Cardano transactions, the top Proof-of-Stake (PoS) network, have reached a new milestone.
The total number of Cardano network transactions has topped 50 million.
According to Cardano blockchain explorer Cardanoscan.io, the Charles Hoskinson-led blockchain has now processed 50,014,931. Cardano reached the milestone yesterday after completing 51,686 transactions.
According to Messari, a cryptocurrency on-chain analytics business, Cardano now has a daily transaction count of 51,7033, with the volume projected to skyrocket 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.
More to Come
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 enormous increase in Cardano’s transaction volume is a good thing for the ecosystem as a whole. An increase in transaction volume will benefit Cardano’s development because fees from these transactions will be used to entice developers to keep adding to the network.
This, in turn, would lead to the launch of large decentralized applications (dApps), enhancing Cardano and its native coin ADA’s widespread popularity.
Cardano is getting ready for widespread adoption.
As the team behind the blockchain’s development, Input Output Global (IOG), is known for always building the project, Cardano is currently up to the challenge of getting as many users as possible. Cardano outpaced other crypto projects in terms of developer activity earlier this week.
“Our team analyzed the development activity of 7,400 crypto projects in August and improved our algorithms. There is a new leader in Cardano! In a tweet, Centora, a platform that tracks social and technological data on cryptocurrencies, stated.
It’s interesting to note that since being online in 2017, Cardano has not had any downtime, and the development team is continually issuing updates to the network to make it stronger.