Cardano ($ADA) On-Chain Transaction Volume Briefly Doubled That of Ethereum ($ETH), Data Shows

Cardano ($ADA) has seemingly managed to at one point double the on-chain transaction volume seen on the Ethereum ($ETH) blockchain, according to data shared by a Cardano enthusiast over a 24-hour period, showing ADA below only bitcoin.

The data, taken from Messari, shows that over 24 hours bitcoin’s on-chain transaction volume was over $21.6 billion and that it was followed by Cardano, with $18.24 billion. In third place came the second-largest cryptoasset by market capitalization, Ethereum, with $9.31 billion, followed by Bitcoin Cash with $4.5 billion.

Next came LTC, DOGE, BSV, and DOT with diminishing volumes. In 10th place came XRP with a $533 million on-chain transaction volume.

Cardano’s price and on-chain volume exploded earlier this year after the network underwent its Alonzo hard fork, part of its “Gogen” era named after Joseph Goguen, an American professor of computer science from the University of California and the University of Oxford. The Goguen era came after the Shelley phase, in which Cardano became a decentralized blockchain and community members became validators.

The Alonzo hard fork brought in smart contracts, allowing ADA to compete with alternatives like Ethereum the Binance Smart Chain, and others for decentralized finance (Defi) applications and non-fungible tokens (NFTs).

Data from Messari shows that over the last 24-hour period, Cardano’s on-chain transaction volume was $17.3 billion, while Ethereum’s exploded to $15.27 billion, compared to the $9 billion seen in the period ending on November 15.

As CryptoGlobe reported, the number of ADA addresses staking the cryptocurrency has grown by over 100,000 in just two months as more investors are betting on the cryptocurrency and its ecosystem.

Crypto investment products recently saw inflows of $151 million last week, making it the 13th-consecutive week of inflows the market has seen. In total, a record $9 billion have been invested in these products, leading assets under management to a new high above $83 billion.

Cardano ($ADA) notably saw inflows totaling $16 million last week, which is believed to have been “likely being due to increasing positive investor sentiment for “World computer” coins.” Solana ($SOL) came next, with inflows totaling $9.8 million.

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