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Cardano Founder Says Massive Inflows into ADA Ecosystem Just Getting Started

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Mon, 01/17/2022 - 09:56
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Tomiwabold Olajide
Cardano founder believes massive inflows into ADA ecosystem has just begun
Cardano Founder Says Massive Inflows into ADA Ecosystem Just Getting Started
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Cardano founder Charles Hoskinson believes Cardano is just getting started in terms of transaction volumes, according to a response to cryptoanalyst Lark Davis.

Lark Davis had reported that Cardano (ADA) was the number two blockchain in transaction volume in the last 24 hours after Bitcoin (BTC).

As U.Today reported, Cardano is ahead of Ethereum in terms of transaction volume over the past 24 hours ($7.02 billion and $5.41 billion, respectively) as per Messari data.

According to Santiment, Cardano is one of the few large-cap crypto assets seeing positive gains kicking off the new week. ADA is the only top 100 asset that gained double-digit percentages (+11%) in the past 24 hours. In the last seven days, Cardano is up 29.84% and ranks fifth-largest cryptocurrency by market capitalization, according to CoinMarketCap data.

ADA trades at $1.53 at press time.

Cardano unveils scaling plans for 2022

U.Today earlier reported that Cardano was about to unveil its scaling plans for 2022 in a mid-month update.

According to an IOHK blogpost, the path Cardano intends to take to achieve scaling in 2022 includes: Block size increase, Pipelining, Input Endorsers, Improvements in Memory/CPU parameters for Plutus, Node enhancements, on-disk storage, sidechains, Layer 2 Hydra scaling solution, Offloading computation and the Mithril solution.

On the Cardano blockchain, the block size was recently increased from 8KB to 72KB (a 12.5% increase). Further improvements will be implemented over time, according to IOHK, based on ongoing system monitoring and overall network health. Input endorsers will also increase block propagation times and throughput, allowing for larger transaction rates.

dcSpark's Milkomeda and IOG's Mamba are two EVM sidechains set to launch on the Cardano network. In terms of memory/CPU parameters, IOHK claims that there are memory improvements in Unspent Transaction Output (UTXO) management, stake distribution, live stake distribution and pools and hash representation.

Cardano (ADA) was the winner of a poll conducted by Ethereum founder Vitalik Buterin last week, in which he asked which Ether alternative could become the world's dominant cryptocurrency by 2035.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.