One of the most promising ecosystems, Cardano has reached a new milestone as the total number of transactions processed exceeds 40 million.
Recently, the blockchain platform has been making waves in the crypto-sphere, and it seems its native currency, ADA, may be on its way to recovering from a 74.2% loss from its September 2021 all-time high of $2.99.
Just yesterday, May 6, Cardano hit a milestone of over 40 million transactions, double the 20 million transactions processed in December 2021, possibly due to the recent update that increased its mainnet block size to 8K on April 25.
The update was announced on Twitter by Input Output Hong Kong (IOHK), the research and development company behind its blockchain.
The new achievement coincided with Cardano’s recent hitting a record high of $248 million in its NFT markets and reaching over 900 projects building on its blockchain platform. All of this has been achieved in the last few years without a single network outage.
It is pretty hard to pinpoint a specific catalyst for these recent milestones as the platform has implemented multiple features to encourage its platform growth.
One catalyst is the recent network improvement update of April 25, which significantly increased the platform throughput and transaction speed and can be associated with the recent milestone of over 40 million transactions. The update also increased dApp performance on Cardano. Also, the recently launched reward token, ADACash, can possibly be facilitating the attainment of these milestones, as it rewards its holders with Cardano.
Furthermore, Cardano has several planned network optimizations it plans to roll out later this year to ensure its growth and scalability. One of them is the upcoming Cardano Hydra upgrade, its layer-two scaling solution.
The update is expected to significantly improve the processing time. In short, Hydra will scale Cardano, enhancing user experience in its growing DeFi and NFT ecosystems.
IOHK Software Engineering Lead Sebastian Nagel stated Cardano “will keep developing the hydra-node and the Hydra Head protocol until it becomes a solid and stable foundation for the community (and us!) to build real-world applications. These new apps will benefit from fast settling and low-to-no-cost transactions. We are also actively developing other key features, including the support of multiple heads per node, persistence, and Head protocol extensions”
However, the exact release date for the significant Hydra upgrade remains tentative. IOHK is, in the meantime, making considerable progress and plans to activate the Vasil Hard Fork in June 2022.