Cardano Blockchain Congestion Hits New All-Time High
Cardano’s NFT marketplace just completed its first round of artist applications, but has encountered congestion, impairing transaction completion. On Jan. 24, 2022, the Cardano blockchain load reached an all-time high of 92.8 percent. This signifies that the Cardano blockchain is experiencing a large amount of transactions, which may result in transaction failures and difficulties with listing pricing and delistings. Congestion on the blockchain may be monitored at pool.pm/tokens.
If the 5-minute congestion measurement is more than 85 percent, this might create complications. On Saturday, January 22, the Cardano network’s average blockchain load hit an astounding 94.94 percent. This is the highest number the network has observed since January 16. Typically, the phrase “blockchain load” refers to the total amount of blocks on the Cardano network.
At the moment, the size of a complete Cardano block is 73kb. A score of 100 percent indicates that the blocks are completely filled, while a score of 0% indicates that the blocks are completely empty. Cardano’s blockchain load has increased significantly this month as a result of the Cardano team announcing a 12.5 percent increase in block size. This relocation was made to accommodate the anticipated increase in traffic on Cardano. Cardano’s blockchain activity briefly eclipsed that of Ethereum last week. Additionally, the much-anticipated introduction of the SundaeSwap DEX enhanced network traffic. Numerous DeFi protocols are currently in development and are scheduled to emerge later this year.
If an error message appears while attempting to purchase, list, or sell an item, indicating that “Oops, something went wrong,” the Re-sync button should be pressed. If this still does not work, the blockchain load is more than 95%, and a transaction may take up to two hours to complete. There is a note on the NFT marketplace jpgstore informing other customers of your problem, and if the issue cannot be handled via the Frequently Asked Questions, users must go to the NFT marketplace’s discord channel to submit a support case.
To purchase NFTs, one must link a Nami or CCVault wallet. To begin purchasing NFTs, the wallet must hold ADA from any centralized exchange that offers the cryptocurrency. Coinbase, Kraken, FTX, and Binance are just a few examples. By copying/pasting the public address, the ADA may then be sent to the Nami Wallet. To engage with the smart contract, collateral must be added. On Jan. 20, 2022, @berry ales of Twitter said, “I notice folks talking about Nami being sluggish and having tx failures.” Nami continues to run normally, however transactions are taking slower than usual due to the heavy chain load. Submitting another tx without first confirming the previous one results in failure.
“How is this?” “Things should now work a little more smoothly with @NamiWallet,” he wrote yesterday. I’ve done a lot of study and experimentation over the last several days with @blockfrost io. As a result, blockfrost initially ran a few nodes for tx submission, each with a 20MB mempool. These mempools were fully drained.”
The NFT marketplace jpgstore is mentoring those interested in minting and marketing NFT collections on Cardano. The goal is to free artists to concentrate on their work by removing the complexities of minting and listing. Artists interested in applying must complete an application form. The first cohort’s applications concluded on January 22, 2022. The addition of smart contracts to the Cardano blockchain gives the platform fresh legs. Developers have started using the features of smart contracts to create decentralized applications (DApps). This has resulted in an increase in the quantity of data stored on the Cardano blockchain, adding to the block load rise.
The enhanced capacity of the blockchain has resulted in an increase in the transaction capacity per block. This has resulted in an increase in transaction per second, increased data throughput, and increased capacity for consumers. By achieving these new scaling benchmarks, Cardano has achieved bigger volumes and 500x lower costs than Ethereum when adjusted volumes are taken into account.
Cardano wallets have also seen a significant growth in popularity over the past year. As of December 24, 2021, the Cardano blockchain has 190,000 wallets, a stunning 1200 percent increase over the 2020 Christmas holiday.
Although the Cardano blockchain has seen some significant advances over the previous four months, they have not been reflected in the price of the Cardano native coin, ADA. The ADA price has dropped 66 percent from reaching an all-time high of $3.0 in early September. ADA has been floating aimlessly for months and has now fallen below $1.0 in the midst of the harsh crypto market slump. As of press time, Cardano (ADA) is trading 12% down at $0.98, with a market capitalization of $33 billion.
IOHK, the company that created the Cardano network, has announced its 2022 scaling strategy. It includes numerous significant modifications aimed at increasing the speed and efficiency of the world’s sixth-largest blockchain. Cardano already claims to have a higher throughput than Ethereum. However, it must acquire far more momentum owing to the ecosystem’s dearth of developers.
IOHK is certain, however, that this will change in 2022 as a result of its scaling roadmap plans. The company emphasized the network’s critical enhancements and advancements in a long tweet on January 18th: Basho is the next step in the Cardano upgrade plan, according to the announcement. It follows the Goguen stage, which enabled the network to support smart contracts.
Additionally, Basho has been defined as a “period of optimization, aimed at increasing the network’s scalability and interoperability.” The following are the most significant changes that the Basho upgrade will bring to Cardano: Block sizes will be increased by 12.5% from 64Kb to 72Kb to process more transactions. Introduction of pipelining which will improve block propagation times by coalescing validation and propagation. “Input endorsers” will be part of Cardano. This technology improves transaction rates, block propagation times, and throughput by separating transactions into pre-constructed blocks. Memory and processing parameters will be improved upon for Plutus, the network’s programming language. The smart contract language will also undergo several script improvements to optimize contracts. Node improvements will help even out the distribution of stake and reward computations across the epochs. Memory usage reductions will also improve storage capabilities which leads to blockchain state growth. On the other hand, various off-chain scaling options, such as side-chains, are under development.
Meanwhile, the announcement states that a system named Hydra would “offer a more efficient way of processing transactions off-chain while still using the main-chain ledger as the safe settlement layer.”
Finally, the Mithril protocol will significantly enhance chain synchronization while preserving trust. However, IOHK cautioned that the project might encounter bottlenecks: “Scaling Cardano is a process. We expect periods of high demand early in the process, with network congestion at peak times.”