Cardano token is currently facing a considerable amount of pressure and competition from SOL token native to the Solana network. Yesterday, Charles Hoskinson, the founder of the blockchain, was confronted by a user about the breakneck competition during a live Q&A session. However, today it seems that the Cardano blockchain is making an effort to recover.
According to a new report published by on-chain metric analytics firm Messari, Cardano blockchain has become the second network to process the most number of transactions during the last 24 hours. Messari’s report indicates that during the last day, the Cardano network processed $18 billion worth of cryptocurrencies without facing any hiccups.
Ethereum is considered the most used blockchain network in the world, and for a good reason. A massive number of cryptocurrency projects, DEX, Dapps, and NFT market places are built on top of the second-largest blockchain network. However, despite having a pole position in the blockchain industry, Cardano was able to leave behind Ethereum and get one step ahead. As per Messari on-chain analytics, Ethereum was ranked 3rd after processing $9.3 billion worth of cryptocurrencies in the last 24 hours.
According to experts, the lagging of the Ethereum network in this regard can be explained in the context of the increasing gas fees on the network due to massive transaction volume. Meanwhile, the Bitcoin network was able to defend its title as the top coin in this manner as well as Messari’s report indicates that the firstborn blockchain came topped the ranks for supporting the largest transaction volume valued at $21 billion in the same time frame.
New Milestone of Cardano
Yesterday, Hoskinson shared the first sneak peek of the road map for the Cardano network during the upcoming weeks. He also shared the first important milestone upgrade for the network called Hydra. With the implementation of this new update, the transaction speed for the Cardano network is going to be amplified beyond comparison.
For the time being, the Cardano network can process 257 transactions per second. However, after the integration of the Hydra upgrade, the Cardano network will be able to 1 million transactions per second. Such an improvement will transform Cardano into the fastest fintech network on the planet. The uncanny transaction speed will not only improve the user experience but also help in decreasing the price of the transaction fees on the network.