Cardano had notable growth in 2021. The launch of Alonzo, which activated smart contract functionality on the network, and a host of other heights attained made it a memorable year for the largest proof-of-stake (PoS) blockchain.
In terms of transaction fees on the blockchain in 2021, Cardano was far better than other blockchains, especially its largest competitor, Ethereum.
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As published by Josh Stark of the Ethereum Foundation on 17th January 2022, Cardano had relatively low transaction fees in 2021 compared to the payment giant Visa, Ethereum, Bitcoin, and the online payment services company Stripe.
In 2021, people spent $24.105 billion to use Visa. While users of Ethereum, Stripe, and Bitcoin spent $9.919 billion, $7.400 billion, and $1.019 billion respectively. But users on the Cardano blockchain only paid around $1 million in transaction fees.
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According to the report shared by Josh Stark, in 2021, the value paid to use applications built on Ethereum blockchain exceeded the value paid to use all other layer 1 blockchains combined.
According to data provided by Messari and shared about two days ago by “Cardano Rise” on Twitter, Cardano is relatively 500x cheaper than Ethereum.
On that day, the transaction volume on Cardano was $2.5 billion more than that of Ethereum. According to IOG boss Charles Hoskinson, massive inflows into Cardano is just getting started.
Captioning the screenshot of the data, Cardano Rise tweeted, “Cardano transferred the last 24 hours a transaction value of $10B, that’s $2.5B more than Ethereum. Cardano’s fee was $76,500 and Ethereum’s $38.65M, that’s 500x cheaper. Cardano should hire some ghostbusters, there’s a lot of paranormal activity going on.”
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