Yesterday, the Cardano ( $0.53 ) blockchain experienced a significant surge in its daily transaction volume that pushed it above that of the second-largest blockchain, Ethereum ( $2,008.25 ) .
Transacting on Cardano ( $0.53 ) blockchain is cheaper than Ethereum ( $2,008.25 )
Data from Messari shows that Cardano ( $0.53 ) ’s daily transaction volume beat that of Ethereum ( $2,008.25 ) by nearly $2 billion. According to the data, Cardano ( $0.53 ) registered more than $7 billion in transaction volume while its counterpart, Ethereum ( $2,008.25 ) , managed to record around $5.4 billion.
Cardano ( $0.53 ) has 1.5 Billion more transactions than ETH in the past 24hrs.
Cardano ( $0.53 ) Fees : 66k
Eth Fees : 44 MILLION!#cardano #ethereum #cryptocurrency #Btc # Bitcoin ( $29,934.00 ) 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 ( $29,934.00 ) , which had nearly $17 billion in daily transactions.
Interestingly, despite recording more daily transactions than Ethereum ( $2,008.25 ) , Cardano ( $0.53 ) 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 ( $0.53 ) is cheaper than transacting on Ethereum ( $2,008.25 ) .
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 ( $0.53 ) holders to delegate their tokens. This way, they would be able to earn staking rewards after a period of time.
Cardano ( $0.53 ) ’s ADA value spikes by 30% in 7 days
Cardano ( $0.53 ) 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 ( $0.53 ) 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.
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