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Cardano ($ADA) Network Hits New High With 30 Million Transactions

The Cardano ($ADA) network has already handled over 30 million transactions, a significant milestone that comes after the network’s total number of smart contracts surpassed 1,000 for the first time.

According to Cardano blockchain insights released on Google’s Data Studio, the Cardano network has now executed over 30.4 million transactions. Also, with between 150,000 and 200,000 daily active addresses.

The Cardano blockchain, for example, has seen approximately 900,000 transactions in the first eight days of this month.

Last year, the price of ADA skyrocketed after the Alonzo hard fork, which introduced smart contracts to the network. Then, and allowed it to compete with other blockchains like the Binance Smart Chain (BSC), Ethereum (ETH), and Solana (SOL).

The Alonzo hard fork is part of the network’s “Goguen” era, which has its name after Joseph Goguen. That’s, a computer science professor at the University of California and Oxford. After the Shelley phase, when Cardano became a decentralized blockchain and community members became validators, the Goguen age began.

With the introduction of smart contracts, a decentralized finance (DeFi) industry arose, with almost $100 million in total value locked. Then, the majority of which is held on the decentralized exchange SundaeSwap (SUNDAE).

The 30 million transaction milestone comes after Cardano developer Input Output advocated raising the network’s block size by 11%, from 72 to 80 KB, when the network’s load exceeded 90%.

The pressure on the cryptocurrency’s network began to increase between January 14 and 15. That’s, weeks following the debut of MuesliSwap, the network’s first practical DeFi application. Also, which went online after executing an under-the-radar offering. Then, and quickly reached over $1 million in total value locked in two days.

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