Cardano Blockchain Congestion At A Record High

January 28, 2022 9:48 am Comments

On January 24, the congestion on the Cardano blockchain reached an all-time high at around 92.8% which is a level of congestion that has never been seen before.

This high congestion means that there is an extremely high volume of transactions on the blockchain which greatly increases the probability of transactions failing or being delayed.

Overall, blockchain loads for the Cardano network have in general increased the past few months especially when compared to the past year.

As an attempt to be able to handle more transactions, the Cardano team announced a 12.5 percent increase in block size which will increase the blockchain load the network can handle.

For a brief moment in time last week, Cardano’s blockchain activity was actually greater than Ethereum indicating the future potential for growth for the cryptocurrency.

The company is also attempting other solutions in anticipation of future volume surges such as creating numerous DeFi protocols and the introduction of the highly anticipated SundaeSwap DEX which will enhance network traffic.

Cardano is also making progress in the NFT space as well.

CoinTrust reports:

The NFT marketplace jpgstore is mentoring those interested in minting and marketing NFT collections on Cardano.

The goal is to free artists to concentrate on their work by removing the complexities of minting and listing.

Artists interested in applying must complete an application form.

The first cohort’s applications concluded on January 22, 2022.

The addition of smart contracts to the Cardano blockchain gives the platform fresh legs. Developers have started using the features of smart contracts to create decentralized applications (DApps).

This has resulted in an increase in the quantity of data stored on the Cardano blockchain, adding to the block load rise.

NFT is not the only thing the Cardano network has improved on recently.

The increased capacity of the blockchain has resulted in observable improvements such faster transactions, increased data throughput, and increased capacity to handle more consumers.

When you adjust and take the volume into account, the data shows that transaction costs on Cardano can be almost 500x lower than the transaction costs on Ethereum.

Other metrics observed is the increased use of Cardano wallets.

So far, the use of Cardano wallets have been steadily increasing over the past few years and has increased very significantly specifically within the last year.

As of December of  2021 last year, the Cardano blockchain has around 190,000 wallets which is a 1200 percent increase from December of 2020.

The company that created Cardano, IOHK, has also recently announced plans for the year of 2022 regarding how it plans to continue to scale the network and other roadmap plans.

CoinTrust shares:

IOHK, the company that created the Cardano network, has announced its 2022 scaling strategy.

It includes numerous significant modifications aimed at increasing the speed and efficiency of the world’s sixth-largest blockchain.

Cardano already claims to have a higher throughput than Ethereum. However, it must acquire far more momentum owing to the ecosystem’s dearth of developers.

IOHK is certain, however, that this will change in 2022 as a result of its scaling roadmap plans.

The company emphasized the network’s critical enhancements and advancements in a long tweet on January 18th: Basho is the next step in the Cardano upgrade plan, according to the announcement.

It follows the Goguen stage, which enabled the network to support smart contracts.

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