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Cardano Outpaces Litecoin and Ethereum in On-Chain Activity as ADA Blockchain Expands

Mon, 02/21/2022 - 12:10
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Tomiwabold Olajide
Cardano outperforms Litecoin and Ethereum in terms of on-chain activity as ADA blockchain industry grows
Cardano Outpaces Litecoin and Ethereum in On-Chain Activity as ADA Blockchain Expands
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Per recent data from Messari, aside from Bitcoin, Cardano is presently in the top place in terms of transaction activity, outpacing Litecoin and Ethereum. Based on transaction volume, Cardano overtook Litecoin and Ethereum at $17.04 billion, while the latter registered 24-hour volumes of $7.20 billion and $5.25 billion, respectively.

Adjusted transaction volume is still a good way to isolate only the most important transactions. Cardano outperformed both Litecoin and Ethereum in adjusted volumes, with a 24-hour volume of $16.71 billion, compared to Litecoin's $97.81 million and Ethereum's $3.84 billion.
On-Chain Activity, Source:

U.Today earlier reported on Cardano outpacing leading cryptocurrencies Bitcoin and Ethereum in transaction activity, as well as a spike in new ADA addresses.

Cardano blockchain grows

As reported by the Cardano Blockchain Insights Twitter handle, the Cardano blockchain has grown by nearly 13 GB since the start of 2022, indicating massive chain activity.

Cardano remains one of the most actively developed networks in the blockchain industry as per Santiment data. Cardano is still in the top three in terms of contributions, according to the Activity Contributors Count.

More developers have begun to leverage the Cardano blockchain and produce new use cases with the availability of smart contracts functionality. The SundaeSwap decentralized exchange platform is the largest yet, with at least 98% of the total value locked.

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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.