Cardano Has Surpassed Ethereum In Terms Of Transaction Volume As The ADA Price Goes Up.
Despite accounting for only a fraction of Ethereum‘s transaction costs, Cardano has surpassed its rival in terms of daily transaction volume.
According to Messari statistics, Cardano has outperformed Ethereum in terms of transaction throughput over the last 24 hours ($7.02 billion vs. $5.41 billion, respectively).
The two competing cryptocurrencies are neck and neck when it comes to adjusted transaction volume.
Notably, Cardano users only paid $66,058 in transaction fees in the previous 24 hours, compared to $44.74 million for Ethereum.
While some opponents dismiss Cardano as a “ghost chain,” numerous famous dApps such as stablecoin hub Ardana, decentralized exchange Maladex, decentralized banking protocol MELD, and non-fungible token marketplace CNFT.IO are already functioning on top of the proof-of-stake blockchain.
SundaeSwap, a Cardano-powered decentralized exchange, recently announced that it would launch its mainnet on Thursday.
John Woods, head of Cardano architecture, highlighted several scaling options that will be deployed in 2022, such as Plutus script enhancements, Hydra, sidechains, and Mithril. He also stated that “an enormous” number of projects were approaching completion:
“You may have a couple of extra minutes for your transaction to go through depending on how busy it is at a given time. However, we have a really really solid plan for scaling.”
Cardano (ADA) also won a poll sponsored by Ethereum inventor Vitalik Buterin last week, in which he asked which Ether alternative might become the world’s dominant cryptocurrency by 2035.
According to CoinMarketCap statistics, the price of the native ADA coin has increased by almost 7%. It has increased by more than 26% in the last week.
It has surpassed the USD Coin, stable coin, and Solana to become the fifth-largest cryptocurrency by market capitalization.
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