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Cardano Might Be Less Than 75% Utilized Capacity of Ethereum: Report

Mon, 05/02/2022 - 09:59
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Tomiwabold Olajide
Cardano network uses around a quarter of Ethereum capacity: report
Cardano Might Be Less Than 75% Utilized Capacity of Ethereum: Report
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According to data shared by Cardano blockchain insights, Cardano might be operating at 25% utilized capacity of Ethereum. The analogy goes thus: Cardano presently has over 100,000 transactions which, on average, comprise three payments, as one transaction per the metric supplied can be a payment from one or several addresses to many different addresses. Ethereum, on the other hand, has around 1.1 million daily transactions on average.

The Cardano network has reached several milestones in recent months. Over the weekend, IOHK shared statistics regarding network growth in a chart provided. Currently, 925 projects are being built on Cardano, up from 917 previously. Fifty projects have recently launched on Cardano, while the number of NFT projects is at 5,441. Github connects also totaled 2,995, while Cardano native tokens stood at 4.5 million. The number of wallets holding the ADA token recently surpassed the 3.6 million count.

Despite the developments, Cardano did suffer a significant backlash. One of the most common criticisms has to be its comparison to a "ghost chain." Overall, the Cardano blockchain might be said to have evolved significantly, with a Santiment report indicating that Cardano was the most developed cryptocurrency network on Github in 2021.

A critical parameter change took place last week, in which block size was increased from 80KB to 88KB to allow for more transactions and scripts in a single block. Cardano and its Plutus smart contract platform are also set to undergo a major update in June, dubbed the "Vasil hard fork."

Despite this, Cardano participants and the community as a whole are not relenting on Cardano's wider adoption. As indicated in a recent IOG blog post, the capacity to work with other blockchains, or interoperability, is crucial.

Along these lines, Input-Output Global plans to release a new permissionless EVM sidechain this year. This sidechain aims to make it possible for Cardano developers to write Solidity smart contracts and create EVM-compatible dApps and ERC20-compatible tokens.

Amid a spate of developments, the ADA price has failed to keep pace with recent progress. At a present price of $0.787, the ADA price remains down 74.6% from its all-time high of $3.10 reached in September 2021.

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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.