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

  • March 6, 2022


Cardano (ADA) enthusiasts shared statistics: the blockchain eclipsed Bitcoin (BTC) by transaction volume

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As the activity on the Cardano (ADA) decentralized finance (DeFi) ecosystem increases, the aggregated volume of all transactions 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 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.

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.

Related

Cardano DEX Secures Backing from “Wonder Woman” Star

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

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.

Vladislav Sopov

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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