncoin and Tron surge upward thanks to the popularity of their respective blockchains.
Related: Justin Sun Bets on Memecoin Creator to Compete with Solana’s Pump.fun Amid Record Fees
Cardano’s Mediocre Performance Stretches Back to 2021
Cardano was one of the hottest crypto networks for the best part of 2021, when the native coin ADA exceeded AUD $3 in price. Since then, supporters of the project have been left a little disappointed, with ADA falling nearly 90% since its all-time high over three years ago.
The last month has been equally cruel to Cardano, as altcoins in general have struggled to recover following the market’s subdued August.
Despite the mediocrity, Cardano’s developers are pushing forward with the final stage of the blockchain, which will focus on scalability and performance. A big technological advancement since the dawn of the decade has been zero-knowledge proofs, which improve throughput by rolling transactions into a batch off-chain.
This is an area Cardano is striving to excel within.
Tron and Toncoin Entrench Themselves as Top-Ten Cryptocurrencies
Relatively, Cardano hasn’t performed that badly over the past six months – but there are many other big movers around it, pushing ADA further down the market cap rankings.
Tron has had a great year, up 94% since this time last year. The improved network activity for the DeFi network (+124% in total transactions) is likely behind SunPump’s release – a Tron-based platform for earning, minting and trading meme coins.
This saw TRX burst into the top ten cryptocurrencies by market cap at the expense of Cardano.
Related: World-largest State Pension Fund “Unintentionally” Buys Bitcoin
Cardano had already been pushed out of the top ten in previous months, thanks to the success of Toncoin and the GameFi revolution, with titles like Hamster Kombat and Notcoin dominating headlines.
Meanwhile, claims of Cardano being a “ghost network” with minimal activity are currently ringing true. The blockchain only hosts around 24k active addresses. By contrast, Ethereum has 10x as many and Tron has 80x more.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
