Cardano network surpasses Ethereum in terms of trading volume, taking second place

The development of the Cardano network appears to be bearing fruit, as as of November 15th, the network has recorded volumetransactions amounted to $18.24 billion and took second place after Bitcoin. This is according to Cardano Daily.

Interestingly, Cardano's volume was double that of Ethereum, which took third place with $9.31 billion. Bitcoin Cash ranks fourth with $4.5 billion, Litecoin fifth with $3.4 billion.

Apparently, this achievement should be attributed toaccount for updating the Cardano smart contract, which allowed developers to create applications with advanced capabilities on the blockchain. So far, Ethereum is the dominant network offering smart contract functionality.

It seems that even the CEO of Cardano developer IOHK, Charles Hoskinson, is surprised by this event.

The Cardano network is often cited as a potential “Ethereum killer,” although Ethereum continues to dominate the decentralized finance (DeFi) and non-fungible token (NFT) sectors.

Thanks to updatesThe Cardano ecosystem has also seen growth in other metrics. For example, on November 10, 2021, the total number of ADA wallets reached 942,117, which is a 14.7% increase from 821,024 addresses on September 10, 2021. The total amount of ADA staked reached $53.6 billion or 72.17% of the total money supply.

 

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