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Average Cardano blockchain load remains relatively high in May at 64%

Average Cardano blockchain load remains relatively high in May at 64%
Jordan
Major
1 month ago
2 mins read

The Cardano (ADA) blockchain has seen a number of important developments in recent months; as a byproduct of the network’s growth, with the next Vasil hardfork also on the horizon in June.

Cardano’s blockchain had a load factor that ranged from a low of 51.6% on May 14 to 81.9% on May 16, with an average of 64% so far over the month of May, according to data from Cardano Blockchain Insights.

Average blockchain load (24 hours) on the Cardano network. Source: Cardano Blockchain Insights

The term “blockchain load” refers to the present use of Cardano blocks, with a score of 100% indicating that the blocks are full and 0 % indicating that they are vacant.

Cardano blockchain load peaked in January

The average Cardano blockchain load reached an all-time high of 94% on January 22, 2022, and since then, it hasn’t been able to support a blockchain load above 90%.

Nevertheless, it is important to note that the increase in blockchain load in January corresponded with Cardano’s proposal to raise the block size by 12.5% to accommodate the expected increase in network traffic. 

With the launch of smart contracts in September, there has been a significant increase in traffic, necessitating the enhancement of the scalability of the blockchain platform.

Thus, Cardano is becoming more scalable, and the addition of smart contract capabilities has seen enormous growth, enhancing the platform’s ability to compete in a number of ways with its bigger rival, Ethereum. Cardano continues to see investors as it added over 2,000 new wallets daily in a month despite market volatility.

Currently, Cardano is trading at $0.4847, down 4.95% in the last 24 hours and 6.00% across the previous seven days, with a total market capitalization of $16.3 billion, according to CoinMarketCap data.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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