Cardano processes more than $18 billion in transactions in a single day

Cardano’s quiet competition with Ethereum appears to be gaining pace, as the on-chain transaction volume on its blockchain has nearly doubled that of the second-largest crypto asset in terms of market capitalization.

Trailing bitcoin

Cardano’s on-chain transaction volume is just below that of Bitcoin, which has a volume of $21.6 billion, according to Messari, a prominent crypto forensic platform, while the altcoin’s volume is about $18.24 billion. Ethereum, on the other hand, saw a $9.31 billion transaction volume.

Bitcoin Cash, with $4.5 billion, Litecoin, with $3.4 billion, and popular meme coin Doge, with $1.13 billion, round out the top 10. 

With a total transaction volume of $2.84 billion on their networks, Bitcoin SV, Polkadot, Dash, and Ripple’s XRP round out the top five.

Interestingly, Ethereum’s on-chain transaction volume increased to $15.72 billion in the last 24 hours, although it is still trailing Cardano’s $17.29 billion.

The network’s Alonzo Hard Fork Phase, which allowed smart contract functionalities on the asset, was responsible for the majority of Cardano’s higher market price and trading volume. 

This allows it to distinguish itself from competitors such as Ethereum, Solana, and Binance Smart Chain in terms of decentralized finance and non-fungible token usage.

Quiet rise

According to CoinMarketCap data, Cardano’s ADA has had a one-year ROI of 8451.29%. This is supported by IntoTheBlock, which reports that approximately 45% of wallets holding the asset are currently earning.

While the crypto coin, like the rest of the market, is currently experiencing a price correction, institutional inflows into Cardano have remained untouched, as we previously reported that the asset has had an inflow that nearly equals that of Ethereum.

Ethereum inflows totaled $17.3 million last week, followed by Cardano stabilizing at $16.4 million, according to data.

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