Cardano Could Outshine Ethereum 2.0 As Per IOHK CEO

Cardano could outshine Ethereum 2.0 as per the IOHK CEO Charles Hoskinson who spoke in an interview with Ben Armstrong about having Cardano made simpler and more robust than Ethereum as we are reading more in our latest Cardano news.

Hoskinson doubts whether this added complexity will result in higher throughput and better scalability so Cardano becomes more secure than the Ethereum network. As the deadline day approaches for the Goguen rollout, the upcoming weeks and months will prove to be critical in establishing whether Cardano will gain ground over ETH as the go-to smart contract place. The strong performance of ADA showed us how it was able to surpass the $0.50 barrier and record a 37-month high.

Developments at Cardano are gaining pace as this year unfolds which is why Cardano could outshine Ethereum 2.0 especially now with the Goguen Mary testnet successfully deployed this week which means the native token support will come to the Cardano ecosystem. This will transform into a multi-asset ledger and open up a world of possibilities like DeFi. As the term suggests, “native” is what these custom tokens transact directly on the blockchain just as ADA does. Other blockchains like Ethereum deal with custom tokens via smart contracts on top of the base layer. Hoskinson commented that the design differences between the two put ETH on the back foot which means it will become even more fragile:

 “But I think Vitalik’s are a little bit riskier from an engineering and research viewpoint, which is why it’s been so difficult for them to get ETH 2.0 out.

They’ve put themselves in a situation where they’re betting on optimistic ZK-Rollups, sharding tech, and these other things, and that’s very brittle and fragile. The science is not very good yet.”

He continued saying that Ethereum has a complex approach that brings many trade-offs including the ability to resist node failures and new exploits:

 “they actually go from a half to a third byzantine fault tolerance, and there are availability problems, and there’s probably going to be all kinds of new attacks that are going to occur.”

We have noticed the v1 yDAI vault has suffered an exploit. The exploit has been mitigated. Full report to follow.

— yearn.finance (@iearnfinance) February 4, 2021

In the meantime, the Defi farming project Yearn Finance suffered an attack but the details are unknown. A Tweet from the platform explained its DAI lending pool was targeted. YFI core developer @bantg followed up with more info which shows that the attacker hit the v1 DAI pool for $11 million:

“Yearn DAI v1 vault got exploited, the attacker got away with $2.8m, the vault lost $11m. Deposits into strategies disabled for v1 DAI, TUSD, USDC, USDT vaults while we investigate.“