Ghost Chain? Cardano Beats Bitcoin and Ethereum as It Leads in Chain Activity

Cardano is constantly beating the “ghost chain” claims, recently outperforming all other networks, including Bitcoin and Ethereum, to top the list of blockchains in chain activity.

Data from crypto-focused research and analytical resource Messari confirms this feat. According to Messari, Cardano currently leads in terms of chain activity over the past 24 hours. Notably, the metric employed by the platform to gauge a network’s chain activity is its on-chain transaction volume.

This metric shows that Cardano beats every other mainstream blockchain network by an impressive margin. Interestingly, Cardano’s 24-hour on-chain transaction volume currently stands at $23.56 billion. Notably, this represents all the transaction volume recorded yesterday.

Before now, Cardano’s on-chain transaction volume averaged $9 billion every day throughout November. However, the network started witnessing an uptick in December, surging to a high of $11.32 billion on Dec. 2. This uptick persisted, with Cardano recording $29.86 billion on Dec. 9.

Cardano Historical Transaction Volume | Messari

Despite witnessing a drop in the days that followed, Cardano has maintained an intraday on-chain volume above the $18 billion mark. The recent $23.56 billion was recorded due to a new upsurge in this metric.

Meanwhile, per Messari data, Bitcoin, the leading blockchain network, comes second on the list, with $13.09 billion in on-chain transaction volume, nearly half of Cardano’s figure. Ethereum, the largest smart contracts network, secures third with just $5.06 billion in transaction volume.

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Top 10 Chain Transaction Volume | Messari

Litecoin sees a volume of $1.51 billion, while the XRP Ledger’s volume only stands at $777 million. Other blockchain networks on the top ten list include Dogecoin, Tron, Bitcoin Cash, Verge, and Stellar.

Why Does This Matter?

It bears mentioning that on-chain volume is different from trading volume. Trading volume refers to the total number of shares, contracts, or assets traded on a specific market, especially on exchanges, during a given period. It is typically a measure of market activity and liquidity.

On the other hand, on-chain transaction volume involves the total number of transactions that occur on a blockchain. It includes all transactions, whether they involve trading, transfers, or other interactions within the network. On-chain transaction volume provides insights into the level of activity and usage of a blockchain.

A high on-chain transaction volume indicates active use of a blockchain for various purposes, such as transfers, smart contract executions, and dApp interactions. This metric helps to evaluate the health and sustainability of a blockchain network, showcasing its utility beyond speculative trading.

Amid the increased on-chain transaction volume, ADA, Cardano’s native token, has witnessed an impressive price surge. ADA recently surged to a 19-month high of $0.68 today before facing opposition. Currently changing hands at $0.6349, the altcoin is up 42% over the past week.