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Cardano NFTs Becomes Third-Largest NFT Protocol By Trading Volume

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Cardano is currently the third largest non-fungible token (NFT) protocol by trading volume. report By DappRadar, a blockchain and decentralized apps (dapps) analytics company.

Network-Wide NFT Volume Hits $191 Million in 30 Periods Ending September 30, Overtaking Only Ethereum
and Solana
Ethereum, the network behind the most popular NFT protocol (ERC-721), has amassed $338.21 million, while Solana has generated $116.07 million in NFT volume in the same 30 days, according to data from . brought. block(DappRadar did not provide data for Ethereum or Solana).

The largest NFT marketplace saw a 40% increase in transaction volume this quarter, reaching $11.2 million on the platform alone. Still, none of the top 10 markets ranked by DappRadar offer Cardano NFTs, limiting access to those outside of that blockchain ecosystem.

The increase in transaction volume is mainly due to network Update Vasilafter a series of delays, went live on September 22nd, increasing the network’s operational capacity while reducing transaction times. Easier for developers to build on-chain.

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According to DappRadar’s report, Cardano dapps are “experiencing a significant increase in user engagement.”

Ethereum Merge is the bright star of blockchain and protocol updates in the second half of the year, but Cardano was perhaps the most tangible, with network transactions surging to 82,880, according to the report. However, network transactions have only increased over the past 15 days, reaching a peak of 108,781 on October 25th. CardanoscanNetwork activity dropped significantly in June, lowest ever Because Vasil’s update continued to be postponed from its original June date.

But the road from here to Cardano is not easy. Total Value Lock (TVL), a common measure of chain size, is minimal compared to rivals Ethereum and Solana. Cardano Network His transactions are just a fraction of Ethereum. Etherscan.

Cardano is the preferred choice for large scale projects due to its “scalability, interoperability and sustainability”. blog post Its $66M TVL Is Minimal Compared To Ethereum, According To DappRadar $31.4 billion and Solana’s $955.5 million.

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