As activity on Cardano’s decentralized finance (DeFi) ecosystem increased, the aggregate volume of all transactions skyrocketed to new highs.
Anonymous Cardano (ADA) enthusiast Haskellion has shared statistics from Messari showing the net volume of transactions processed by the blockchain over the past 24 hours and the total fees collected.
According to Messari data, Cardano has eclipsed Bitcoin in terms of 24-hour USD trading volume, with the Cardano community sending $33.45 billion while Bitcoiners sending $33.27 billion.
At the same time, the Bitcoin (BTC) network generates 23 times higher fees than Cardano (ADA) as Bitcoin charges $860,000, while Cardano is just $38,000.
Cardano’s main competitor in the smart contract space, Ethereum, has charged $14.7 million in the last 24 hours.
ErgoDEX on Cardano coming to mainnet soon
Most likely, this increase can be attributed to the influx of liquidity into the ecosystem of Cardano-based decentralized finance (DeFi) protocols.
Cardano’s DEX, AdaSwap, is now endorsed by Israeli actress Gal Gadot, an award-winning world movie superstar.
Another Cardano-based DeFi protocol, ErgoDEX – set to serve as a bridge between Cardano and Ergo – is getting closer to a mainnet release.
The team shared a preview: ErgoDEX will feature decentralized exchange functions, a liquidity provisioning (LP) module, and other DeFi-specific tools.