As activity increased in the Cardano decentralized finance (DeFi) ecosystem, the total volume of all transactions surged to new highs.
Anonymous Cardano (ADA) enthusiast Haskellion has shared statistics from Messari showing the net volume of transactions processed by the blockchain in the last 24 hours and the total fees charged.
#CARDANO HAS THE BIGGEST 24 HOUR VOLUME WITH THE LOWEST CHARGES IN A LONGSHOT
#1 DEVELOPER ACTIVITY
LOOK AT THE TRENDS, WE KNOW WHERE THIS IS GOING pic.twitter.com/L8EwS9vZPL
— HASKELLION (@Haskelion) March 4, 2022
According to Messari data, Cardano has eclipsed Bitcoin in terms of 24-hour USD trading volume, with the Cardano community transferring $33.45 billion and Bitcoiners transferring $33.27 billion.
At the same time, the Bitcoin (BTC) network generates 23x higher fees than Cardano (ADA) since Bitcoin charges $860,000 while Cardano only costs $38,000.
Cardano’s main smart contract competitor, Ethereum, has demanded $14.7 million in the last 24 hours.
ErgoDEX on Cardano is coming to mainnet soon
Most likely, this increase is due to the inflow of liquidity into the ecosystem of Cardano-based decentralized finance (DeFi) protocols.
Cardano’s DEX, AdaSwap, is now backed by Israeli actress Gal Gadot, an award-winning world film superstar.
Another Cardano-based DeFi protocol, ErgoDEX — designed to serve as a bridge between Cardano and Ergo — is nearing a mainnet release.
The team shared a preview: ErgoDEX will offer decentralized exchanges, a liquidity delivery (LP) module and other DeFi-specific tools.
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According to U.today