The leading Proof-of-Stake (PoS) network Cardano transactions has hit a new milestone.
The total number of transactions processed on the Cardano network has surpassed 50 million.
According to data from the blockchain explorer of Cardano, Cardanoscan.io, the Charles Hoskinson-led blockchain has now processed a total of 50,014,931. Cardano achieved the milestone after completing 51,686 transactions yesterday.
Data from cryptocurrency on-chain analytics firm Messari shows that Cardano currently has a transaction count of 51,7033 daily, with the volume expected to soar tremendously once Vasil hard fork goes live.
It is noteworthy that the current transaction volume of Cardano represents regular transactions between users and various trading operations across various Cardano-based protocols.
Aside from Vasil’s hard fork, several solutions, like decentralized borrowing and lending, synthetic tokens, and Djed stablecoin, are expected to bolster Cardano’s total transaction volume in earnest.
The spike in Cardano transactions is a positive development for the entire ecosystem. Growth in transactions will positively impact Cardano’s evolution as the fees received from these transactions will be used to encourage developers to continue building on the network. This, in turn, would lead to the launch of significant decentralized applications (dApps), thus boosting the mainstream adoption of Cardano and its native cryptocurrency ADA.
Cardano Prepared for Widespread Adoption
Cardano is currently up to the task of receiving as many users as possible, as the team behind the blockchain’s development, Input Output Global (IOG), is known for always building the project. Earlier this week, Cardano led other crypto projects regarding developers’ activities.
“Our team analyzed the development activity of 7,400 crypto projects in August and improved our algorithms. Cardano is a new leader!” Centora, a platform tracking social and technology-related data on cryptocurrencies, said in a tweet.
Cardano has not experienced any downtime since it went live in 2017, and the development team is releasing more upgrades for the network to strengthen it.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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