Cardano vs Ethereum

Cardano has shaped the crypto industry, Villaverde said. The project formalized much of the underlying science of cryptocurrency and blockchain through peer-reviewed academic research. "They already are. They've done more work than most other crypto companies, and that includes even Bitcoin. They have formalized a lot of the science that's behind crypto, blockchain. They're the first ones who, before doing Proof of Stake, actually did some research to prove whether or not Proof of Stake actually makes sense."

Villaverde outlined a different scenario when discussing Ethereum and Cardano. Both networks would survive, he said. "I think they are going to coexist. I don't think Ethereum is going away. I don't think Cardano is going away." Whether Cardano would build a thriving ecosystem with thousands, tens of thousands, or millions of developers building on it daily remained an open question.

Interest in DeFi has exploded around Compound. Users pour assets into the protocol chasing COMP token rewards. This activity has lifted Ethereum's role in DeFi by 100 percent. Cardano's entry into DeFi has brought considerable ADA token trading and activity. Villaverde's assessment may prove correct or incorrect. The broader DeFi space continues expanding. Capital can move across borders without state regulation, creating opportunities for those locked out of traditional finance. DeFi could serve unbanked populations by providing financial systems they cannot access through conventional banking. Many industries will deploy blockchain technology. Competition between networks could spur the development of better technology.