How Does Cardano Compare With Ethereum In Volume And Fees
Ethereum has managed to keep the lead among smart contracts platform. But, this is not carved in stone, as other blockchains are quickly moving to claim their piece of the market.
One of the rivaling projects is Cardano, a blockchain that launched its smart contracts capabilities just about five months ago.
Cardano has since moved fast 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 waves in terms of volume.
In fact is has momentarily surpassed the volume of Ethereum but the real difference lies in the transaction fees of these two blockchains.
Ethereum Ahead In Volume
Ethereum is the second after Bitcoin in terms of transaction volume, which 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.
In the last 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. Ethereum has done $7.50 billion in transaction volume in the last 24 hours, while Cardano has done $7.32 billion in transactions.
Cardano has several occasions completely closed this gap and sometimes even surpassed Ethereum in this regards. For example on Monday, where Cardano’s transaction volume once again surpassed that of Ethereum.
Reportedly, 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 Outperforms in Fees
While Ethereum has been the the leader in terms of transaction volume, Cardano has taken another avenue to outperform the leading smart contracts platform – 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 difference 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.
