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Meghna Das Chowdhury
Feb 10, 2022
by Meghna Das Chowdhury

Cardano Network Crosses 30M Transactions, TVL Reaches New ATH

Cardano network transactions crossed 30 million milestone
The Cardano ($ADA) network has already processed over 30 million transactions, a significant milestone that comes after the total number of smart contracts on the network surpassed 1,000 for the first time. According to Cardano blockchain insights published on Google's Data Studio, the Cardano network has now completed over 30.4 million transactions and has between 150,000 and 200,000 daily active addresses. In the first eight days of this month, the Cardano blockchain, for example, saw approximately 900,000 transactions.

The Price Roll-Out Started With the Alonzo Update

Last year, the price of ADA skyrocketed after the Alonzo hard fork, which introduced smart contracts to the network and allowed it to compete with other blockchains like the Binance Smart Chain (BSC), Ethereum (ETH), and Solana (SOL).

The Alonzo hard fork is part of the network's 'Goguen' era, which is named after Joseph Goguen, a computer science professor at the University of California and Oxford. After the Shelley phase, when Cardano became a decentralized blockchain and community members became validators, the Goguen age began. With the introduction of smart contracts, the decentralized finance (DeFi) industry arose, with almost $100 million in total value locked, the majority of which is held on the decentralized exchange SundaeSwap (SUNDAE).

After the network's load reached 90%, Cardano developer Input Output advocated expanding the network's block size by 11%, from 72 to 80 KB.

[caption id="attachment_227352" align="alignnone" width="300"]Cardano Transaction Chart Cardano Transaction Chart[/caption]

Over the last two weeks, Cardano's price has been incredibly optimistic. Cardano has increased by 37% from its January low of $0.92 to its most recent high of $1.26. New purchasing opportunities have arisen. The suggestion to increase Cardano's block size and memory unit was part of the network's overall optimization efforts. The protocol processed more transactions as a result of the fast-expanding number of projects launching on the Cardano mainnet. This underlined the necessity for the blockchain's entire potential to be scaled up.

MuesliSwap Started to Load Up the Network

The pressure on the cryptocurrency's network began to increase between January 14 and 15, weeks following the debut of MuesliSwap, the network's first practical DeFi application, which went online after executing an under-the-radar offering and quickly reached over $1 million in total value locked in two days.

According to CoinMarketCap, ADA is the world's sixth-largest cryptocurrency, with a market capitalization of more than $40 billion. It competes directly with ETH, SOL, and avalanche, which are all well-known layer 1 crypto projects (AVAX).

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Cardano Network Crosses 30M Transactions, TVL Reaches New ATH
Meghna Das Chowdhury
Meghna is a graduate of the Indian Institute of Journalism & New Media specializing in Print Journalism. She is currently working as a content writer for Agio Support Solutions Pvt. Ltd. She aims to provide quality content and strategy in the field of cryptocurrency and work with digital marketing platforms to deliver brand-specific strategies.

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