Cardano (ADA) is emerging as the top blockchain in terms of daily transaction volume, taking the lead from Bitcoin (BTC) and Ethereum (ETH), which are currently facing skyrocketing network fees.
According to data from the cryptocurrency monitoring and analytics platform Messari on May 9, Cardano recorded a massive $13.25 billion in 24-hour transaction volume, while Bitcoin came in second with $0.59 billion, followed by Ethereum with $3.03 billion.
The surge in transaction volume on Cardano is largely attributed to the recent launch of two new meme crypto assets, Snek and Pepeblue, on the blockchain’s decentralized finance (DeFi) applications.
As Ethereum’s gas fees continue to soar, inventors are flocking to Cardano, which offers a more affordable and efficient alternative.
In contrast, Ethereum’s gas fees have surpassed $30 million in recent days, according to a chart shared by the crypto market analytics platform Token Terminal on May 9. This has led to a shift in trading volumes from Ethereum to other blockchains like Cardano.