Cardano has knocked bitcoin out of the park in adjusted transaction volume over the last 24 hours.
Cardano edged out Bitcoin (BTC) and Ethereum (ETH), ranking first in the category for most transaction activity in 24 hours, according to crypto data aggregator Messari.io.
According to the transaction behavior, it represents an adjusted transaction volume, beating out BTC and ETH at $17.15 billion – compared to $15.1 billion and $8.6 billion, respectively.
Adjusted trading volume offers more insight into trading volume, as it describes a way to fairly compare UTXO-style trading and account-based trading, while trading volume speaks only of total value moved to a blockchain.
If we are comparing transaction volume, Bitcoin ranks first at $36.7 billion, while Cardano comes at less than half at $17.5 billion.
Cardano backers in the hunt for fee supremacy
Cardano transaction fees were extremely low over the past day, totaling $51,985 in fees. The past 24 hours have shown that Input Output Hong Kong is doing its due diligence.
The latest available data demonstrates an average transaction fee of $0.44, as of February 10. The network’s average blockchain load over the last 24-hours peaked at 81 percent. Failed transactions that occur during periods of peak load are not charged.
Denial of service attacks (DDos) are rare. Recently, the company announced its Basho phase which would see several updates coming to the network, including increased transaction block sizes and memory improvements for Plutus, the language behind smart contracts and decentralized applications. from Cardano.
ADA more attractive in the industry?
Back in January, Cardano launched its first DEX called SundaeSwap, which was initially met with criticism after the dApp suffered network congestion issues, has been operating smoothly with over 75 million ADA traded just after three weeks.
ADA, the native token of Cardano, will need to continue to run smoothly in order to maintain its appeal to other players looking to enter the arena.
The Cardano Alonzo hard fork in 2021 introduced the Plutus platform, a smart contract programming language with necessary tools to support smart contracts. Plutus script transactions have taken over simple transactions on the Cardano Network. The introduction of decentralized applications has also improved the attractiveness of Cardano.
The number of wallets holding ADA recently passed the three million mark.
