Cardano Q2 Surge: Stablecoin Soars, TVL Skyrockets, And Dapp Transactions Hit Record Highs
12 August 2023 - 8:00AM
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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 valuable insights into Cardano’s
achievements in Q2 2023, solidifying its position as a prominent
player within the industry. With a strong focus on fostering
a robust ecosystem and pushing the boundaries of decentralized
finance (DeFi) and non-fungible tokens (NFTs), Cardano is poised to
reshape the landscape of blockchain technology, according to
Messari. Cardano TVL Ranking Skyrockets, Climbs From 34th to
21st Per the report, Cardano experienced substantial 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 emerged as a frontrunner in stablecoin and synthetic asset
issuance, solidifying its dominance in the space. Furthermore, the
Total Value Locked (TVL) witnessed a shift towards newer projects,
as protocols created in the past six months accounted for 47.4% of
TVL dominance in Q2. Related Reading: Curve Finance
Resurgence: 70% Of Stolen Funds Recovered, Redemption On The
Horizon The TVL in USD rose by 9.7% QoQ and 198.6% YTD. Cardano’s
TVL ranking climbed from 34th to 21st across all chains in 2023. On
the other hand, average daily decentralized application (dapp)
transactions on Cardano surged by 49% QoQ, marking the third
consecutive quarterly increase. Moreover, Minswap, an automated
market maker (AMM), showcased the largest absolute growth in
transaction volume. However, several new dapps also
contributed to the overall surge. Minswap’s popularity soared in
Q2, surpassing the leading NFT marketplace jpg.store regarding dapp
transactions. This trend aligned with the sectoral shift, as
DeFi activity gained momentum while NFT activity experienced a
decline. The overall increase in dapp transactions reached a
substantial 49.0% QoQ, averaging 57,900 daily transactions. Q2 NFT
Metrics Reflect Market Correction According to Messari, NFT metrics
experienced a decline in Q2. Average daily NFT transactions dropped
by 35.7% QoQ to 2,900, while the total quarterly trading volume
fell by 41.9% QoQ to $46.2 million. This downward trend
aligned with the broader market, as even blue-chip collection floor
prices declined in 2023. Notably, NFT sales volume remained
concentrated primarily in jpg.store, which dominated the
marketplace with a 98% market share. Nevertheless, unique buyers
continued to drive NFT activity, while a relatively small number of
sellers catered to this larger pool of buyers. Messari further
highlights that Cardano’s ecosystem showcased expansion in multiple
sectors, particularly in DeFi. Protocols for swaps, stablecoins,
synthetics, and unique Cardano-centric services like lending
staking power surfaced alongside the incumbents. Related
Reading: Shiba Inu (SHIB) Rides On Bullish Waves As Shibarium
Launch Nears, Buy Now? Cardano’s second quarter showed substantial
growth and diversification across various sectors, including DeFi,
NFTs, and Layer-2 solutions. Key statistics revealed a surge
in stablecoin value, a shift in TVL dominance towards newer
projects, and an impressive increase in average daily dapp
transactions. While NFT metrics experienced a decline, the
ecosystem demonstrated resilience and competition among
protocols. In contrast, Cardano’s native token, ADA, has been
experiencing a decline in line with the broader market trend since
April 15, after reaching its yearly peak of $0.4620. ADA is trading
at $0.2933, reflecting a 1.4% decrease in the past 24 hours. Over
the last fourteen days, it has declined nearly 6%. Featured image
from iStock, chart from TradingView.com
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