The Cardano blockchain has witnessed an explosion of activity on the chain and now only tracks bitcoin with its current 24-hour transaction volume, surpassing Ethereum in this process, according to Messari.
According to network analytics firm Messari, Cardano (ADA) currently has a 24-hour transaction volume of $ 17.04 billion. Bitcoin (BTC) is worth $ 18.85 billion and Ether (ETH) is worth $ 5.25 billion, according to Messari. Cardano is number two in this category and near first on this scale.
Overall, there has been massive activity in Cardano this month. On February 14, the 24-hour transaction volume exceeded $ 35 billion and reached $ 31 billion on Saturday. However, this is still far from the record of 138 billion dollars that was set on September 3 last year.
Daily ADA trading volume from January 24 to February 22. Source: messari
The volume of transactions on Cardano has increased in recent weeks, mainly due to the launch of the SundaeSwap decentralized exchange. The hype surrounding this launch caused a blockchain block for several days with a massive influx of transactions.
Regardless of the impact of SundaeSwap on the network, the total number of transactions in Cardano increased by 480% from 5.5 million on March 30, 2021 to almost 32 million on February 20, 2022, according to Google Cardano Blockchain statistics.
Conditions are ripe for Cardano to move up in the rankings as both Bitcoin and Ethereum have recently experienced a decline in network activity. Bitcoin’s 24-hour volume is down 84% from a three-month high of $ 116 billion on November 25. Ethereum volume has been declining since December 4, when the volume reached a three-month high of $ 21.29 billion. It fell 82 percent on Saturday to a three-month low of $ 3.99 billion.
Daily ETH trading volume from November 25 to February 22. Source: messari
Despite lower transaction volumes, Messari has shown that Ethereum still dominates Cardano in many other key metrics for network use. For example, Ethereum has 76 million addresses for 3.4 million Cardano addresses.
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Cardano has been listed by Morgan Stanley’s Global Wealth Management Investment Office as one of four “Ethereum-killer” blockchains that can usurp the supremacy of the smart Ethereum contract because of their lower cost and faster speeds. Others in the report include Solana, Polkadot and Tezos.
Positive performance on the chain has not helped ADA prices, which have fallen 13% in the last 24 hours, according to CoinGecko. The ADA is currently trading at $ 0.833, down 73% from the record high of $ 3.09 set on September 2, 2021.