Cardano Outpaces Bitcoin, Ethereum in Transaction Volume; Here Is the Distinction

Tomiwabold Olajide

According to data provided by Messari, Cardano is ahead of Bitcoin and Ethereum in terms of transaction activity, clinching first place. As per transaction volume, Cardano overtook Bitcoin and Ethereum at $17.56 billion, while the latter registered 24-hour volumes of $10.55 billion and $5.77 billion, respectively.

On-Chain Activity, Courtesy: Messari.io

Adjusted transaction volume is still a good way to isolate only the most important transactions. Cardano outperformed Bitcoin and Ethereum in adjusted volumes, with a 24-hour volume of $17.15 billion, compared to the latter’s $4.67 billion and $4.25 billion. In comparison to Bitcoin and Ethereum, Cardano users also paid lower fees.

Cardano users only paid $51,985.43 in transaction fees in the last 24 hours, compared to $0.51 million and $19.39 million for Bitcoin and Ethereum, respectively.

While critics tend to dismiss Cardano as a “ghost chain,” it already has some decentralized applications (dApps) running on top of its blockchain, while the number of wallets holding the ADA token recently crossed the three million mark.

Cardano’s SundaeSwap has hit a milestone of over 75 million ADA traded after only three weeks on the market.

IOHK announces Plutus update

IOHK, Cardano’s parent company, has announced the start of an updated proposal process to increase the per-block memory unit limit for Plutus scripts on the Cardano mainnet. The per-block Plutus memory unit limit will be increased from 50 million to 56 million at the epoch boundary on Feb. 14 as part of IOHK’s series of planned modifications and improvements aimed at scaling Cardano.

The Plutus memory limit per transaction was increased to 14 million by a previous parameter update. According to IOHK, increasing the per-block memory limit will allow developers to fully benefit from the previous adjustment, allowing them to run up to four Plutus scripts for each block.

Plutus is Cardano’s smart contracts platform, which allows scripting programs to interface with the blockchain.