The Cardano blockchain has seen a surge in on-chain activity, making it one of the most active networks by transaction volume. It currently trails only Bitcoin in 24-hour transaction volume while overtaking Ethereum.
According to data from on-chain analytics firm Messari, Cardano (ADA) currently has $17.04 billion in 24-hour transaction volume. According to Messari, Cardano is in second place in that category, with Bitcoin (BTC) at $18.85 billion and Ethereum (ETH) at $5.25 billion. Cardano is closing in on the top position for this statistic.
Overall, Cardano has had a lot of action this month. On February 14, the volume of 24-hour transactions surpassed $35 billion, and on February 19, it surpassed $31 billion. However, it is still a long way from the all-time record of $138 billion in volume established on Sept. 3 of last year.
SundaeSwap helped the Cardano network boost
The debut of the SundaeSwap decentralized exchange has boosted transaction activity on Cardano in recent weeks (DEX). The massive rush of transactions created by the hoopla around this debut caused days of blockchain congestion.
Regardless of the SundaeSwap effect on the network, according to Google’s Cardano Blockchain Insights, the overall number of transactions on Cardano has surged 480 percent from 5.5 million on March 30 last year to approximately 32 million on February 20.
Cardano’s ascent was aided by the fact that both Bitcoin and Ethereum have seen a drop in network activity recently. The 24-hour volume of bitcoin is down 84 percent from its three-month high of $116 billion on November 25.
Since December 4, when volume reached a three-month high of $21.29 billion, Ethereum volume has been falling. On Feb. 19, it fell 82 percent to a three-month low of $3.99 billion.
Ethereum still does better than Cardano in other parameters
Despite the fact that Ethereum trails Cardano in transaction volumes, Messari shows that Ethereum still outperforms Cardano in numerous important network utilization parameters. For example, Ethereum has 76 million addresses compared to Cardano’s 3.4 million.
Cardano is one of four ‘Ethereum killer’ blockchains identified by Morgan Stanley’s global investment office as having the potential to replace Ethereum’s smart contract superiority due to lower costs and better speeds. Solana, Polkadot, and Tezos were among the other names mentioned in the article.
Positive on-chain metrics haven’t helped ADA prices, which have fallen 13% in the last 24 hours, according to CoinGecko. ADA is currently trading at $0.833, down 73% from its all-time high of $3.09 set on September 2, 2021.