Cardano’s outstanding success continues despite criticism.
Cardano has been experiencing tremendous growth across various parts of the network in recent times. Users’ activities have skyrocketed over the years as the blockchain continues to record widespread adoption.
According to a “Survival Mode” report published recently by Kraken cryptocurrency exchange, the volume of transactions completed on Cardano has skyrocketed by 369% this year, suggesting a growing demand among market participants.
Cardano Surpasses Top Blockchains in Transaction Volume
While transactions recorded on Cardano have skyrocketed year-to-date (YTD), the same cannot be said for other crypto networks, which have seen major decreases.
Per the data shared by Kraken in the report, transactions on the Bitcoin network on YTD dipped 15%, Ethereum saw a 45% decrease.
Similarly, Polkadot, Dogecoin, and Algorand blockchains also recorded plunges in their transaction volume of 59%, 79%, and 89%, respectively.
“Network transaction volume presents a more mixed sentiment in 2022. This year, on-chain volume only rose for Cardano (+369%) […] On the other hand, Bitcoin (-15%), Ethereum (-49%), Polkadot (-59%), Dogecoin (-79%), and Algorand (-82%) saw on-chain volume fall,” an excerpt from the report reads.
Hoskinson Applauds “Ghost Generator” for the Feat
Commenting on the development, Charles Hoskinson, the CEO of Input Output Global (IOG), the firm responsible for the research and development of Cardano, applauded the milestone in a sarcastic way by using the words critics have used to describe the popular blockchain.
“This is thanks to our new ghost generator that has dramatically increased ghost transactions. We call it SpookyAlpha,” Hoskinson said.
This is thanks to our new ghost generator that has dramatically increased ghost transactions. We call it SpookyAlpha https://t.co/cjO2gLILMd
— Charles Hoskinson (@IOHK_Charles) June 3, 2022
Cardano Proves Critic Wrong
Cardano has come under heavy scrutiny over the years for its slow progress. The popular blockchain network has been slammed by top cryptocurrency players, including Do Kwon Terra CEO and founder Mike Novogratz, Galaxy Digital CEO, as well as Solana’s co-founder.
Aside from the popular players, other cryptocurrency enthusiasts have used several derogatory names to describe Cardano, with many people calling the network a “Ghost Chain” due to its lack of utility.
However, the blockchain has proven time and time again that it is widely used by millions of users in contrast to what critics think.
Numerous data have confirmed Cardano’s widespread adoption. Earlier this month, the Cardano team published an infographic showing its outstanding performance in the month of May despite the ongoing cryptocurrency winter.