Saturday, April 10, 2021

To Move Almost Same Fund, Ethereum Needed $26.35M Compared To Cardano’s $7.4K Fees. Is This Ethereum Killer?

The dissuading part of Ethereum for retail investors is the aspect of the enormous gas fees. This is making the network phase out smaller transfers, building an ecosystem for only the wealthy. But it’s somewhat different in the case of Cardano (ADA), the archest rival of the leading smart contract platform.

These enormous transaction fees have made it easier for Cardano to compete with Ethereum. Even Charles Hoskinson, who created Cardano confessed that the competition would have been difficult if Cardano is facing a similar issue as Ethereum.

Read Also: American Singer Gene Simmons Joins Cardano Bandwagon with $300,000 in ADA Purchase

Ethereum (ETH) Transaction Fee Is Considerably High Compared To Cardano (ADA)

In a recent data from Messari, shared by a crypto enthusiast, Rick McCracken, Ethereum needed millions of dollars compared to Cardano’s a few thousands of dollars, to move almost the same amount of crypto in USD.

In the data where transactions of crypto assets over 24 hours were recorded, it cost Cardano $7.4 million to move $14.7 Billion worth of ADA, while Ethereum had to pay $26.35 million to move just $13.48 billion.

Captioning the chart provided by Messari, Rick McCracken tweeted, “Cardano moved $14.7 Billion for $7.4 thousand in fees. Ethereum moved $13.48 Billion for $26.35 MILLION in fees. In 24 hours.”

Majority Believe Cardano (ADA) Will Outperform LINK, BNB, DOT in Next Six Months

In a Twitter poll posted on 24th February 2021 by Real Vision, crypto enthusiasts were asked to choose the crypto asset they think would outperform others on the list in the next 6 months.

The listed digital currencies include Cardano (ADA), Chainlink (LINK), Binance Coin (BNB, and Polkadot (DOT).

Read Also: Fundstrat Global Strategist Says Ethereum (ETH) Has Potential to Hit $10,500

Out of 34,353 respondents, 70.8% chose ADA, 11.3% said it’s LINK, 11% went for DOT, while 6.9% said BNB will outperform others. Obviously, Cardano (ADA) came significantly on top.

Real Vision tweeted, “Which of these do you think will be the best performer over the next 6 months?”

The result of the poll has spoken the mind of the majority in the crypto industry. Investors and traders are increasingly believing in the Cardano (ADA), no wonder its user base continues to increase in thousands on a daily basis.

Read Also: Someone Just Paid $47,000 to Send $194 worth of Bitcoin (BTC)

At the time of filing this report, ADA is trading at $1.08, with about a 5% price increase in the last 24 hours.

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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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