Cardano (ADA) has recorded another major milestone in terms of the transaction volume as the network’s growth has accelerated in recent months.
Third major 2022 milestone: Total number of Cardano transactions surpass 30 million
As of February 8, 2021, the total number of Cardano transactions stands at 30.4 million, adding more than four million transactions as of January 10, 2022, according to Google Data Studio. In the first eight days of February, Cardano added a whopping 894,940 transactions. The new transaction milestone is in line with Cardano’s expected increase in network activity due to a spike in adoption.
The total number of transactions on Cardano network | Source: Cardano Blockchain Insights
The growth is expected to see Cardano’s parent company, Input Output Hong Kong (IOHK), announce an increase in block size with a focus on optimizing scalability.
The platform has released a detailed guide on how it plans to scale the network in 2022. Notably, the increase in block size to 12.5% puts the Cardano network in a position to process multiple transactions more than every second.
The increase in transactions also highlights the potential impact of implementing smart contract capabilities on the Cardano network.
Smart contract functionality was enabled in September 2021. This feature has been successfully credited with Plutus (Cardano-based smart contract platform) as a large number of Cardano-based smart contracts are being developed. development on Plutus reached the 1,000 mark as of January 27.
It’s worth noting that Cardano’s decentralized blockchain is attracting new users, from banks to decentralized applications. Recently, the first Cardano-based decentralized exchange (DEX), called SundaeSwap, went live on the mainnet. The exchange offers several trading pools with ADA.
The focus on scalability has led to Cardano emerging as an important competitor to Ethereum. Although Ethereum is more established, Cardano has the upper hand due to its speed and lower transaction fees.
Besides the transaction milestone, significant network growth has led to more adoption of the Cardano blockchain. As reported by Finbold, Cardano wallet reached 3,002,727 in February. The milestones show that 12,200 wallets have been added daily since December 24, 2021, when the number stood at 2.5 million.
All in all, in 2022 alone, the number of Cardano wallets has increased by more than 10%, growing from 2,666,372 on January 1 to 3,015,400 on February 7, for a total increase of 349,028. The growth resulted in the addition of 9,184 wallets daily.
ADA/USD 4-hour chart | Source: TradingView
Developments on the network are likely to affect ADA, Cardano’s native token. At press time, the token is trading at $1.84, up 7% over the past seven days.
Investors are focusing on a possible ADA after the token experiences strong volatility in relation to the overall market.
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Read more:
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