The leading Proof-of-Stake (PoS) network, Cardano, has handled more than 50 million transactions altogether.
A total of 50,014,931 transactions have now been executed on the Charles Hoskinson-led blockchain, according to information from Cardanoscan.io, the cryptocurrency’s blockchain explorer. Cardano reached the milestone yesterday after finishing 51,686 transactions.
Cardano now has 51,7033 daily transactions, according to data from cryptocurrency on-chain analytics company Messari, with the volume projected to increase dramatically once the Vasil hard fork goes live.
It is significant that the current Cardano transaction volume consists of both ordinary user-to-user transactions and different trading activities across several Cardano-based protocols.
How Does This Benefit Cardano?
In addition to Vasil’s hard fork, a number of initiatives, including decentralized borrowing and lending, synthetic tokens, and the Djed stablecoin, are anticipated to significantly increase Cardano’s overall transaction volume.
The increase in Cardano transactions is a good thing for the ecosystem as a whole. The increase in transactions will help Cardano develop since fees from these transactions will be used to entice developers to keep adding to the network.
As a result, substantial decentralized applications (dApps) would be released, which would increase the acceptance of Cardano and its native cryptocurrency, ADA, by the general public.
Cardano is a New Leader!
In a tweet, Centora, a platform that tracks social and technological data on cryptocurrencies, stated.
“Our team analyzed the development activity of 7,400 crypto projects in August and improved our algorithms. Cardano is a new leader!”
Since the blockchain’s development team, Input Output Global (IOG), is known for consistently building the project, Cardano is currently capable of gaining as many users as possible. Cardano led other cryptocurrency projects earlier this week in terms of developer activity.
Since becoming online in 2017, Cardano has not had any downtime, and the development team is continuing to strengthen the network by releasing new upgrades.
We can say that Cardano is prepared for widespread adoption.