Cardano (ADA), the blockchain platform renowned for its scalability and technological approach, has made significant strides in the crypto market, as highlighted by the recently released Messari report.
The report provides important insights into Cardano’s achievements in Q2 2023, reinforcing its position as a prominent player within the industry.
With a strong focus on developing a strong ecosystem and pushing the boundaries of decentralized finance (DeFi) and non-fungible tokens (NFTs), Cardano is poised to change the landscape. of blockchain technology, according to Messari.
Cardano TVL Rank Rises, Rising From 34th to 21st
According to the report, Cardano has experienced significant growth in stablecoin value, with a 34.9% quarter-over-quarter (QoQ) increase and a significant 382.1% year-to-date (YTD) surge.
Indigo Protocol has emerged as a frontrunner in stablecoin and synthetic asset issuance, solidifying its dominance in the space. In addition, Total Value Locked (TVL) witnessed a shift to newer projects, as protocols developed in the last six months accounted for 47.4% of TVL dominance in Q2.
TVL in USD increased by 9.7% QoQ and 198.6% YTD. Cardano’s TVL ranking rose from 34th to 21st among all chains in 2023.
On the other hand, Cardano’s average daily decentralized application (dapp) transactions increased by 49% QoQ, marking the third consecutive quarterly increase. In addition, Minswap, an automated market maker (AMM), showed the largest absolute growth in transaction volume.
However, several new dapps also contributed to the overall surge. Minswap’s popularity soared in Q2, surpassing leading NFT marketplace jpg.store in terms of dapp transactions.
This trend coincides with a shift in the sector, as DeFi activity is gaining momentum while NFT activity is experiencing a decline. The total increase in dapp transactions reached a whopping 49.0% QoQ, averaging 57,900 daily transactions.
Q2 NFT Metrics Show Market Correction
According to Messari, NFT metrics experienced a decline in Q2. Average daily NFT transactions fell 35.7% QoQ to 2,900, while total quarterly trading volume fell 41.9% QoQ to $46.2 million.
This downward trend is consistent with the broader market, as even the floor prices of the blue-chip collection declined in 2023.
Notably, the sales volume of NFT remains ahead of jpg.store, which dominates the market with 98% market share. However, exceptional buyers continue to drive NFT activity, while a relatively small number of dealers serve this larger group of buyers.
Messari further emphasized that the Cardano ecosystem shows expansion in many sectors, especially in DeFi. Protocols for swaps, stablecoins, synthetics, and unique Cardano-centric services like lending staking power are emerging alongside incumbents.
Cardano’s second quarter showed significant growth and diversification in various sectors, including DeFi, NFTs, and Layer-2 solutions.
Key statistics reveal a surge in stablecoin value, a shift in TVL dominance to newer projects, and an impressive increase in average daily dapp transactions.
While NFT metrics are experiencing a decline, the ecosystem shows the stability and competition of protocols.
In contrast, Cardano’s native token, ADA, has experienced a decline in line with the broader market trend since April 15, after reaching an annual high of $0.4620.
ADA is trading at $0.2933, showing a 1.4% decrease in the last 24 hours. In the last fourteen days, it has decreased almost 6%.
Featured image from iStock, chart from TradingView.com
