Messari, a leading crypto market intelligence firm, released its Q2 2023 report on Cardano (ADA), providing insights into the current state of the world’s eighth-largest cryptocurrency by market cap.
The Crypto Shop AIRDROP Is Live, Get 3000 EMT Tokens Free = $30 Join Now
The report, titled “State of Cardano Q2 2023,” reveals a significant increase in decentralized application (DApp) transactions and total value locked (TVL). This suggests a growing adoption and demand for DApps on the Cardano network. However, the report also points out a decline in ADA’s price, network activity, and staking metrics.
Key Findings from the Report:
1. Increased Dapp Transactions: The average daily Dapp transactions saw a 49% rise compared to the previous quarter, led by Minswap and new Dapp launches.
2. Growing TVL: The total locked value (TVL) in dollars increased by 9.7% compared to the previous quarter and an impressive 198.6% compared to the previous year. Cardano climbed from the 34th to the 21st position in the TVL rankings among all blockchains in 2023.
3. Rising Transaction Fees: The average transaction fee increased by 8.5% from the previous quarter, reaching $0.126. However, the average transaction fee (in USD) remains 50.8% lower year-on-year due to ADA price declines.
4. Declining Address Activity: The number of daily active addresses decreased by 4% in Q2, marking the fourth consecutive decline in address activity over the past five quarters.
5. Steady Transaction Volume: Average daily transactions grew by 1.9% from the previous quarter, reaching 68,800 transactions.
6. Increased Blockchain Load: Cardano’s average blockchain load rose from just under 40% in Q1 to over 50% in Q2. In May, the average daily load reached 81.2%, the highest since the beginning of 2022.
7. ADA Price and Market Capitalization: ADA’s price and market capitalization experienced a decline after a 53.5% gain in the first quarter. Despite a 26.9% decrease from the previous quarter, ADA still gained 12.0% year-on-year, lagging behind the overall crypto market’s marginal 0.1% increase in Q2.
8. Treasury Balance Sheet: Cardano’s Treasury balance sheet increased by 8.5% in Q2, reaching 1.30 billion ADA. However, the value of the Treasury in USD decreased by 20.7% compared to the previous quarter, declining from $452 million to $358 million.
Minswap Leads Cardano (ADA) DeFi in Q2
Minswap remained a key player in Cardano’s decentralized finance (DeFi) sector during the second quarter, holding a dominant market share of 32.2% with a TVL of $48.8 million.
While Cardano sees growth in DApp adoption and TVL, the report also points out areas for improvement due to the price drop and declining network activity. Messari’s insights provide valuable perspectives on Cardano’s current outlook and its ecosystem.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News and Threads App
