According to Messari, at the end of last week the Cardano network surpassed the networks of such cryptocurrencies as Bitcoin and Ethereum in terms of daily trading activity of users. The volume of transactions with Cardano reached $17.15 billion, while for Bitcoin this figure was just over $15 billion, and for the Ethereum network - only 8.64 billion.
Cardano has been feeling quite confident lately, its market capitalization has reached $36 billion, and according to this indicator, the project already ranks seventh among all world cryptocurrencies.
Source: coinmarketcap.com
Interest in it is largely due to the constant technical improvement of the Cardano blockchain. Thus, in early February, the block volume in the Cardano network increased to 80 KB, which made it possible to improve the network throughput and the operation of smart contracts, of which there are now more than a thousand.
But they appeared only in the fall of 2021 after activation Alonzo updates. It was launched in September 2021 and made it possible to start using NFTs, DApps and DeFi on the network of this cryptocurrency.
Competitor for Ethereum
The Cardano project has been repeatedly called the “Ethereum killer,” suggesting that over time it will be able to displace this second most popular cryptocurrency. The “father” of Ethereum, Vitalik Buterin, conducted a corresponding survey on his Twitter.
He asked his subscribers what financial asset they consider as an alternative to Ethereum, and received 42% of the votes for Cardano. There were more of them than for Bitcoin (38%). In third place was Solana - 13%, and in fourth place was the US dollar, which gained 6.5%.
Source: twitter.com
Cardano today is gaining increasing popularity among users, including due to constant network updates and improvements in the transaction mechanism. Now this cryptocurrency is one of the ten projects with the largest market capitalization and at some points even leads in user activity, and it is possible that Cardano will soon increase its position in the crypto market.
Author: Dmitry Noskov - expert of the StormGain crypto exchange (platform for trading, exchanging and storing cryptocurrency)
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