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Crypto: Cardano blockchain transactions are soaring!

Tue 08 Aug 2023 ▪ 3 min of reading ▪ by Luc Jose A.
Getting informed Blockchain

The Cardano blockchain is known as one of the most innovative and promising in the crypto sector. Many investors and analysts appreciate its security and scalability. These assets have enabled Cardano to record remarkable performances, the most recent of which is the considerable increase in its transactions.

The Cardano logo

Spectacular increase in transactions on Cardano

The statistics for Cardano, Charles Hoskinson’s blockchain, are glowing. In fact, a report by analysis firm Messari reveals that transactions increased by 49% over the last quarter. According to the report, blockchain activity increased significantly in terms of both locked value and transactional metrics. From less than 40% in the first three months of the year, blockchain load grew at a remarkable rate to over 50% by the second quarter.

Despite this increase, however, the report from analysis company Messari shows a 4 % drop in the number of daily active users. “The ratio of transactions to active addresses has been growing steadily over the past five quarters, suggesting that the average user is more active now than they previously were”, states the report.

Factors behind the increase in transactions

Several factors explain the explosion in transactions on the Cardano blockchain. One of the main catalysts is the proliferation of decentralized applications on the blockchain network. In addition to the proliferation of DApps, the many changes made by Cardano since the beginning of 2023 have also contributed to the explosion of activity on the blockchain.

Indeed, the team behind Cardano has made numerous upgrades to limit epoch transitions and make blockchain more fluid. These improvements have clearly paid off, if the figures from analysis company Messari are anything to go by.

At the time of writing, the price of ADA, Cardano’s native cryptocurrency, is $0.29, down 0.31% over the past 24 hours. Despite this lacklustre performance, and especially with the increase in transactions on the blockchain, some analysts are predicting an imminent uptrend for ADA.

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Luc Jose A. avatar
Luc Jose A.

Graduated from Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, relay the latest technological innovations, and put the economic and societal issues of this ongoing revolution into perspective.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.