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- The data from the Messari.io tracking service suggests Cardano(ADA) was successful in surpassing Bitcoin and Ethereum in terms of adjusted transaction volume on the chain.
- While ADA acquired around $68 billion, the leading cryptocurrencies Bitcoin and Ethereum could only gain $8 billion in volume in total.
- The increase in the volume of Cardano Network is being attributed to the growing popularity of DeFi solutions that the project has incorporated.
Cardano has successfully outperformed Bitcoin and Ethereum in terms of adjusted transaction volume on the chain, as per the data from Messari.io tracking service. According to the Stats, while Bitcoin and Ethereum only have a total of $8 billion in volume, ADA obtained $68 billion.
Adjusted Volume Of Cardano
With the adjusted transaction volume metric, users can look at access more information on transactional-related data rather than comparing chains based on regular transactional volume. Since it covers only account-based transactions, the metric provides more insight to the users.
The two leading cryptocurrencies, Bitcoin and Ethereum, have almost two times more volume together in terms of regular transaction volume that, at most times, is distorted by UTXO transactions. While the Messari data shows that Cardano is leading in terms of volume, the data from coinmarketcap suggests that the cryptocurrency is still lagging behind in terms of volume, with only $931 million in its account.
What Spiked The Cardano Volume?
The most probable reason behind the increase in the volume of the Cardano network is the increased popularity of the DeFi solutions that the project has incorporated, as the total value of funds locked in the contract experienced another 13% hike after the launch of Minswap.
Meanwhile, the total volume locked for Cardano continued its upheavals that started on 10th March. Since then, ADA has experienced a rise of 10% in its value, shedding the short-term descending hill.
Cardano Still Moving With The Industry
Although ADA failed to outperform leading chains such as Ethereum and Solana, it can still launch the smart contract technology and back the development of major solutions on their chains, such as SundaeSwap.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
