Cardano Overtook Ethereum In Terms Of Trading Volume

Cardano has surpassed Ethereum in terms of the number of transactions completed on a daily basis. Data released by Messari shows that the ADA network completed transactions for a total of USD 7.02 billion each day, whereas the ETH chain processed transactions worth “only” USD 5.41 billion.

Cardano users paid $66,058 in transaction fees in the last 24 hours, compared to $44.74 million in costs on the Ethereum network, which is a notable difference. There is a weakness in the ETH chain due to the high cost of network fees. To address this issue, the Ethereum 2.0 project has been reformed.

Ethereum vs Cardano

According to a report by U.Today, the Cardano-powered decentralized exchange SundaeSwap recently stated that it would deploy its mainnet on Thursday.

Decentralized applications like ArdanaStablecoin, Maladex, and MELD are currently running on the Cardano blockchain despite its reputation as a “ghost chain” by some critics.

According to Input-Output Cardano Director John Woods, many scaling solutions will be implemented in 2022 (improvements to the Plutus script, Hydra, sidechains, and Mithril). He also stated that the number of Cardano-based initiatives is “tremendous.”

Cardano (ADA) also won a survey conducted by Ethereum co-founder Vitalik Buterin last week, in which he asked which alternative to the ether digital currency may become the world’s dominant cryptocurrency by 2035.

As per CoinMarketCap data, the price of the native ADA coin grew by around 7% in a 24-hour timeframe. The token has climbed by more than 26% in the last week, and it has risen to become the sixth most valuable cryptocurrency by market capitalization.

Read Also: Central Bank Of Singapore Issues Guidelines To Curb Crypto Trading

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