The full story behind the ‘Cardano > BTC, ETH in transaction volume’ narrative
It’s always been hard to rank different blockchains thanks to the diverse ways in which their speeds and activities are measured. But now, one blockchain is under the microscope due to what some claim is a discrepancy in its transaction volumes.
The controversy began with Messari’s ‘Chains Activity’ chart, showing “estimated on-chain transaction volume in USD.” At press time, Cardano was at the top of the rankings, with a 24-hour transaction volume of $25.87 billion, putting it ahead of even Bitcoin and Ethereum. The latter two had readings of $23.70 billion and $3.57 billion, respectively.
Source: Messari.io
You can perhaps understand why many are ecstatic – or confused.
Looking at Santiment’s data – We can see that ADA transaction volumes over the past few days have seen a considerable hike. Even so, the volumes don’t even come close to $1 billion, let alone $25 billion in 24 hours.
Source: Santiment
Additionally, ADA’s velocity has been dropping for days, highlighting a marked fall in an activity involving the asset. Taking this into consideration as well, the metric does not substantiate Cardano’s top rank on Messari’s “chains activity” chart.
Source: Santiment
In fact, even a member of the Cardano community was skeptical of this statistic.
<p lang=«en» dir=«ltr» xml:lang=«en»>People use this chart to get engagement or prove that #Cardano beats all other chains. You have to know that this isn't the actual transacted volume between users/SCs. If we want to stay credible, we should have to communicate our real values. Because there are many.#ADA pic.twitter.com/rpDCpihyHM— Ch₳rlik HoskΞrin (@CVHoskerin) March 4, 2022
Furthermore, others have started to discuss whether Messari is reporting exaggerated numbers. User u/scientic on
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