Cardano Transaction Volume surpasses BTC and ETH significantly
Cardano shows a sustained sharp increase in transaction volume, and reached a point where it surpasses the top 2 mainstream currencies.
According to Messari’s statistics, Cardano has surpassed Bitcoin and Ethereum in terms of transaction volume, taking first place. Cardano surpassed Bitcoin and Ethereum in terms of transaction volume, with $17.56 billion, compared to $10.55 billion and $5.77 billion for the latter.
Adjusted transaction volume remains a viable option for isolating just the most critical transactions. Cardano beat Bitcoin and Ethereum in terms of adjusted volumes, with a 24-hour volume of $17.15 billion vs. $4.67 billion and $4.25 billion for the latter. Cardano users also paid lower fees than Bitcoin and Ethereum users. In the previous 24 hours, Cardano users spent just $51,985.43 in transaction fees, compared to $0.51 million and $19.39 million for Bitcoin and Ethereum, respectively.
While some critics dismiss Cardano as a “ghost chain,” it already has several decentralized apps (dApps) operating on its blockchain, and the number of ADA token wallets just surpassed three million. After barely three weeks on the market, Cardano’s SundaeSwap has reached a milestone of over 75 million ADA exchanged.
Cardano’s parent firm, IOHK, has started a new proposal to raise the per-block memory unit limit for Plutus scripts on the Cardano mainnet. As part of IOHK’s series of planned upgrades and enhancements focused on scaling Cardano, the per-block Plutus memory unit limit will be increased from 50 million to 56 million at the epoch boundary on February 14. A prior parameter modification increased the Plutus RAM limit per transaction to 14 million. According to IOHK, raising the per-block RAM limit will let developers use the preceding change entirely, allowing them to run up to four Plutus scripts for each block. Cardano’s smart contract framework, Plutus, enables scripting applications to communicate with the blockchain.
Charles Hoskinson and Jeremy Wood, a former Ethereum colleague, founded IOHK (Input Output Hong Kong), a cryptocurrency and blockchain engineering and research firm, in late 2014. Cardano, a public blockchain and smart contract platform that contains the ADA cryptocurrency, is IOHK’s flagship project. Hoskinson decided against seeking venture money for Cardano since it goes against the blockchain’s ideals. According to Hoskinson, venture capital engagement might lead to excessive influence over a project.
IOHK founder Charles Hoskinson is estimated to have a $500-$600 million net worth. Hoskinson spoke at the World Economic Forum in Davos in 2020, predicting that blockchain will eventually bring about societal transformation.