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Cardano (ADA) Transaction Volume Retraces Toward All-Time High with $65 Billion

Tue, 04/05/2022 - 13:29
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Arman Shirinyan
Cardano's volume rises back to record levels as demand for network-based dApps rises
Cardano (ADA) Transaction Volume Retraces Toward All-Time High with $65 Billion
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Following the fundamental growth of the Cardano network, the transaction volume has recently peaked at $86 billion and then quickly retraced down. But according to data from Messari on-chain provider, the network seems to be gaining the momentum back.

Adjusted volume on the rise

March ended up being one of the best months for the Cardano network, with more than $200 million flowing into the ecosystem as more projects and solutions appear. With the rise of the TVL, the network saw a never-seen volume increase totaling $86 billion.

Cardano Data
Source: Messari

Such a strong spike in volume also correlated with the price of the underlying coin, ADA, which rallied by over 50% in a matter of three weeks.

Cardano getting ready for a series of releases

U.Today previously covered a series of announcements by projects that are actively building various solutions and dApps on top of Cardano blockchain. Experts from the industry noted that the simultaneous release of stablecoins, wrapped and synthetic assets and more features would lead to the exponential growth of the network in the next few months.

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Solutions like stablecoins bring more than $4 billion in average daily volume to blockchains like Tron, according to the report on their official social media channels. Stablecoins bring even greater volume to blockchains like Omni and Ethereum.

With new projects on the Cardano blockchain, the usage of the network is expected to rise drastically, which may lead to an exponential increase in fees that users pay for transactions and other interactions with the network.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.