Cardano transaction volume surging amid high gas fees on ETH & BTC

Cardano network saw a significant increment in the network transaction volume because of the high traffic on Ethereum & Bitcoin networks.

Cardano is a popular Proof-of-stake (PoS) scalable blockchain network. The Ethereum co-founder Charles Hoskinson founded Cardano blockchain as a rival in 2015 & launched Cardano mainnet in 2017. 

On 10 May 2023, the data on the popular crypto analytic platform Messari showed that Cardano is ranking at the first position in terms of 24-hour transaction volume. 

At the time of publication, the Cardano network staggered nearly $13.25 billion, well above that of Bitcoin and Ethereum. Bitcoin assumed second place in the listing at $1.7 billion, while Ethereum’s 24-hour trading volume stood at $4.06 billion.

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Many crypto experts noted that it is happening because of the surging load on the Bitcoin & Ethereum network. Because of the popularity of Pepe tokens, people are rapidly moving huge amounts of funds on the Ethereum network to trade Pepe tokens and secondly, Bitcoin ordinals (ORC-20) concept-based meme coins are grabbing huge popularity which further increasing Bitcoin network fees.

Load on Cardano network 

On 8 May 2023, A well-known Cardano developer Sebastien Guillemot took to Twitter to inform the Cardano team that Cardano is currently using 94% of the maximum load capacity. 

Sebastien noted that the Cardano team already introduced a significant portion of the scalability & efficiency potential in the Cardano network via development activities in 2021. He said that now it’s time for devs to focus on this issue and also proposed several ideas.

As a reminder, no Cardano node implements transaction prioritization

That means that transactions are processed in a first-come-first-serve model

So if we hit 100% load, your transactions will get put in a queue with everybody else

— Sebastien Guillemot (@SebastienGllmt) May 8, 2023

ADA price action

Ada is a native coin on the Cardano Blockchain network and the current trade price of ADA coin is $0.36 & this trade price is 5.86% down over the last 7 days of trade price. 

Read also: Ireland’s central bank supports “backed crypto” but there is a catch 

Cardano transaction volume surging amid high gas fees on ETH & BTC

 

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