Cardano network uses around a quarter of Ethereum capacity: report
According to data shared by Cardano Blockchain Overview, Cardano could operate at 25% of Ethereum’s used capacity. The analogy is as follows: Cardano currently has over 100,000 transactions which, on average, include three payments, because one transaction per provided metric can be a payment from one or many addresses to many different addresses. Ethereum, on the other hand, has around 1.1 million daily transactions on average.
The Cardano network has reached several milestones in recent months. Over the weekend, IOHK shared statistics regarding network growth in a chart provided. Currently, 925 projects are being built on Cardano, up from 917 previously. Fifty projects have recently launched on Cardano, while the number of NFT projects is at 5,441. Github connects also totaled 2,995, while Cardano native tokens stood at 4.5 million. The number of wallets holding the ADA token recently surpassed the 3.6 million count.
Despite the developments, Cardano suffered a significant backlash. One of the most common criticisms has to be its comparison to a “ghost channel”. Overall, it could be said that the Cardano blockchain has evolved considerably, with a Santiment report indicating that Cardano was the most developed cryptocurrency network on Github in 2021.
A critical parameter change took place last week, in which block size was increased from 80KB to 88KB to allow for more transactions and scripts in a single block. Cardano and its Plutus smart contract platform are also set to undergo a major update in June, dubbed the “Vasil hard fork.”
Despite this, Cardano participants and the community at large are not giving in to the wider adoption of Cardano. As noted in a recent IOG blog post, the ability to work with other blockchains, or interoperability, is crucial.
Along these lines, Input-Output Global plans to release a new permissionless EVM sidechain this year. This sidechain aims to make it possible for Cardano developers to write Solidity smart contracts and create EVM-compatible dApps and ERC20-compatible tokens.
Amid a series of developments, ADA price has not kept pace with recent progress. At the current price of $0.787, the ADA price remains down 74.6% from its all-time high of $3.10 reached in September 2021.
