Cardano outperforms Litecoin and Ethereum in terms of on-chain activity as ADA blockchain industry grows
According to recent data from Messari, apart from Bitcoin, gimbal is currently number one in terms of transaction activity, surpassing Litecoin and Ethereum. Based on trading volume, Cardano topped Litecoin and Ethereum at $17.04 billion, while the latter recorded 24-hour volumes of $7.20 billion and $5.25 billion, respectively.
Adjusted transaction volume is still a good way to isolate only the most important transactions. Cardano outperformed both Litecoin and Ethereum in adjusted volumes, with a 24-hour volume of $16.71 billion, compared to Litecoin’s $97.81 million and Ethereum’s $3.84 billion.
U.Today previously reported that Cardano overtook major cryptocurrencies Bitcoin and Ethereum in transaction activity, as well as a spike in new ADA addresses.
Cardano blockchain grows
As reported by the Cardano Blockchain Insights Twitter handle, the Cardano blockchain has grown by nearly 13 GB since the start of 2022, indicating massive chain activity.
Cardano remains one of the most actively developed networks in the blockchain industry according to data from Santiment. Cardano is still in the top three in terms of contributions, according to the number of activity contributors.
More developers have begun to leverage the Cardano blockchain and produce new use cases with the availability of smart contracts functionality. The SundaeSwap decentralized exchange platform is the largest yet, with at least 98% of the total value locked.
