Cardano (ADA) has demonstrated impressive growth in the second quarter of the year, despite a lackluster market. According to a report by Messari, the Cardano ecosystem has expanded with the introduction of new protocols, leading to increased activity metrics and enhanced user experiences.
Key findings from the report include:
1. Average transaction and transaction fee: The average transaction value rose by 8.5% compared to the previous quarter, reaching $0.126. However, the average transaction fee in USD remained 50.8% lower year over year, primarily due to decreased ADA prices.
2. Transaction activity: Average daily transactions increased by approximately 2% quarter over quarter, from 67,500 to 68,800. This growth is significant as it indicates heightened user engagement.
3. Ratio of transactions to active addresses: Over the last five quarters, there has been a consistent increase in the ratio of transactions to active addresses, suggesting increased user engagement. In Q2, the ratio reached 1.19, marking a sequential rise of 6.1% and a year-over-year surge of 13.2%.
4. Dapp transactions: Cardano has experienced three consecutive quarters of growth in its average daily dapp transactions. In Q2, there was a notable 49.0% increase from the previous quarter, with an average of 57,900 daily transactions.
5. Total Value Locked (TVL): Despite the decrease in ADA’s price, Cardano’s TVL saw a quarter-over-quarter rise of 9.7%, reaching $151.7 million. This growth is particularly noteworthy and has propelled Cardano to the 21st position among all networks in 2023.
6. Minswap dominance: Minswap, an automated market maker (AMM), continues to hold its position as the liquidity leader in Cardano’s DeFi ecosystem. In Q2, it had a TVL of nearly $50 million and over 32% dominance.
7. Stablecoin market cap: The report also highlighted the role of stablecoin infrastructure in driving TVL growth on the Cardano blockchain. Cardano’s stablecoin market cap climbed from 54th to 37th in 2023.
These findings indicate that Cardano’s ecosystem is diversifying and expanding, with promising growth in transaction activity, dapp usage, and TVL. Despite market challenges, Cardano developers are leveraging emerging infrastructure to create advanced applications and enhance user experiences. As the blockchain industry continues to evolve, Cardano remains a key player to watch.
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