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Cardano Surpasses Bitcoin by Transaction Activity as ADA Price Remains in Limbo

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Sun, 02/13/2022 - 10:52
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Alex Dovbnya
Cardano has once again surpassed Bitcoin in terms of daily transaction volume
Cardano Surpasses Bitcoin by Transaction Activity as ADA Price Remains in Limbo
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Cardano has trumped Bitcoin when it comes to adjusted transaction volume over the past 24 hours ($17.15 billion and $15.11 billion, respectively), according to data provided by blockchain analytics firm Messari.

The proof-of-stake blockchain recorded the highest number of transactions while also having some of the lowest fees. Cardano generated only a minuscule $52,000 in fees over the last 24 hours compared to Bitcoin’s $700,000 and Ethereum’s $22.1 million.  

The metric isolates only meaningful transactions to accurately compare data from UTXO-based chains and account-based blockchains of the likes of Ethereum. 

As reported by U.Today, Cardano also recently surpassed three million wallets, reaching yet another adoption milestone. Still, some critics feel tempted to dismiss the blockchain as vaporware.

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Input Output developers keep adjusting the network’s parameters as they keep working on scaling solutions during the “Basho” phase of the blockchain’s roadmap.  

SundaeSwap launched in late January, but its debut was mired by technical issues. Some users started complaining about not receiving the native SUNDAE token after swapping.

The project attributed numerous botched swaps to a high level of network congestion. At the time of writing this article, roughly 80% of all blocks remain full. In late January, blockchain load peaked at 94.1%, preventing applications from running properly. 

Earlier this week, Cardano-based decentralized exchange Minswap also announced the completion of its security audit.

The ADA price surged more than 40% in one week in the run-up to the SundaeSwap launch, but it has failed to hold onto these gains. The token is currently trading at $1.06 on the Binance exchange, struggling to stage a comeback.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.