Cardano Blockchain Hits 50 Million Transactions, Shows Increasing Adoption

The Cardano network has executed over 50 million transactions altogether.

A total of 50,014,931 transactions have now been executed on the Charles Hoskinson-led blockchain, according to data from Cardanoscan.io, the cryptocurrency’s blockchain explorer. Cardano reached the milestone yesterday after completing 51,686 transactions.

Source: Cardanoscan.io

Also, Cardano now has 51,703 daily transactions, according to data from cryptocurrency on-chain analytics company Messari, with the volume projected to increase dramatically once the Vasil hard fork goes live.

Significantly, the current Cardano transaction volume consists of both regular user-to-user transactions and different trading activities across several Cardano-based protocols.

In addition to Vasil’s hard fork upgrade, several projects, including synthetic tokens, decentralized borrowing and lending, and the Djed stablecoin, are likely to significantly increase Cardano’s overall transaction volume.

The surge in Cardano transactions is a good thing for the ecosystem. The surge in transactions will help the blockchain evolve since fees from these transactions will be used to entice developers to keep adding to the network. As a result, new decentralized apps (dApps) would be launched, boosting the adoption of Cardano and its native cryptocurrency, ADA, among the general public.

Crypto Leaderboard: Cardano Claims Top Spot

Since the blockchain’s development team, Input Output Global (IOG), is recognized for consistently advancing the project, Cardano is currently capable of gaining as many users as possible. Cardano led other cryptocurrency projects earlier this week in terms of developer activities.

“Our team analyzed the development activity of 7,400 crypto projects in August and improved our algorithms. Cardano is a new leader!” The statement was made in a tweet by Centora, a platform that tracks social and technological data on cryptocurrencies.

Since becoming operational in 2017, Cardano has not had any downtime, and the development team is continuing to improve the network by releasing new upgrades.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.