Cardano outperforms Litecoin and Ethereum in terms of on-chain activity as ADA blockchain industry grows
Per recent data from Messari, aside from Bitcoin, Cardano is presently in the top place in terms of transaction activity, outpacing Litecoin and Ethereum. Based on transaction volume, Cardano overtook Litecoin and Ethereum at $17.04 billion, while the latter registered 24-hour volumes of $7.20 billion and $5.25 billion, respectively.
— Cardanians.io 🥩 with CRDN 🏊 (@Cardanians_io) February 20, 2022
Adjusted transaction volume is still a good way to isolate only the most important transactions. Cardano outperformed both Litecoin and Ethereum in adjusted volumes, with a 24-hour volume of $16.71 billion, compared to Litecoin’s $97.81 million and Ethereum’s $3.84 billion.
U.Today earlier reported on Cardano outpacing leading cryptocurrencies Bitcoin and Ethereum in transaction activity, as well as a spike in new ADA addresses.
Cardano blockchain grows
As reported by the Cardano Blockchain Insights Twitter handle, the Cardano blockchain has grown by nearly 13 GB since the start of 2022, indicating massive chain activity.
Since 1st January Cardano Blockchain grew by about 13 GB. Historically speaking this is a lot and clearly there is a lot of chain activity. pic.twitter.com/kV15bjeP9O
— Cardano Blockchain Insights (@InsightsCardano) February 21, 2022
Cardano remains one of the most actively developed networks in the blockchain industry as per Santiment data. Cardano is still in the top three in terms of contributions, according to the Activity Contributors Count.
More developers have begun to leverage the Cardano blockchain and produce new use cases with the availability of smart contracts functionality. The SundaeSwap decentralized exchange platform is the largest yet, with at least 98% of the total value locked.