Do Messari’s transaction volumes for Cardano tell us the whole story?

Santiment, Glassnode, Nansen, Messari, DeFi Llama – which one do you like best for collecting data on crypto assets and their statistics? While some minor differences in metrics can be expected between these platforms due to the different ways they measure blockchain data, one platform has come under scrutiny for the way it reports coin transaction volumes.

Did Messari screw up?

At the time of writing, Cardano was the eighth largest cryptocurrency by market capitalization, according to CoinMarketCap. Not as impressive as first or second, you have to admit. However, on Messari.io, Cardano topped the list and even ahead of Bitcoin when it came to 24-hour transaction volume.

At the time of writing, Cardano recorded figures of $32.38 billion, while Bitcoin recorded only $13.38 billion. What’s more, Cardano’s Market capitalization at press time was only $26,583,225,768, further raising doubts among skeptics.

What also made curious was the way Litecoin outperformed Ethereum in terms of transaction volume. At the time of writing, Litecoin was even the 21st largest cryptocurrency by market capitalization.

Source: messari.io

Shared a good CARD-ano?

What could be the reason for these unlikely rankings? Well, the speed could be a clue. According to Santiment, the speed of ADA – or 24-hour volume divided by market cap – was faster than that of Bitcoin’s speed. This points to the possibility that the way Cardano’s volume is calculated by the blockchain itself is worth investigating further, just in case it differs from the way Bitcoin’s volume is measured.

Source: Holiness

In addition, the weighted sentiment also doesn’t support the idea that Cardano users are racking up more than $30 billion in 24-hour transaction volumes. This statistic was in the negative area around -0.00074 at press time, likely along with the falling price of ADA.

Source: Holiness

According to DeFi Llama, Cardano’s TVL [total value locked] rises despite the fall in prices. This suggested that the blockchain has made progress in DeFi.

For example, Cardano’s TVL is up 5.36% in the past 24 hours alone.

Source: DeFi Lama

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