Cardano consistently beats “ghost chain” claims and has recently outperformed all other networks, including Bitcoin and Ethereum, topping the list of blockchains in chain activity.
Data from crypto-focused research and analytical source Messari confirms this achievement. According to Messari it is Cardano currently leads in terms of chain activity over the past 24 hours. Specifically, the metric used by the platform to measure a network’s on-chain activity is the on-chain transaction volume.
This metric shows that Cardano beats every other mainstream blockchain network by an impressive margin. Interestingly, Cardano’s 24-hour on-chain transaction volume currently stands at $23.56 billion. Notably, this represents the entire transaction volume recorded yesterday.
Previously, Cardano’s on-chain transaction volume averaged $9 billion per day in November. However, the network started seeing an uptick in December, rising to a high of $11.32 billion on December 2. This rebound continued, with Cardano trading at $29.86 billion on December 9.
Historical transaction volume of Cardano | Messari
Although there was a decline in the days that followed, Cardano has maintained intraday on-chain volume above $18 billion. The recent $23.56 billion was recorded due to another increase in this metric.
Meanwhile, Bitcoin, the leading blockchain network, is second on the list, according to data from Messari, with a transaction volume of $13.09 billion, almost half of Cardano’s figure. Ethereum, the largest smart contract network, ranks third with a transaction volume of just $5.06 billion.
Top 10 chain transaction volume | Messari
Litecoin sees a volume of $1.51 billion, while the XRP Ledger’s volume is only $777 million. Other blockchain networks in the top ten include Dogecoin, Tron, Bitcoin Cash, Verge and Stellar.
Why is this important?
It is worth noting that on-chain volume is different from trading volume. Trading volume refers to the total number of shares, contracts or assets traded on a specific market, especially on exchanges, during a given period of time. It is generally a measure of market activity and liquidity.
On the other hand, transaction volume in the chain concerns the total number of transactions that take place on a blockchain. It includes all transactions, whether trading, transfers or other interactions within the network. The transaction volume on the chain provides insight into the activity level and use of a blockchain.
A high on-chain transaction volume indicates active use of a blockchain for various purposes, such as transfers, smart contract executions, and dApp interactions. This metric helps evaluate the health and sustainability of a blockchain network, demonstrating its usefulness beyond speculative trading.
Amid increased on-chain transaction volume, ADA, Cardano’s native token, has done just that witnessed an impressive price increase. ADA recently rose to a 19-month high of $0.68 before encountering opposition. The altcoin is currently changing hands at $0.6349 and is up 42% in the past week.