Cardano ($ADA) Network Surpasses 30 Million Transactions

What Is Going On In Cardano?

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

Cardano Started Its Egg and Spoon Race Last Year!

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 Solana (SOL), Ethereum (ETH), and Binance Smart Chain (BSC). This hard fork belongs to the network's "Goguen" era. This name is borrowed from Joseph Goguen, a computer science professor at the University of California and Oxford. The Goguen era comes after the Shelley phase, in which Cardano became a decentralised blockchain, and community members became validators.

What Was the Backbone of This Milston in Cardano Blockchain?

With the introduction of smart contracts, the decentralised finance (DeFi) industry grew to approximately $100 million in total value, with the majority of the funds being held on SundaeSwap, a decentralised exchange (SUNDAE). The 30 million transaction milestone comes after Cardano developer, Input-Output, advocated raising the network's block size by 11%, from 72 to 80 KB, when the network's load exceeded 90%. 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.