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Home Crypto News Market Hoskinson Says ADA Ghost Transactions Very Effective as Cardano Records 3x Transaction...

Hoskinson Says ADA Ghost Transactions Very Effective as Cardano Records 3x Transaction Volume Than Ethereum in 24 Hours 

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Cardano has continued to demonstrate its prowess as it records three times more transactions than Ethereum. 

In contrast to the criticism aimed at Cardano in recent times, the blockchain has attracted a lot of interest from members of the cryptocurrency community.

In a recent development, Cardano, which many refer to as “Ghost Chain” due to its limited utility, has surpassed Ethereum in terms of transaction volume over the past 24 hours.

Cardano Edge Ethereum Transaction Volume

According to data shared by an ADA enthusiast, which was later retweeted by Charles Hoskinson, the CEO of Input Output Global, the firm responsible for research and development of the blockchain, Cardano edged Ethereum in terms of transaction volume in 24 hours.

Per the data, a total of $9.57 billion worth of transaction volume was recorded on Cardano while $3.01 billion transaction volume was recorded for Ethereum.

Meanwhile, Cardano also surpassed Ethereum in terms of adjusted transaction volume in the past 24 hours as seen in the data. Cardano recorded $9.49 billion in adjusted transaction volume compared to Ethereum’s $2.31 billion.

The data suggests that Cardano completed over 3X more transactions compared to Ethereum within the timeframe.

Commenting on the development, Hoskinson took to his Twitter page to share the image with the caption: “Cardano uses Ghost Transaction: it is super effective!”

Cardano Criticism

His comments come in response to critics, who have slammed Cardano as a ghost chain. According to critics, despite the fact that Cardano is worth millions of dollars, the blockchain has very limited utility, compared to what it is built for.

Critics made derogatory comments about Cardano following the delay experienced in supporting smart contract functionality.

However, Cardano has shown that it has what it takes to rival top decentralized networks like Ethereum and Solana as it proceeded to integrate smart contracts into the network last year.

At the moment, there are prominent decentralized applications (dApps) running on the network, including CNFT.IO, a non-fungible token (NFT) marketplace, and Ardana, among others.

Cardano does not seem likely to stop making progress in its bid to lure more users to the network. The Cardano community is eagerly anticipating the launch of Vasil Hard Fork, which is slated to go live by the end of next month.

Hoskinson disclosed that once the hard fork is implemented, more developers will flock to the blockchain, thus boosting the price of ADA as well as the total value locked (TVL) across various protocols.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Lele Jimaa
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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