The Cardano ecosystem has flourished in ADA’s absence.
Despite the lacklustre market activity in Q2, Cardano (ADA) has exhibited optimistic signs of development. According to a recent analysis by Messari, emerging infrastructure like stablecoins, programming languages, and wallets are assisting Cardano developers in creating cutting-edge apps that provide superior user experiences.
Despite a decline in ADA’s price and market value throughout time, the blockchain intelligence platform revealed that the Cardano ecosystem has diversified with fresh protocols that have contributed considerably to different activity indicators.
The average transaction price increased from $0.117 in Q1 to $0.126 in Q2 according to Messari’s ‘State of Cardano’ report. The average USD transaction charge has increased for three straight quarters but is still down 50.8% year over year owing to reduced ADA pricing.
The number of deals closed also increased dramatically in the second quarter. Compared to the previous quarter, the average daily volume of transactions rose by around 2%, from 67,500 to 68,800. Messari emphasised the significance of the expansion, noting that while changes in transactions and active addresses tend to evolve in tandem, they have diverged somewhat in recent quarters.
Cardano’s average daily dapp transactions have increased for three consecutive quarters. In Q2, dapp use skyrocketed by 49.0% compared to Q1 and continued to record 57,900 daily transactions.
Quarter over quarter, Cardano’s TVL increased 9.7 percent to $151.7 million. Given the recent drop in ADA prices, this increase in TVL stands out even more. Even more impressive is the 198.6% (in USD) increase in TVL for the layer-1 smart contract platform year-to-date, which places it in the top 21 of all networks in 2023.
At the end of the second quarter of 2018, Minswap, an automated market maker (AMM), had a TVL of approximately $50 million and over 32% domination, maintaining its position as the liquidity king of Cardano DeFi.
The stablecoin network was also cited in the paper as a contributor to the current TVL boom on the blockchain. Cardano’s stablecoin market valuation reportedly rose from 54th to 37th in 2023, according to data.
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