Cardano Attains New Milestone as Total Transaction Count Crosses 30 Million Mark

According to the data provided by Google Data Studio, Cardano, the largest proof-of-stake (PoS) blockchain, has recently crossed the 30 million mark in terms of the number of transactions.

Based on the data, as of 8th February, the total number of transactions on the Cardano blockchain stood at 30.4 million. It also shows that there was an addition of 4 million transactions since 10th January 2022.

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It’s worth noting that in just 8 days into February 2022 according to the data, over 894,000 transactions have been initiated on the Cardano blockchain. This is indeed one of the major milestones attained by the network recently.

Aside from the recent height in terms of the number of transactions, the number of Plutus-based smart contracts also crossed the 1000 mark on 27th January 2022. Since then, it has been increasing steadily without showcasing any sign of slowing down.

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Cardano’s Block Size and Memory Unit Increase

Input Out Global (IOG), the firm behind the development of Cardano (ADA), also released a proposal to increase Cardano’s block size and memory unit, in an effort to optimize the network.

With a rapidly growing number of projects launching on the Cardano mainnet, the protocol processed more transactions. This highlighted the need to scale up the blockchain’s overall capability.

On 1st February, IOG tweeted, “NETWORK UPDATE: Today, we have proposed the next parameter update as we continue to increase Cardano network capacity in line with the plan. The proposal will increase block size by a further 8KB taking it from 72KB to 80KB.

This latest adjustment represents an increase of c. 11%. In addition, an update proposal has also today been triggered to increase Plutus script memory units per transaction on the Cardano mainnet from the current 12.5M to 14M – an increase of 1.5M.

Read Also: CryptoCompare: Number of Addresses Holding Cardano (ADA) Hit All-Time High of 4 Million in December

In 2022 alone, the number of Cardano wallets surged over 10%, rising from 2,666,372 on 1st January to 3,015,400 on 7th February, a total gain of 349,028. The growth has since resulted in the addition of 9,184 wallets daily.

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