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Charles Hoskinson to Critics: Cardano Uses "Super Effective Ghost Transactions"

Mon, 05/30/2022 - 14:28
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Tomiwabold Olajide
Cardano continues to face significant criticism
Charles Hoskinson to Critics: Cardano Uses "Super Effective Ghost Transactions"
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Cardano founder Charles Hoskinson has recently shared a tweet showing Cardano's 24-hour transaction volumes, while commenting, "Cardano uses Ghost Transaction: it is super effective."

Cardano continues to face significant criticism, with one of the most common comparisons being to a "ghost chain."

Chains Activity, Courtesy: Messari

Per recent data from Messari, Cardano is recording the highest 24-hour adjusted volume of transactions. Adjusted transaction volume remains a good way to isolate only the most important transactions. Cardano outperformed leading cryptocurrencies like Bitcoin and Litecoin in adjusted transaction volumes, with a 24-hour volume of $9.15 billion.

ADA price action and Vasil Hard Fork

The ADA price tested lows of $0.44 on May 27 before it rebounded. At the time of publication, ADA was trading up nearly 12% at $0.53, thus setting up to mark the third consecutive day of positive price action. The recent price rise represents a more than 33% increase from its lowest price this month of around $0.39.

Cardano, like Bitcoin but unlike Ethereum, has a finite supply limit, with only 45 billion ADA ever to be created over the coin's existence. Presently, 33.75 billion ADA are in circulation, accounting for 75% of the maximum supply, and 34.39 billion ADA have been created so far, per CoinMarketCap data.

According to the latest weekly report by Cardano's parent company, IOHK, the closed Vasil testnet has already been launched to assess its functionality with a select group of dApps and users. The Cardano team continues to work on consensus-specific enhancements in anticipation of the Vasil Hard Fork Combinator (HFC) event in June.

Vasil is expected to launch on the Cardano testnet in early June. Also, the mainnet hard fork proposal deadline has been set for June 29.

Expectations continue to be in place for the hard fork combinator event, with the community speculating that Vasil might aid the influx of lending apps through the CIP-33 (Reference Scripts) meant to be introduced through the Vasil Hard Fork.

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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.