According to the Group Product Manager of the well-known crypto lending platform Celsius Network, Vanessa Harris, the user experience on Cardano (ADA) exchanges is much better than exchanges on Ethereum (ETH). Harris wrote in a tweet yesterday.
‘User experience Cardano DEX’ 100x better’
A decentralized exchange, or “DEX”, is different from exchanges like bitvavo† Where centralized exchanges are operated by a central party, all transactions on a DEX are processed through the blockchain. With this, the trading on these exchanges actually takes place directly between traders.
Ethereum is the absolute market leader when it comes to the number of decentralized applications like DEX’. But slowly Cardano seems to be gaining more and more interest due to its low and fast transaction costs. Harris states on Twitter that the user experience on Cardano exchanges is even “100 times better”:
“The experience of using DEXes on Cardano is 100x better than on Ethereum.”
The experience of using DEXes on Cardano is 100x better than on Ethereum.
— Vanessa Harris (@technologypoet) June 2, 2022
In a later tweet, the CEO of Celsius explains why she thinks this. For example, she states that theend to end experience, transaction speed, transaction costs and wallet experience are better.”
Ethereum remains the largest
She does admit that the Decentralized Finance (DeFi) sector, which includes DEX platforms, is huge on Ethereum. But, “this little bit on Cardano they do better.”
A recent Crypto Insiders Premium analysis revealed that a major update is on the way for Cardano. The Vasil update should make the network more scalable, faster and more efficient. This update will be rolled out soon.
Whether Cardano can increase its market share as a smart contract network remains to be seen, however. One of the criticisms of the project is that it is quite slow to update and that many projects are left on the sidelines because of this.
Harris’ boss, Celsius CEO Alex Mashinsky, said earlier in the crypto news that he will soon find a rebound expected from the crypto market. He expects a trend reversal in the short term, as can be read in this article.