Charles Hoskinson of Cardano Highlights Open-Source Software and Security in Response to Ledger Controversy
Cardano is one of the popular smart contract networks reputed for high transaction speeds and scalability.
The founder of Cardano, Charles Hoskinson, had claimed the network’s transaction speed to be quite outstanding and that Ethereum lags behind it despite the Merge.
However, the network is recently battling with issues, creating a loop to lose out to its competitors.
Cardano Struggles With Delays In Swaps
Some issues have impacted Cardano’s novel record of completing one million transactions per second (TPS).
Network users have been facing delays in token swaps on some Cardano-based decentralized exchanges (DEXes).
According to data from Cardanoscan, swaps can now take up to 30 minutes to complete.
The recent delays in swaps on Cardano have put a dent in the integrity of the network while giving its competitors an edge.
According to a user, they might migrate to competitors such as Polygon, Solana, etc.
The real question – is Hydra able to speed up swaps in our DEXes?
— TGK (@TGKResearch) May 22, 2023
If not, the more people that come, the more people will be pissed and frustrated. And gravitate back to Solana, Polygon, etc…
Another user wondered if the issue was due to too much load or too little slippage.
Besides the speed, Cardano was touted as a network that has solved the blockchain trilemma.
The network boasts robustness that covers the areas of security, scalability, and decentralization.
But the recent delays have exposed the contrast between Cardano’s theoretical capacities and its practical operations.
Following the Cardano network challenges, most users seek a better platform for speedy transactions.
Some migrated to MuesliSwap, a decentralized exchange on the Cardano network.
MuesliSwap is known to provide higher transaction speeds with increased efficiency and more user-friendly services.
However, the delays also caught up with MuesliSwap due to the increasing migration of users to the DEX.
It’s worth noting that the problems aren’t linked to any particular exchange operating on the blockchain. Rather, the issues are connected to the network and should be handled at the network level.
For now, no one can pinpoint the actual cause of the slowness until the team discloses it.
ADA’s Price Action And Impressive On-Chain Analysis
The Cardano native token, ADA, has been trying to hold its sustainable trend amid the influence of the bears in the crypto market.
ADA is among the few tokens currently trading in green in the market.
At the time of writing, ADA is trading around $0. 3709 showing a surge of 1.03% over the past 24 hours.
According to CoinMarketCap, Cardano is ranked as 7th the top crypto asset with a market cap of $12.93 billion. The ADA’s 24-hour trading is $158.3 million, with a market dominance of 1.094%.
Also, the ADA’s 7-day price action indicated a slight surge of 1.07%.
According to data from an on-chain analytics firm IntoTheBlock, Cardano has bagged an impressive on-chain performance in 2023.
Both the transaction count and transaction volume for the blockchain is remarkably outstanding.
6/ Moreover, we can see that the most engaged group of users within the network are those involved in trades ranging from $10 to $100. Specifically, during the 3-month high, this group accounted for 28% of the total transactions! pic.twitter.com/xFIwXtjdk7
— IntoTheBlock (@intotheblock) May 22, 2023
Cardano maintained a stable transaction count even during the bear crypto market. The network witnessed a 33.45% increase in transaction count from its yearly lows.
Similarly, the daily transaction volume hit a three-month high of 98,000 transactions in a single day. Also, the transaction volume surged by 205.01% YTD.
