The Cardano blockchain has experienced an explosion in on-chain activity and now trails only Bitcoin in current 24-hour transaction volume, surpassing Ethereum in the process, according to Messari.
Cardano (ADA) currently has $17.04 billion in 24-hour transaction volume, according to data from on-chain analytics firm Messari. With Bitcoin (BTC) at $18.85 billion and Ether (ETH) at $5.25 billion, according to Messari. Cardano is in second place in that category and is closing in on the top position for this metric.
#Cardano just surpassed $LTC and $ETH in transaction volume.
Are you bullish on $ADA?
— The Moon (@TheMoonCarl) February 21, 2022
Overall, this month has seen tremendous activity on Cardano. On Feb. 14, 24-hour transaction volume topped $35 billion and on Saturday, it reached $31 billion. However, it is still far from the $138-billion all-time high in the volume set on Sept. 3 last year.
ADA daily transaction volume from Jan. 24 to Feb. 22. Source: Messari
Transaction volume on Cardano has spiked in recent weeks in large part due to the launch of the SundaeSwap decentralized exchange. The hype around this launch caused days of congestion on the blockchain from the huge influx of transactions.
Regardless of the SundaeSwap effect on the network, the total number of transactions on Cardano has increased 480% from 5.5 million on March 30, 2021, to nearly 32 million on Feb. 20, 2022, according to Google’s Cardano Blockchain Insights.
Conditions were ripe for Cardano’s move up the ranks as both Bitcoin and Ethereum have seen declining network activity lately. Bitcoin’s 24-hour volume is down 84% from its three-month peak of $116 billion on Nov. 25. Ethereum’s volume has been declining since Dec. 4 when volume reached a three-month peak of $21.29 billion. It was down 82% to a three-month low of $3.99 billion on Saturday.
ETH daily transaction volume from Nov. 25 to Feb. 22. Source: Messari
Despite trailing in transaction volumes, Messari shows Ethereum…
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