Cardano leaves no chances for Bitcoin and Ethereum in terms of adjusted transaction volume
According to tracking service Messari.io, Cardano successfully overtook Bitcoin and Ethereum in terms of on-chain adjusted transaction volume. As the metric suggests, ADA gained $68 billion while Bitcoin and Ethereum only have $8 billion in total volume.
ADA adjusted volume
Thanks to the Adjusted Transaction volume metric, users can see more informational transaction-related data rather than comparing chains based on regular transactional volume. The metric gives users more insight as it only covers account-based transactions.
In terms of regular trading volume, which is often skewed by UTXO transactions, Bitcoin and Ethereum have almost twice the volume together. But despite Cardano’s leadership in terms of volume over Messari, data from CoinMarketCap suggests that the cryptocurrency is far from superior in terms of volume, at just $931 million.
Reasons behind Cardano volume spike
We could tie the most likely reason behind the explosive growth of volume on the Cardano network to the increased popularity of the project’s DeFi solutions as the total value of funds locked in the contract faced another 13% spike after the opening of Minswap.
Cardano’s TVL has remained in a strong uptrend since March 10. Since then, ADA has gained around 10% of its value and broken the short-term descending channel.
Cardano keeping up with the industry
While losing the DeFi rally in terms of TVL to bigger chains like Ethereum and Solana, ADA could still release the smart contracts technology and support the development of major solutions on their chain like SundaeSwap.
According to the most recent roadmap of the project, Cardano may soon implement the burning mechanism on the network, which should have the same effect on the coin as on the Ethereum network.
