Cardano founder Charles Hoskinson recently noted that IOHK’s plan is to push the network to become a pillar of economic, political and social systems.
However, such a goal would require a very high transaction throughput. Fortunately, that may not be a concern for the Cardano blockchain thanks to its Hydra protocol.
IOHK’s product manager recently noted that Cardano was able to achieve 15.5 billion transactions within 24 hours.
The impressive transaction milestone puts Cardano ahead of many rival networks. It was also notably higher than Visa’s daily transaction capacity.
To put things into perspective, Visa can reportedly handle about 65,0000 transaction messages per second.
In other words, Cardano has what it takes to handle transactions at a global scale.
Cardano Could Surpass For Solana And Sui After Basho Upgrade
Cardano’s roadmap has been gradually unwinding and is rapidly approaching its next major upgrade. its 4th phase of its development roadmap dubbed Basho.
Once Basho upgrade takes place, the Cardano network is expected to be significantly faster than Sui and Solana which are some of Cardano’s top rivals.
According to Charles Hoskinson, Cardano is on track to become one of the top blockchains by transaction throughput.
He noted that the Basho upgrade will roll out sometime this year or next year. Its roll out will reportedly focus heavily on network optimization and scaling.
Having a higher transaction throughput could be quite handy moving forward. This is because the next phase of crypto adoption will largely focus on institutional adoption and real-world utility.
Cardano Price Recap
ADA price action has been trending sideways on the daily chart for almost two weeks, indicating directional uncertainty.
It exchanged hands at $0.708 at the time of observation, which was equivalent to a 46.41% discount from its December peak.
Cardano price’s (ADA) weekly time frame reveals that price has been finding short term support near the $0.68 price level.
The same price point demonstrated strong support during the latest retest and could signal that ADA is ready for more upside.
A dip below the same support level this week could pave the way for a noteworthy surge in sell pressure.
ADA demand in both the spot and derivatives segment remained relatively weak despite the recent optimism fueled by transaction throughput.
However, the cryptocurrency’s performance is more of a reflection on the prevailing market conditions.
It is worth noting that ADA’s strong rally in February was fueled by optimism about it becoming a U.S crypto reserve asset.
Other than that, catalysts that could fuel another rally attempt have been scanty. The current uncertainty means Cardano’s next price move is still a toss-up.
In other words, price could still dip below current support if market conditions continue to deteriorate.
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