Cardano passes 50 million transactions pending Vasil update

After the Ethereum (ETH) merge, Cardano (ADA) is also preparing for a major update; the Vasil update. The update should bring major improvements within the Cardano network, according to Cardano co-founder Charles Hoskinson. The update will take place on September 22.

50 million transactions

Data from Cardano blockchain explorer cardano scan has shown that the Cardano network has recently passed the 50 million transaction milestone. This happened after several weeks of high activity on the network with more than 50 thousand transactions being processed daily.

Compared to other cryptocurrencies, this amount of transactions is not very impressive. For example, Ethereum processes more than 1 million transactions a day and Bitcoin just under 300,000 transactions a day. Cardano’s Vasil update will bring the network one step closer to their goal; compete with Bitcoin (BTC) and Ethereum.

The Vasil update

The update should bring major improvements to Cardano’s scalability. The most notable change is pipelining. This should significantly increase the speed at which the blocks within the Cardano blockchain follow each other.

Recently, co-founder Hoskinson spoke out about the Vasil update and the Cardano’s long-term goals.

“We built Cardano to become the financial operating system of the world. We built it as a community to give economic freedom to those who don’t, so we can build a fair global market. It’s an incredible mission, but with the Vasil update it feels achievable.”

The Cardano network will continue to evolve as a crypto ecosystem after the Vasil update, Hoskinson said. According to him, it does not stop with this update and the introduction of pipelining.

“Pipelining is just one of many changes to improve Cardano’s scalability this year. All of those changes together will take Cardano to a position where it is faster than all competitors, and will be a major player in decentralized finance (DeFi).”