Cardano Surpasses Bitcoin In Transaction Volume

February 13, 2022 8:11 pm

Cardano has proven itself to be highly popular for transactions as it once again had recorded transaction volumes that have surpassed Ethereum and Bitcoin.

So far, Cardano has measured around $17.56 billion in transactions while Bitcoin and Ethereum registered volumes at $10.55 billion and $5.77 billion respectively.

Volume was not the only thing that was measured and the other equally important component was the required fees to complete those transactions.

In the past 24 hours, Cardano users have paid around $52k in transaction fees while Bitcoin had fees of around half a million and Ethereum at around $19 million showcasing the efficiency of the blockchain.

In recent news, the number of Cardano wallets have continued to increase at a rapid rate and the launch of the SundaeSwap was able to gather considerable attention to the network.

The parent company of Cardano (IOHK) also recently announced a new update that could mean significant changes for the blockchain in the future.

CardanoFeed reports:

IOHK, Cardano’s parent company, has announced the start of an updated proposal process to increase the per-block memory unit limit for Plutus scripts on the Cardano mainnet.

The per-block Plutus memory unit limit will be increased from 50 million to 56 million at the epoch boundary on Feb. 14 as part of IOHK’s series of planned modifications and improvements aimed at scaling Cardano.

The Plutus memory limit per transaction was increased to 14 million by a previous parameter update.

According to IOHK, increasing the per-block memory limit will allow developers to fully benefit from the previous adjustment, allowing them to run up to four Plutus scripts for each block.

Plutus is Cardano’s smart contracts platform, which allows scripting programs to interface with the blockchain.

Besides that, Cardano is still in the midst of scaling issues as the network had experienced congestion problems due to surging volume.

Blockchain load had peaked at around 94% which had prevented some applications on the blockchain network from running properly.

As a result, developers are playing around with the system output and adjusting network parameters in order to deal with future scaling issues.

The new decentralized exchange Minswap had also recently been launched on Cardano and revealed that it had recently completed its security audit.

Despite all the recent changes though, the price of ADA still remains in limbo at the moment and has been struggling to maintain price after the recent price surges.

U.today reports:

As reported by U.Today, Cardano also recently surpassed three million wallets, reaching yet another adoption milestone. Still, some critics feel tempted to dismiss the blockchain as vaporware.

Input Output developers keep adjusting the network’s parameters as they keep working on scaling solutions during the “Basho” phase of the blockchain’s roadmap.

Earlier this week, Cardano-based decentralized exchange Minswap also announced the completion of its security audit.

The ADA price surged more than 40% in one week in the run-up to the SundaeSwap launch, but it has failed to hold onto these gains.

The token is currently trading at $1.06 on the Binance exchange, struggling to stage a comeback.

Investors are hopeful that the blockchain may gain more traction once more decentralized apps start to be built on the blockchain.

At the time of writing, Cardano is the 7th largest network by market cap and follows closely behind Ripple.

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