Ethereum has maintained its hold on the title of the leading smart contracts platform. However, other blockchains are quickly encroaching on its territory to steal as much market share as possible. One of those is Cardano, a blockchain that did not have smart contracts capability until about five months ago.
Cardano has since ramped up its game to be able to compete with the leading smart contracts blockchain Ethereum. Decentralized finance (DeFi) is yet to take off on the blockchain, but it is already making strides in terms of volume. At some point, it has even surpassed the volume of ethereum but the real disparity lies in the transaction fees of both of these blockchains.
Ethereum Leads In Volume
Ethereum still leads all the altcoins in terms of transaction volume. The number 2 altcoin only comes behind bitcoin in transaction volume which does almost twice what Ethereum does in volume. This volume however puts ethereum in the lead ahead of all the other smart contracts blockchains as it is still the go-to choice for those looking to get into decentralized finance.
For the past 24 hours, ethereum has continued to lead the smart contracts platform in volume. Cardano has continued to be hot on the heels of the leading smart contracts platform, however. Where ethereum has done $7.50 billion in transaction volume in the last 24 hours, Cardano has done $7.32 billion in transactions.
ETH price trading south of $3,100 | Source: ETHUSD on TradingView.com
Cardano has at various times completely closed this gap and sometimes even surpassed ethereum in this metric. An example of this is on Monday, where Cardano’s transaction volume once again surpassed that of ethereum.
This report notes that in a 24-hour period, Cardano had maintained considerably more volume ahead of rival ethereum, totaling $7.02 billion, while ethereum saw $5.41 billion in transaction volume in the same time period.
Cardano Takes The Lead In Fees
While ethereum has been the undisputed champion when it comes to transaction volume, Cardano has taken another avenue to outperform the leading smart contracts platform. This time, it is in the case of fees. Both blockchains continue to record similar transaction volumes in recent times but in terms of fees, Cardano has proven to be the more economical of the two.
In the last 24 hours, users of the ethereum network have spent a combined total of $46.34 million in fees. In contrast to this, Cardano users have only spent $82,210 on transaction fees for more or less the same transaction volumes.
This shows a huge disparity between the two blockchains, whereby despite doing similar transactions, one has significantly lower fees. In this respect, Cardano has proven to be the most economical of the two blockchains.
Featured image from Exodus Wallet, chart from TradingView.com