Cardano’s on-chain transaction volume is second only to Bitcoin, having flipped Ethereum and other altcoins.
Cardano’s rivalry with Ethereum appears to be gaining pace, as the on-chain transaction volume on its blockchain has nearly doubled that of the second largest crypto asset by market capitalization.
Cardano’s on-chain transaction volume of roughly $18.24 billion is just slightly less than that of Bitcoin, which has a volume of $21.6 billion, according to statistics from Messari, an on-chain analytics firm. Ethereum, on the other hand, saw a $9.31 billion transaction volume.
Bitcoin SV, Polkadot, Dash, and Ripple’s XRP complete the top five with a combined transaction volume of $2.84 billion on their networks. Bitcoin Cash with $4.5 billion, Litecoin, with $3.4 billion, and popular meme coin Doge, with $1.13 billion, complete the top ten list.
Cardano (ADA) has had a fantastic year, with prices up more than 1,000% year to date. While the cryptocurrency market is sometimes unexpected and difficult to anticipate, the high-flying blockchain may have more room to grow because of its strong economic moat.
This digital asset boom this year has made it one of the best-performing major cryptocurrencies, outperforming Ether 330 percent and Bitcoin 59 percent year-to-date returns.
Cardano’s rise came to a standstill in early September, when Alonzo HardFork unveiled smart contracts on the blockchain platform.
Cardano is a proof-of-stake blockchain platform that aims to empower “changemakers, innovators, and dreamers” to bring about positive global change, according to its website.
The open-source project also aims to “redistribute power from unaccountable systems to the margins to individuals,” making society more safe, transparent, and equal.