The Messari report highlights the tremendous growth Cardano">Cardano experienced in key metrics during Q4 2023, surpassing many competitors in the crypto space.
Average daily transactions on Cardano grew 10.9% quarter-over-quarter while active addresses increased only 1.6%, indicating a rise in power users and activity per user. This aligns with the steady increase in the transactions-to-active addresses ratio over the past year, up 45% year-over-year.
Cardano’s Total Value Locked (TVL) reached a major milestone, skyrocketing 166% from last quarter and 693% from last year to hit an all-time high of $449 million. This dramatic growth propelled Cardano up the TVL rankings from 15th to 11th position. Stablecoins were the primary driver, with their TVL increasing 37% quarter-over-quarter. The addition of new stablecoins like iUSD and DJED earlier in 2023 catalyzed growth.
In terms of staking, active and engaged stake levels remained relatively flat quarter-over-quarter but dropped around 10% year-over-year. Non-fungible token (NFT) activity declined across transactions, volume, and unique sellers. However, the ADA token price surged 127.2% in Q4, significantly outperforming broader crypto markets.
ADA’s bullish momentum continues into 2024, with its price up 5.5% in the past 24 hours. As Cardano ramps up protocols and adoption continues growing, the Messari report paints an optimistic picture of its ecosystem expanding and maturing throughout 2023. Further price appreciation and user growth are expected as Cardano solidifies its position as a leading blockchain.
#Cardano #ADA #Crypto #Blockchain #DeFi #TVL #Transactions #NFTs
