Cardano [ADA] transaction volume hits $18.2B

Cardano [ADA] is currently on a drawdown as it followed the general market momentum. However, the token achieved a new milestone as it briefly clocked a new high of $18.24 billion in total transaction volume. Following that, it went on to become the third most active chain only next to the dominant crypto asset, Bitcoin [BTC] on the 16th of November.

As per the latest Messari data, Cardano was ranked just behind its rival Ethereum [ETH], with a transaction volume of $13.39 billion over the past 24 hours. The stats compiled by the on-chain database platform noted that ADA is trailing behind ETH by a margin of $7 billion in terms of transaction volume. Additionally, the total active address [TAA] currently was found to be around 253K.

With respect to its active address count, the number has grown by more than 134K in a span of just two months. As per Cardano data aggregator, Pooltool, the number of wallets has reached 955K at press time, from 821K addresses in last September. In fact, the network reportedly crossed the 2 million wallets milestone at the beginning of November.

ADA also witnessed a massive price surge in anticipation of the Alonzo upgrade activation In late August this year. The network gained a lot of traction owing to the hard fork’s smart contract functionality, bringing it closer to competitors such as Ethereum [ETH], Binance Smart Chain [BSC], and Solana [SOL]. As per the latest news, the much-anticipated update dubbed Hydra is still currently under research and development. So far, no launch dates have been divulged.

What’s next for Cardano [ADA] ?

Cardano [ADA] founder Charles Hoskinson recently unveiled the roadmap of the network for the year 2025. Revealing further Hoskinson said that a team is currently working on the remaining Basho and Voltaire phases and another group is evaluating the ”next-generation” technology. On being asked how this roadmap is different from the previous, he said,

“The 2025 roadmap is more about what future markets, problems, and concerns do we need to capture as an ecosystem as we grow from the millions to the billions.”