During the third quarter, the Cardano blockchain platform saw significant growth in DeFi (Decentralized Finance) activity, achieving impressive results.
Cardano, a popular altcoin, has been doing well in line with the overall cryptocurrency market. In the past 24 hours, the price of ADA has risen by 2.47%, reaching $0.300, and it now has a market cap of $10.5 billion.
Cardano Whales Gathering ADA
Recent on-chain data reveals that long-inactive Cardano coins are becoming active again, and ADA whales are collecting more coins.
Santiment data indicates that Cardano has seen a substantial increase in the activity of dormant coins. On Monday, the network experienced the most movement of older wallets holding ADA since April 2022. This suggests that previously inactive coins are re-entering circulation. Moreover, wallets containing 100,000 to 10 million ADA are once again accumulating more coins.
Courtesy: Santiment
Cardano’s Impressive Q3 Performance
Cardano’s recent price surge is closely tied to its strong Q3 performance. During this period, the Cardano ecosystem witnessed remarkable growth in Decentralized Finance (DeFi) Total Value Locked (TVL).
The DeFi TVL metric showed an impressive 198% increase in Q3, moving Cardano from its previous rank of 34 to an impressive 15. This marks one of the most significant growth phases for Cardano in the year.
Other key metrics further emphasize Cardano’s growth, with Average Daily Active Addresses reaching 41,137, and Average Daily Transactions totaling 60,356 for the quarter. Additionally, Average Daily DApp Transactions and Average Daily NFT Trading volume displayed strong figures of 49,388 and $0.6 million, respectively.
Stablecoin Value Surge
The value of Cardano’s stablecoins also saw substantial growth, with a notable 16% increase in the Quarter-on-Quarter (QoQ) comparison and an impressive 461% surge in the Year-to-Date (YTD) period. The report highlights that the rise of stablecoins was initially initiated by iUSD and further boosted by protocols like Wanchain introducing bridged versions of USDT and USDC.
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.
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