Cardano, the third largest smart contract platform by market capitalization, has seen a significant rise in transaction fees, according to Messari data.
On May 28, Cardano network transaction fees hit a record high of $15.2K, the highest since Aug. 11, 2022, indicating increased network activity and demand. Just a month prior, on May 1, the fees were at a considerably lower level of $8.4K.
Despite these numbers, when compared to the transaction fees of Bitcoin and Ethereum, Cardano still claims the lowest transaction fees.
Bitcoin, the largest cryptocurrency by market cap, recorded a transaction fee of $1.76 million in the last 24 hours, a stark contrast to Cardano's $15.2K.
The primary reason for the significant difference in transaction fees is due to the underlying technology of these platforms.
Cardano was designed to handle a larger volume of transactions per second (TPS), which further reduces the cost per transaction.
As reported by U.Today, Cardano recently experienced a significant 91% increase in its decentralized exchange (DEX) volume over the past week, rising to $68.5 million. The surge is attributed primarily to increased activity on Cardano-based DEX platforms, especially Minswap, which accounted for 90.4% of the total DEX volume.
Vladislav Sopov