Cardano’s eUTXO model became the latest highlight for its users after an anonymous user sent more than 16,000 ADA to multiple addresses in a single transaction.
Based on the transaction data, the user used the eUTXO model to send 16,164 ADA (about $6,961) to 217 Cardano addresses all at once. But what’s more interesting is that the user paid a fee of only 0.78173 ADA, which is worth $0.33.
Charles Hoskinson, the founder of Cardano, went to Twitter and said, “Tell me again how EUTXO can’t scale, and we only do 1 tps.”
Related: Cardano hard fork is close as 42% of blocks are improved SPOs.
For a fee of 0.78173 ADA, one transaction sent 16,164 ADA to 217 holders. Tell me again why EUTXO can’t scale and why we can only do 1 tps. pic.twitter.com/glCtBJwUoQ
On October 6, 2022, Charles Hoskinson (@IOHK Charles)
The transaction fee seems to have gone down a lot since the eUTXO model was put into place, especially when compared to how much it cost before this model was made. Specifically, when a single transaction could be sent to multiple addresses for the same transaction fee, that fee would be charged for one transaction per address.
SolbergInvest, a website for learning about investments, says that the minimum transaction fee on Cardano is 0.16 ADA ($0.074). But on top of that, you have to pay for the transaction to be “prioritised” by validators. This fee depends on how many people use the network. A transaction on the Cardano network costs about $0.02 to $0.04 on average.
The eUTXO development comes just a few weeks after the Vasil upgrade, which was made to increase the speed of transactions and other things on the platform.
At the time of writing, ADA is trading at $0.427919 and has a 24-hour trading volume of $381,975,194. In the last 24 hours, Cardano has lost 1.59%. According to the information on CoinMarketCap, Cardano is in eighth place and has a market cap of $14,663,141,815.
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Even though the price of Cardano wasn’t affected by the Vasil hard fork and stayed the same, time will tell if the eUTXO model can boost the price of ADA.
In one transaction, Cardano’s eUTXO sends 16,164 ADA to 217 addresses. This post was first published on Coin Edition.