Cardano surpasses Bitcoin and Ethereum in 24-hour transaction volume – BTC Direct

Cardano (ADA) has the wind behind, because if the data from messari.io correct, it has passed both bitcoin (BTC) and ethereum (ETH) in the 24-hour transaction volume. ADA is even number one if you add up the 24-hour transaction volume of bitcoin and ethereum.

This does concern the ‘corrected’ transaction volume, which means that actual economic activity has been looked at as much as possible. If we look at the pure transaction volume, Bitcoin is in first place with $36.7 billion.

The first decentralized exchange on Cardano

The relatively high transaction volume on Cardano does not come out of the blue. In January, the first decentralized exchange on the Cardano blockchain launched. It concerns SundaeSwap, which initially received a lot of criticism. SundaeSwap had some problems with congestion in the first few days, but has been running like a charm in recent weeks. After three weeks, more than 75 million in ADA was traded on the decentralized exchange.

To remain attractive, the Cardano blockchain must continue to operate smoothly. The competition is fierce with blockchains such as Ethereum, Solana and Binance Chain. Another fun fact about Cardano is that the number of wallets with ADA has recently broken through the three million.

In 2021 Cardano introduced the Plutus platform with the Alonzo hard fork. A smart contract programming language with the tools to support smart contracts. Plutus script transactions have now taken over the simple transactions on the Cardano network. With Plutus it is therefore possible to build and launch decentralized applications on Cardano, of which SundaeSwap is a child.

Not everyone positive about Cardano

Critics of Cardano, however, say that after years the project is still not producing any substantial applications. Chris Burniske, partner at venture capital firm Placeholder, describes the Cardano blockchain as a product that will never be delivered. When asked “why ADA never does anything” on Twitter, Burniske responded with the words: “because ADA is vaporware”.

In the software world, a product is called vaporware if it never delivers on its great promises. Burniske later backtracked somewhat, as he was attacked directly from the Cardano camp. “It was impure to describe Cardano as vaporware and a scam. I should have said Cardano and Charles Hoskinson promised too much and I expect disappointed ADA holders.” Burniske on Twitter†

Naturally, the Cardano team has responded under Burniske’s posts. Romain Pellerin, the CTO of the project, among others, indicates that he still has a lot of confidence in Cardano’s future. “If the metaverse becomes a thing, it will need us to connect the different universes together,” he said writes Pellerin.