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Third major 2022 milestone: Total number of Cardano transactions surpass 30 million

Third major 2022 milestone: Total number of Cardano transactions surpass 30 million

The Cardano (ADA) blockchain has recorded another milestone in transaction numbers reaping from the network’s development that has accelerated in recent months. 

As of February 8, 2022, the total Cardano transactions stood at 30.4 million, an addition of over four million transactions since January 10, 2022, data by Google Data Studio indicates

In the first eight days of February, Cradano has added a whopping 894,940 transactions. 

The total number of transactions on Cardano network. Source: Cardano Blockchain Insights

The new transaction milestone aligns with Cardano’s projected increase in network activity due to a spike in adoption. 

The expected growth saw Cardano’s parent company, Input Output Hong Kong (IOHK), announce an increase in block sizes with a focus on optimizing scalability.

The platform released a detailed guideline on how it plans to scale the network in 2022. Notably, the rise in the block size by 12.5% places the Cardano network in a position to handle more transactions per second.

The surge in transactions also highlights the potential impact of the rollout of smart contract capabilities on the Cardano network. 

The smart contract functionality was enabled in September 2021. The feature is already recording success with Plutus (a Cardano-based smart contracts platform) as the number of Cardano-based smart contracts being developed on Plutus hit the 1,000 milestone as of January 27. 

Transactions align with Cardano blockchain adoption 

It is worth noting that Cardano’s decentralized blockchain is attracting new users ranging from banks to decentralized applications. Recently, the first Cardano-based decentralized exchange (DEX) dubbed SundaeSwap, went live on the mainnet. The exchange offers several trading pools with ADA tokens.

The focus on scalability has resulted in Cardano emerging as a critical competitor to Ethereum. Although Ethereum is more established, Cardano has the upper hand due to speed and lower transaction fees.

Besides the transaction milestone, the substantial network development has resulted in more Cardano blockchain adoption. As reported by Finbold, the Cardano wallets hit 3,002,727 as of February. The milestones show that 12,200 wallets were added daily from December 24, 2021, when the figure stood at 2.5 million. 

Generally, in 2022 alone, the number of Cardano wallets surged over 10%, rising from 2,666,372 on January 1 to 3,015,400 on February 7, a total gain of 349,028. The growth translates to the addition of 9,184 wallets daily. 

ADA price

The developments on the network are likely to impact ADA, Cardano’s native token. By press time, the token was trading at $1.14, a 7% increase in the last seven days. 

ADA seven-day price chart. Source: CoinMarketCap

Investors are focusing on a possible ADA break out after the token experienced heightened volatility in correlation with the general market. 

Related guide:
How to Buy Cardano?

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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