Transaction Activity Spikes On The Cardano Blockchain

Cardano

Cardano is the second most active chain in the past 24 hours. This is despite the fact that many analysts have been complaining that ADA, the Cardano coin has not performed as remarkably as competitors such as Solana and Ethereum.

Data made available from Messari, there were 18.4 billion transactions on the Cardano blockchain. This is second only to the Bitcoin network, which had 21.67 billion transactions on its chain within the same period.

Other high activity chains within this period are Ethereum, which had 9.31 billion transactions, Bitcoin Cash, 4.5 billion transactions, Litecoin, 3.4 billion and Dogecoin, with 1.3 billion transactions.

Other high transaction blockchains according to the data are Bitcoin SV, 979 million transactions, Polkadot, 764 million, Dash and ripple which had 567 million and 533 million transactions respectively.

It is interesting that the Solana blockchain was not among the high activity chains within the period analyzed. Some market observers wondered why. According to a Twitter user, Crypto Mariana, Bitcoin SV having more transactions than Solana seems out of place.

Some skeptics on Twitter stated that having such high activity doesn’t necessarily imply that something serious is going on on the Cardano chain. Others want more proof before they would believe that Cardano has utility as reflected in the high transaction volume.

Other users in the Cardano community are concerned about the price action of ADA. These are wondering why the price of the coin has not increased as high as they expected during a bull market.

In just a year Solana flipped cardano.. Very poor performance by cardano

It is moving like some low cap token

No consistency in price as solana, eth and bitcoin

So dissapointing” said an ADA holder, Grey.

It is not yet clear what this implies for Cardano, since many users are still skeptical based on the fact that the demand for transactions on its blockchain has not reflected on utility. What more, that this is coming on a red day may imply that there are many users dumping ADA.

A comment from a follower, Praisetzeentch summarized their view like this:

What are people doing with ada, bch, dash and BSV (what the …) This looks like some sort of distorted list from 2017. Where are these numbers coming from? I’m amazed dash even still exists

Well, what is obvious is that with the planned launch of smart contracts on the Cardano chain, the network’s utility will surge and with it, other things follow.

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.