Cardano, one of the most promising ecosystems within the crypto community, has continued to evolve. Frankly, Cardano had a flying start until February 2022.
On February 2, Input Output Hong Kong (IOHK), the research and development company behind the Cardano blockchain, announced the increase in network block size by 11%. This would increase the total block size from the current 72 kilobytes (KB) to 80 KB. This allows Cardano’s blocks to perform more transactions.
Reap the benefits now
According to data from Google Data Studio, the Cardano blockchain has crossed the 30 million transaction mark. As of February 8, 2021, total Cardano transactions were 30.4 million. There was an addition of more than four million transactions since January 10, 2022, as can be seen in the chart below.
Consider this, since early February 2022, Cardano has processed 894,940 transactions in just 8 days alone. Indeed, this was one of the major milestones the network achieved. Apart from this, the number of Plutus-based smart contracts exceeded 1000 on January 27, 2022. According to the update, the Plutus script memory unit per transaction would go from 12.5 million to 14 million.
Overall, the proposal to increase Cardano’s block size and memory unit was part of his efforts to optimize the network. With a rapidly growing number of projects launched on the Cardano mainnet, the protocol processed more transactions. This highlighted the need to scale up the blockchain’s overall capacity.
In 2022 alone, the number of Cardano wallets increased by more than 10%, from 2,666,372 on January 1 to 3,015,400 on February 7, for a total gain of 349,028. The growth translated into the addition of 9,184 wallets per day.
Statistics also suggest positivity
A few On-Chain metric indicators showed the same story despite some setbacks. According to statistics from IntoTheBlock, the overall picture looked quite positive.
That said, the native token, ADA didn’t answer quite the same. It was trading at $1.18 at the time of writing with a 2% correction. It was also one of the most criticized topics within the Cardano ecosystem that crypto enthusiasts focused on: ADA’s sluggish price trajectory. But, as they say at the Cardano Foundation, ‘Slow and steady’ wins the race.
This post Cardano reaches new milestone as total number of transactions exceeds 30 million mark
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