Cardano’s transaction volume flips Ethereum as value rises by over 30%
Available data has shown that despite processing more transactions Ethereum blockchain, Cardano’s blockchain was only able to generate a negligible amount for its transactions fees.
Yesterday, the Cardano blockchain experienced a significant surge in its daily transaction volume that pushed it above that of the second-largest blockchain, Ethereum.
Transacting on Cardano blockchain is cheaper than Ethereum
Data from Messari shows that Cardano’s daily transaction volume beat that of Ethereum by nearly $2 billion. According to the data, Cardano registered more than $7 billion in transaction volume while its counterpart, Ethereum, managed to record around $5.4 billion.
Cardano has 1.5 Billion more transactions than ETH in the past 24hrs.
Cardano Fees : 66k
Eth Fees : 44 MILLION!#cardano #ethereum #cryptocurrency #Btc #Bitcoin pic.twitter.com/Mvg1Qa8IDr
— Persepino (@Persepino) January 17, 2022
However, the combined transaction volumes of the two blockchains fell below that of the leading network, Bitcoin, which had nearly $17 billion in daily transactions.
Interestingly, despite recording more daily transactions than Ethereum, Cardano generated less than $100k in transaction fees. On the other hand, Ether blockchain raised over $40 million in fees. This means that at the time of writing, transacting on Cardano is cheaper than transacting on Ethereum.
Available information points to the anticipated mainnet launch of a native, scalable decentralized exchange and automated liquidity provision protocol, SundaeSwap, on January 20th, concluding why the network’s transaction has spiked.
This project offers an Initial Stake Pool Offering (ISO), allowing Cardano holders to delegate their tokens. This way, they would be able to earn staking rewards after a period of time.
Cardano’s ADA value spikes by 30% in 7 days
Cardano did not only witness a surge in its transaction volume alone; the native token of the blockchain has seen its value rise by 30% within the last seven days.
Per available data on CryptoSlate, the asset has risen by over 20% in the last 30 days too. However, the coin has shed some of its gains within the last 24 hours as it has lost roughly 2%. It is currently trading at $1.49.
The recent rise in value of the asset, alongside that of its transaction volume, indicates the growth of projects now using the Cardano blockchain for its smart contract ability.
Available data on DeFiLlama would show that the network now has over $3 million worth of digital assets locked in its TVL. This represents a 25% growth within the last 24 hours alone.
However, despite all of the current impressive performance, it is important to note that the asset is still miles away from its all-time high of $3.09 seen in early September last year.