Last updated on August 8, 2023
Cardano (ADA) has shown strong growth in the second quarter of the year, despite a relatively lackluster market. The development of key infrastructure, such as stablecoins, programming languages, and wallets, has helped Cardano developers create more advanced applications with improved user experiences, according to a new report by Messari.
The report, titled “State of Cardano”, highlights the diversification of the Cardano ecosystem with the introduction of new protocols that have positively impacted various activity metrics. This growth has occurred despite a drop in ADA’s price and market cap during the same period.
An important metric that has seen an increase is the average transaction value, which rose by 8.5% compared to the previous quarter. This increase indicates a higher level of user engagement within the Cardano ecosystem. Additionally, the average transaction fee in USD remains significantly lower compared to the previous year, primarily due to decreased ADA prices.
The second quarter also saw a surge in transaction activity, with an approximate 2% increase in average daily transactions. This increase is crucial as transaction movements and active addresses are typically correlated, highlighting the growing engagement of Cardano users.
In terms of dapp usage, Cardano has experienced growth for the third successive quarter. Daily dapp transactions increased by 49.0% compared to the previous quarter, maintaining an average of 57,900 transactions per day. This growth demonstrates the increasing demand for decentralized applications built on the Cardano platform.
Cardano’s total value locked (TVL) also witnessed a quarter-over-quarter rise of 9.7%, reaching $151.7 million. This increase in TVL is particularly noteworthy considering the decrease in ADA’s price. In addition, Cardano has seen a significant surge in its year-to-date TVL, propelling it from the 34th to the 21st position among all networks in 2023.
Minswap, an automated market maker (AMM) on the Cardano DeFi, maintained its position as the liquidity leader with a TVL of nearly $50 million and over 32% dominance.
The report also highlights the influence of stablecoin infrastructure on Cardano’s TVL growth. Data shows that Cardano has climbed from the 54th to the 37th position in terms of stablecoin market cap in 2023.
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Cardano Q2 growth, Cardano ecosystem, Cardano dapp transactions, Cardano TVL, stablecoin infrastructure
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