Cardano enthusiast Haskellion shared some data about Cardano from Messari records. The data shows the net transaction volume and total transaction fees executed on any blockchain within 24 hours.
According to Messari data, Cardano managed to surpass Bitcoin with its transaction volume in US dollars in 24 hours.
At the same time, the Bitcoin network charges 23 times more transaction fees than Cardano. This metric reached $860,000 for Bitcoin and remained at $38,000 for Cardano. Cardano's biggest rival in the smart contracts space, Ethereum (ETH), has received $14.7 million in transaction fees from its customers in the last 24 hours.
Most likely, this increase can be attributed to the liquidity flow to the ecosystem of Cardano-based decentralized finance (DeFi) protocols. As previously reported by CryptoArena.com, Cardano's DEX AdaSwap is backed by Israeli actress Gal Gadot, an award-winning movie star. ErgoDEX, another Cardano-based DeFi protocol set to bridge the Cardano and Ergo blockchains, is getting closer to its mainnet release. The team shared a preview: ErgoDEX will feature decentralized exchange functions, a liquidity delivery (LP) module, and other DeFi-specific tools.
Whales' ADA balance breaks record
Analytical data firm IntoTheBlock reported that whales continue to accumulate massive amounts of Cardano (ADA). The balance in ADA wallets has peaked, reaching an all-time high. In a recent tweet, IntoTheBlock shared that the amount of tokens held in wallets with 1 million to 10 million ADA has increased exponentially this year. ADA held by these addresses increased from 8.09 billion to 12.19 billion.
On March 1, the balance held in these wallets reached a historic high of 12.47 billion ADA. On Wednesday, a number of wallets holding between 100,000 and 1 million ADA tokens have accumulated 16 million ADA in just twenty-four hours, Santiment reported. Smaller-sized Cardano wallets have also been accumulating lately. On February 23, Santiment announced that these wallets with balances between 10,000 and 100,000 ADA had purchased another six percent of the circulating ADA supply in the previous five weeks.