Cardano increased network activity – One of the largest smart contract platforms, Cardano reportedly experienced a surge in its network activities. Consequently, it also resulted in an increase in transaction fees.
Notably, the rise in transaction fees has set a record high since August 2022. According to data from Messari, on May 28, transaction fees on the Cardano network rose to a high of $15.2K, which marks its highest since August 11, 2022.
Compared to the start of the month, on May 1, Cardano transaction fees were lower at about $8K. Regardless of the spike in network activity and demand, when compared with the likes of Bitcoin and Ethereum, the transaction fee of Cardano is still relatively lower.
In the last 24 hours, Bitcoin has had a transaction fee of over $1.76 million. This is a huge difference from Cardano’s $15,000. Similarly, Ethereum, the second-largest cryptocurrency in the market had even larger transaction fees in the last 24 hours than Bitcoin.
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In the past day, Ethereum reached a transaction fee totaling $9.16 million. In summary, this means that despite the surge in Cardano’s fees, it still maintains relatively lower-cost transaction fees.
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Reasons for the differences in transaction fees
One of the main reasons for the huge difference in transaction costs is the fundamental technology of these platforms. Cardano’s ability to process more transactions per second (TPS) lowers the cost of each transaction even further.
Furthermore, Previous reports on May 28 suggest that Cardano’s decentralized exchange volume increased significantly by 91% last week. This raised the volume to an impressive $68.5 million.
The spike is mainly because of the increase in network activities on Cardano-based decentralized exchange platforms. Minswap played a major role in this surge. It accounted for 90.4% of the total DEX volume.
Cardano (ADA) pride today
According to live data from CoinMarketCap, the price of Cardano (ADA) today is $0.3812. it is 0.48% in the last 24 hours. What’s more, Cardano is ranked #7 on the CoinMarketCap chart with a live market cap of $13,297,154,233.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.