Cardano keeps developing at a breakneck pace, edging out long-time competitor Ethereum, becoming the second-largest blockchain in terms of transaction volumes.
Cardano’s Performance in Comparison With Leading Coins
Compared to Ethereum, it has seen a larger trade volume in the recent 24-hours. Based on the most recent data from Messari.io, BTC was dominating with $16.87 billion in transactions volume, trailed by Cardano at $7.02 billion, and Ethereum at $5.41 billion.
While ETH’s gas fees were just $44.74 million in the last 24-hours, Cardano’s costs reached $66,058 million with about $4 billion as its transaction volume. However, the high gas fees shouldn’t lead you to believe that Cardano is a pricey cryptocurrency to use. Despite increased on-chain activities, transaction costs on the network have reduced at an average of $0.45 – $0.38.
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The system has passed numerous milestones in the last few months that are too succulent to pass up, which helps in explaining the network’s rapid expansion. Cardano successfully handled trades without failure for more than 1.5K days, whereas other platforms like Solana kept struggling with concerns like reduced efficiency. The total active addresses on the network have increased dramatically, from 35,440 in February 2021 to 221,675 today.
Cardano(ADA) wallets reportedly surged to about 1,200 percent since December 2021, to slightly about 2.5 million now, because of its accessibility and growth capabilities.
Reason for Cardano’s Price Surges
Smart contracts on the network have also aided Cardano’s rise. The programmability characteristics of the network were increased thanks to the successful update of the Alonzo hard fork in September 2021, allowing smart contracts and decentralized apps to be run. This is significant since the DeFi industry revolves around smart contracts, which adds to the network’s appeal.
The smart contracts for Cardano possess a capability expected to generate several platforms onboard that plan on becoming Cardano-powered decentralized exchanges.
With the debut of all the other DExes providing momentum to the already rising volume, SundaeSwap, which is set to begin later this week, might give a huge push to Cardano’s network activities.
Cardano has been cultivating partnerships with significant stakeholders both inside and beyond the blockchain space to access their customer base.
With the leading smart contract capabilities currently in place, Cardano’s following step will be focused on performance improvement, which specific experts believe will catapult the network to the high altitudes, outshining and perhaps eliminating Ethereum.
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