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Altcoins

Cardano (ADA) Becomes Most Used Blockchain with Lowest Fees: Data

By admin
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Cardano (ADA) Becomes Most Used Blockchain with Lowest Fees: Data

As the activity on the Cardano (ADA) decentralized finance (DeFi) ecosystem increases, the aggregated volume of all trasactions registered on it spiked to new highs.

Cardano (ADA) daily transaction volume prints new highs

An anonymous Cardano (ADA) enthusiast who goes by @Haskellion on Twitter has shared the statistics from Messari’s terminal. It displays the net volume of transactions handled by this or that blockchain in the last 24 hours and total fees collected.

#CARDANO HAS THE LARGEST 24HR VOLUME WITH THE LOWEST AMOUNT OF FEES BY A LONGSHOT

#1 DEVELOPER ACTIVITY

LOOK AT THE TRENDS, WE KNOW WHERE THIS IS GOING pic.twitter.com/L8EwS9vZPL

— HASKELLION (@Haskellion) March 4, 2022

According to Messari data, Cardano (ADA) eclipsed Bitcoin (BTC) by USD-denominated transaction volume in 24 hours. Cardanians sent $33.45 billion in equivalent while Bitcoiners sent $33.27 billion.

At the same time, the Bitcoin (BTC) network generated 23x more fees than Cardano (ADA): for Bitcoin, this metric reached $860,000, while for Cardano (ADA) it sits at $38,000.

To provide context, Cardano’s main competitor in the smart contracts space, Ethereum (ETH), charged its clients with $14.7 million in fees over the last 24 hours.

Cardano-Ergo DEX is on the eve of mainnet launch

Most likely, this increase can be attributed to the inflow of liquidity into the ecosystem of Cardano-based decentralized finance (DeFi) protocols.

As covered by U.Today previously, Cardano’s DEX, AdaSwap, is now endorsed by Israeli actress Gal Gadot, an award-winning world cinema superstar.

Another Cardano-based DeFi protocol, ErgoDEX – which is set to bridge the Cardano (ADA) and Ergo blockchains – is getting closer to mainnet release.

Since the Cardano launch is right around the corner, we decided to give everyone a sneak preview of what they can expect to see, stay tuned! pic.twitter.com/mJyELaG23l

— ErgoDEX (@ErgoDex) March 4, 2022

Its team has shared a sneak preview: ErgoDEX is going to have decentralized exchange functions, a liquidity providing (LP) module and other DeFi-specific instruments.

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