Cardano’s founder, Charles Hoskinson, recently expressed his admiration for a block transaction on the network that involved 1,600 recipients and cost $2.38. This reaction came after Dedium, a GPU computing network on Cardano, highlighted the blockchain’s ability to handle large transaction volumes.
Dedium pointed out that a single block on the Cardano network processed eight transactions to 1,600 unique recipients. This block occurred exactly two months ago and stood out due to its size, processing speed, and low commission. Each of the eight transactions in the block cost 0.64 ADA, totaling 5.16 ADA tokens valued at $2.38.
It is worth noting that Cardano block transactions can include ADA transfers to foreign accounts, NFTs, ecosystem tokens, and DeFi content. In the block under scrutiny, there were 800 ADA foreign transfers with a total value of $422.76. The other half of the block consisted of 800 MyUSD transfers, which is a stablecoin within the Cardano ecosystem, with a value of 1,000,000 Mynth.
Despite the significant value of this block, the total fee was only $2.38, and the block was processed at a rate of 80 transactions per second. Dedium’s focus on this transaction has garnered various reactions from the ADA community, including Hoskinson himself.
In response to the update, Hoskinson shared a GIF with the caption “It ain’t much, but it’s honest work.” Another member of the community expressed amazement at the size of the MyUSD transfers in the block and the low associated cost.
However, a user named Bonpilos pointed out that Cardano’s current performance may not be sufficient for decentralized applications (dApps) that require fast execution, such as margin trading. They suggested that Cardano needs to improve its execution speed to effectively accommodate such dApps.
Hoskinson addressed this concern by highlighting that Cardano’s Hydra is specifically designed to tackle these issues. Hydra is a scalability system that seamlessly integrates with Cardano’s settlement layer to facilitate higher transaction throughputs.
It is important to note that this content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are the author’s own and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses.
