Cardano’s Growth and Developments in Q4 2023
The latest Q4 report from Messari highlights the significant progress and growth of Cardano throughout the fourth quarter of 2023. The report reveals that Cardano’s TVL (Total Value Locked) has experienced a remarkable increase of 166% quarter-over-quarter (QoQ) and an impressive 693% year-over-year (YoY). As a result, Cardano has climbed up the ranks from 34th to 14th on DefiLlama.
Steady Growth in Cardano’s DeFi Ecosystem
The DeFi ecosystem within Cardano has demonstrated steady growth, with a total of 33 protocols accumulating over $330M in TVL. This growth can be attributed to both more established protocols like MinswapDEX and newer ones like Indigo Protocol.
State of @Cardano Q4
Key Update: Ecosystem growth came from both more established protocols like @MinswapDEX and newer ones like @Indigo_protocol.
QoQ Metrics sparked discussions among analysts regarding ADA’s potential trajectory, especially if the asset could break to $1 before or after the Bitcoin halving.
The Q4 report from Messari provides valuable insights into Cardano’s growth and developments during the last quarter of 2023. The report reveals that Cardano’s TVL has experienced a significant increase, leading to an improvement in its ranking on DefiLlama. Additionally, Cardano’s DeFi ecosystem has witnessed steady growth, with numerous protocols contributing to the overall increase in TVL. This growth includes both established protocols like MinswapDEX and newer ones like Indigo Protocol. The impressive QoQ metrics have sparked discussions among analysts about ADA’s potential trajectory, particularly regarding its ability to reach $1 before or after the Bitcoin halving.
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