The Cardano ($ADA) network has seen its transaction volume explode to $12.7 billion over the last 24-hour period, doubling Ethereum’s $6.3 billion over the same period. The network’s transaction volume has been growing with the increased adoption of its decentralized finance (DeFi) ecosystem.
According to data from on-chain analytics firm Messari, Cardano’s transaction volume exploding past that of Ethereum means it’s now in second place for the metric, behind Bitcoin’s $39.3 billion transaction volume. Behind Cardano is Ethereum, Litecoin, XRP, and Bitcoin SV.
As CryptoGlobe reported earlier this month, activity on the Cardano network has been surging over time. The number of daily new addresses being created on the cryptocurrency’s network jumped 167% on February 18, a matric that on-chain analyst Ali Martinez said generally “precedes a spike in price volatility for ADA.”