Cardano Network Exceeds 30 Million Transactions.

The Cardano network has already handled over 30 million transactions, a major accomplishment that comes just after the network’s smart contract count surpassed 1,000 for the first time.

According to Cardano blockchain insights released on Google’s Data Studio, the Cardano network has already handled over 30.4 million transactions, with between 150,000 and 200,000 active daily addresses on the network.

Notably, the Cardano blockchain’s transaction volume increased by roughly 900,000 in the first 8 days of this month.

The price of ADA surged last year upon the release of the much-anticipated Alonzo hard fork, which added smart contracts into the network and let it to engage with other blockchains including as the Binance Smart Chain (BSC), Ethereum (ETH), and Solana (SOL).

The Alonzo hard fork is apart of the network’s “Goguen” phase, named after Joseph Goguen, a computer science professor at the University of California, Berkeley, and Oxford. The Goguen era follows the Shelley epoch, during which Cardano became a decentralized blockchain and community members became validators.

With the development of smart contracts came the development of a decentralized finance (DeFi) sector, which has already grown to over $100 million in total value, with the majority of the assets being parked on the decentralized exchange SundaeSwap (SUNDAE).

The 30 million transaction milestone happened soon after Cardano developer Input Output advocated raising the network’s block size by 11%, from 72 KB to 80 KB, when network congestion exceeded 90%.

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Patrick

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