A number of significant developments have taken place on the Cardano (ADA) blockchain in the last few months, including the addition of smart contract capability, which has, in turn, increased activity on the network, as seen by an increase in a variety of indicators.
As a byproduct of the recent growth, the average blockchain load on the Cardano network reached 94.49% on January 22, 2022; the highest figure recorded on the network since January 16, when the indicator spiked to reach 91.79% from January 14, which stood at 55.23%.
The term “blockchain load” refers to the use of Cardano blocks that are being used. Presently, the size of a full Cardano block is fixed at 73kb, with a score of 100% indicating that the blocks are filled and 0% showing that the blocks are empty.
It’s worth mentioning that the increase in blockchain load in January has occurred just after Cardano stated that it would be raising the block size by 12.5% in order to accommodate the projected increase in traffic on the network. Since the introduction of smart contracts in September, there has been a significant increase in traffic, necessitating the need to make the platform more scalable.
Cardano is becoming more scalable
Notable, a recent Finbold report pointed out that the average blockchain loads which have reached an all-time high in January are at the highest level since November 2021.
In particular, developers have utilized the smart contract capabilities to install decentralized apps, resulting in an increase in the amount of data being stored on the blockchain, contributing to the increase in block load.
Increased blockchain capacity has also resulted in increased transaction capacity per block, which translates to more transactions per second, higher data throughput, and greater capacity for consumers.
As a result of this level of scalability, Cardano recorded this month both higher volume and over 500 times cheaper fees than Ethereum when the adjusted volume was taken into consideration.
According to our previous report, the number of Cardano wallets has increased dramatically in only one year. As of December 24, 2021, the number of wallets had increased by more than 1,200%, from 190,000 at the 2020 Christmas season to 2.5 million as of December 24, 2021.
Currently, Cardano is trading at $1.04, down 7.09% in the last 24 hours and 31.57% across the previous seven days, according to CoinMarketCap data.
The ‘Ethereum Killer’ was trading as high as $1.63 in the last week until Bitcoin’s decline affected the cryptocurrency market; presently, the overall market value of ADA is $34.9 billion.