Sunday, crypto data aggregator Messari.io showed that Cardano had beaten Bitcoin and Ethereum to become the most popular cryptocurrency. This made Cardano the first cryptocurrency to be used for transactions (adjusted transaction volume in the last 24 hours).
At $17.15B, Cardano had the most transactions. Bitcoin came in second with $15.1B, and Ethereum came in third with $8.64B in transactions.
Transaction volume and adjusted transaction volume are two different things. It’s important to know the difference between the two of them, though. The total amount of money that has been moved on a certain blockchain network is known as transaction volume. Adjusted transaction volume, on the other hand, is a way to compare UTXO-style transaction volume with account-based transaction volume. It only looks at the important economic transactions on both models.
The amount of transactions made in the last 24 hours: $36.74 billion for Bitcoin, $17.56 billion for Cardano, and $10.50 billion for Ethereum
Even more impressive, Cardano’s transaction costs have been very low in the last 24 hours. The network has only paid $51,985 in fees, which is a lot. In spite of the fact that the network has an average load metre reading of 81%, which is very high for any network.
First, this is the first time Cardano’s adjusted transaction volume has surpassed that of Bitcoin. This means that something is working hard and right. Recently, the team that makes Cardano has made a lot of changes to the network and how it works with other things.
The Alonzo protocol upgrade that added Plutus, a platform that lets people make smart contracts on Cardano, has been a big draw for DApp developers. It has a native smart contract language and all the tools you need to make smart contracts on Cardano. There have been more transactions on the network as the Plutus script and Metadata transactions take over simple transactions on the blockchain.
SundaeSwap and other decentralised exchanges have been added to the Cardano blockchain, which has already been praised for its high-security features. This has made the network even more appealing to people.
Users have also been drawn to the network’s ability to deal with problems that have plagued other blockchains, such as failed transactions due to network congestion or denial of service (DOS) attacks. Thanks to Hydra, the network can get more throughput and have less latency. As it has been said before, Cardano has been able to handle transactions without any problems for the last 1500 or so days.
However, even though Cardano’s network has grown and performed well, its coin, ADA, hasn’t been spared in the wider crypto market selloff. Writing, the price is still a long way from its all-time high of $3.10, and it’s at $1.060, a long-term but important support zone.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.