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Quantstamp: Cardano to become second largest DeFi platform after Ethereum

  • Quantstamp CEO Richard Ma states in a new interview that Cardano will become the second largest DeFi platform behind Ethereum.
  • According to his statement, Cardano offers clear advantages over competitor Tezos, which he places in 3rd place.

According to current data from the analysis platform Defipulse, the capital tied up in DeFi in Ethereum has risen to a new record value of USD 4.31 billion. In particular, the launch of new projects with dizzyingly high profit opportunities in a very short time has attracted new investors to the market and raised fresh capital in the process. According to an analysis by the security company Quantstamp, Cardano will become the second largest DeFi platform.

Cardano has the best code in the industry

In a new interview between Quantstamp CEO Richard Ma and Cointelegraph, Ma states that Cardano has the potential to become the second largest DeFi platform in the industry. In his opinion, Cardano has source code that is among the best in the entire blockchain sector. After the successful Shelley Hard Fork on July 29, 2020, the foundations have been laid to even be able to attack its arch-rival Ethereum in the long term:

It’s clear they’ve put a lot of internal effort to solidly test and properly engineer the code and it’s really shown through the smooth launch. We also recently audited prysm from eth 2.0 and we would say that in terms of quality, similar to prysm, it is one of the best codebases we have seen.

Already last year Quantstamp manager Jaye Harill stated that Cardano could become the most popular DeFi platform due to its increasing popularity and progressive adaptation. Cardano will outshine its direct competitor Tezos:

The move to the Shelley era means Cardano will be the second most popular smart contract platform, second only to Ethereum by the end of the year. As a proof of stake system, it now dwarfs Tezos.

Hoskinson: Smart Contracts to be launched by the end of the year

As Crypto News Flash already reported, Charles Hoskinson announced that Smart Contracts and Native Assets on the Cardano Blockchain will be released by the end of the year. According to Hoskinson, Cardano will have a significant advantage over its competitors through the new Hydra off-chain protocol, which allows transactions to be processed quickly and inexpensively with a lower latency than Ethereum:

Smart contracts and Native assets are coming this year, our latency is lower than ethereum’s- the dominant DeFi platform (hydra brings it to subsecond) to quote satoshi: I’m sorry, I dont have the time to explain it to you.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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