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Cardano Records 369% Year-to-Date Increase in Daily On-Chain Transfer Volumes

Sat, 06/04/2022 - 17:30
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Tomiwabold Olajide
Cardano saw rise in on-chain volumes of up to 369% year-to-date against backdrop of other blockchains
Cardano Records 369% Year-to-Date Increase in Daily On-Chain Transfer Volumes
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Cardano founder Charles Hoskinson recently shared a tweet that included a CoinMetrics chart depicting the daily on-chain transfer volume of different blockchains, Cardano inclusive.

The data indicated that Cardano saw a rise in on-chain volumes of up to 369% year-to-date against the backdrop of other blockchains, including Bitcoin, Ethereum, Dogecoin and Algorand, which fell 15%, 49%, 79% and 82%, respectively.

The Cardano founder, ostensibly pleased with the report, trolled critics by saying the rise in volumes was caused by "spookyalpha." He teased, "This is thanks to our new ghost generator that has dramatically increased ghost transactions...We call it SpookyAlpha."

As previously reported, while flaunting the increase in transactions on the Cardano network, Hoskinson jokingly stated, "Cardano uses Ghost Transaction: it is super effective." Cardano has faced significant criticism in the past, with one of the most common comparisons being to a "ghost chain."

IOHK says preparations for Vasil Hard Fork are in final lap

According to IOHK's most recent weekly development update, preparations for the Vasil Hard Fork are in the final mile, with the team's attention now turning to tracking weekly milestones that will guide the next steps.

As stated in the report, the next major milestone is the introduction of a new node for the Vasil upgrade, as well as the first release of the new CLI, which will contain the new Plutus capabilities. IOHK says the plan next week is to spin up a new Vasil developer testnet and collaborate closely with an extended group of developers and ecosystem partners on final testing to ensure ecosystem partners (including developers and third-party component providers) have the time they need before hard forking the main Cardano testnet.

IOHK also provided a chart with network growth information. Currently, 992 projects are building on Cardano, up from 986 previously. A total of 89 projects have recently been launched on Cardano, while the number of NFT projects has risen to 5,796. For the week, Github connects totaled 2,769, while Cardano native tokens surpassed 5 million.

Also, the number of Plutus scripts was 2,769. ADA is currently trading at $0.563, down 4.49% in the last 24 hours.

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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.