- User transfer 16164 ADA to 217 addresses using Cardano’s eUTXO model.
- A meager transaction fee of $0.33 was charged for a single transaction with multiple addresses.
- Cardano’s price was stagnant after the Vasil upgrade.
Following an anonymous user transfer of 16,000+ ADA to multiple addresses in a single transaction, Cardano’s eUTXO model became the latest highlight for its users.
As per the transaction data, the user took advantage of the eUTXO model to send 16,164 ADA ($6,961) to 217 Cardano addresses in a single transaction. But more intriguing is that the user paid a meager amount of 0.78173 ADA worth $0.33 as a fee for the transaction.
Charles Hoskinson, the founder of Cardano, took to Twitter and said, “Tell me again how EUTXO can’t scale, and we only do 1 tps.”
Notably when the transaction fee is compared to the amount before the development of this model, there seems to be a significant reduction in the transaction fee after the adoption of the eUTXO-Model. Specifically when a single transaction could be sent to multiple addresses for the same transaction fee charged for one transaction per address.
As per SolbergInvest, an investment education platform, the minimum transaction fee on Cardano is 0.16 ADA ($0.074). However, on top of that, payment must be made to get the transaction “prioritized” by validators. This fee depends on the network traffic. On average, a transaction on the Cardano network costs $0.2-$0.4.
Meanwhile, the eUTXO development comes just a few weeks after the Vasil upgrade, which was introduced to enhance the platform’s transaction throughput speeds, etc.
At the time of writing, ADA is trading at $0.427919, with a 24-hour trading volume of $381,975,194. Moreover, Cardano is down by 1.59% in the last 24 hours. As per the data on CoinMarketCap, Cardano holds the 8th position with a Market Cap of $14,663,141,815.
Although the price of Cardano was insensitive and stood stagnant after the Vasil hard fork, time will tell whether the eUTXO model can catapult the price of ADA.
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