In particular, the average blockchain load over the previous eight days, beginning on January 19, has stayed above 90%, with the most recent reading on January 26 standing at 93.2%. This is the first time the system has ever achieved this level of blockchain load, and it is also sustaining the metrics, which is even more astounding. Cardano reached the 90th percentile for the first time on January 16, and the climb in the average blockchain load has been supported by the introduction of smart contract capabilities, which has enhanced network activity, as seen by a spike in a variety of indicators. The term “blockchain load” relates to the usage of Cardano blocks that are currently being utilized, with a score of 100% indicating that the blocks are filled and 0% showing that the blocks are vacant.
Cardano records an all-time high of 94%
Recently we reported the Cardano average blockchain load hits an all-time high of 94% on January 22, 2022. Moreover, it is worth noting that the rise in blockchain load in January coincided with the announcement by Cardano to expand the block size by 12.5% in order to meet the anticipated increase in traffic on the network. Since September, with the introduction of smart contracts, there has been a considerable rise in traffic, which has made it necessary to strengthen the scalability of the blockchain platform. Thus, Cardano is becoming more scalable, and this has been reflected by the number of smart contracts on the network, with ADA on the brink of reaching 1,000. The inclusion of smart contract capabilities has seen tremendous growth, boosting the platform’s capacity to compete with its larger competitor Ethereum in a variety of ways. Cardano’s scalability allowed it to outperform Ethereum this month in terms of volume and 500 times cheaper fees than its DeFi rival when the adjusted volume was taken into account. Currently, the decentralized asset is trading at $1.04, down 1.86% on the day and 22.89% across the last seven days, according to CoinMarketCap data.
