In Q2 2023, Cardano blockchain has processed 1.1 billion transactions, recording 49% more transactions from Q1. There are various factors responsible for its growth which includes the launch of Vasil hard fork and surge in registration of new users, which in turn have improved the network’s scalability and performance.
With the enhancements introduced by the Vasil hard fork and the increase in network activity gives a positive signal for the Cardano project. It indicates that the network is becoming famous in the blockchain community and could be looked for further growth in the future.
Following are the highlights of improvements made by Cardano blockchain with the help of Vasil hard fork:
- Increased throughput: 100% increase in transaction throughput has been noticed with the introduction of the Vasil hard fork. This means that the network can now process almost 2 times transactions per second.
- Better scalability: With the Vasil hard fork, Cardano blockchain’s scalability network can now support more users and applications.
- Lesser transaction fees: Cardano blockchain seems to be more affordable for users to transact on the network compared to its predecessor before moving to the Vasil hard fork.
Cardano is a blockchain platform founded by Charles Hoskinson in 2015. It uses peer- to-peer transactions having Proof of Stake as consensus protocol. Better scalability, security and efficiency are the basis for its development than previous blockchain platforms.
Users who recently started using Cardano block chain are considered as New users. With a move to the Vasil hard fork and other network upgrades attracts more users to Cardano block chain.
Following factors are responsible for 49% jump in transaction of Cardano block chain in Q2:
1) Unlocking new features with the launch of the Vasil hard fork.
2) Increase in participation of users in the Cardano community.
3) Many new businesses and institutions are adopting Cardano.
4) There is an increase in development dApps on the Cardano blockchain.
Cardano has a bright and shining future. It has a determined strong team of developers, a number of new users are joining the project making a strong supporting community, and a growing pipeline of promising projects. Introduction of Vasil hard fork in Cardano block chain is the first step in its further growth in coming years.
Following are the benefits of the Cardano block chain over the previous block chains:
Scalability: Scalability is one of the motivations that lead to the birth of Cardano block chain. As a result it can support more users and more transactions without impacting its performance.
Security: Security is another aspect of Cardano block chain. Higher level of security is achieved with features like Proof of Stake and a treasury system.
Efficiency: Efficiency is one the most important aspects of the Cardano block chain. It uses less energy and resources when compared with other blockchain platforms.
With the increasing popularity of Cardano block chain there are many dApps built on it. some of them are as follows
SundaeSwap: It is a decentralized exchange providing a trading platform to trade Cardano tokens to its users.
Liqwid Finance: It is a lending platform which enables lending and borrowing of Cardano tokens.
COTI: It is a payment platform for making payments with the help of Cardano tokens.
In order to achieve faster transaction processing times, reducing the transaction fees, and improving overall user experience network upgrades are required. This helps in gaining focus of more users to the platform and encourages higher levels of transaction activity.
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