Cardano (ADA) Shows Growth in Q2 Despite Market Activity
Cardano has demonstrated promising growth in Q2, thanks to emerging infrastructure and advanced applications. Here are the key points from a report by Messari:
1. Diversification of the Cardano ecosystem: New protocols have contributed significantly to various activity metrics, even as ADA’s price and market cap suffered a drawdown.
2. Increase in average transaction: The average transaction rose by 8.5% compared to the previous quarter, indicating growing user engagement. However, the average transaction fee in USD remains lower due to decreased ADA prices.
3. Surge in transaction activity: Average daily transactions increased by approximately 2% QoQ, reaching 68,800. This growth is crucial as it indicates heightened user engagement.
4. Growth in dapp transactions: Cardano has witnessed growth in its average daily dapp transactions for the third successive quarter, with a notable 49.0% increase in Q2.
5. Total value locked (TVL) and stablecoins: Cardano’s TVL saw a 9.7% quarter-over-quarter rise, reaching $151.7 million. The stablecoin infrastructure is fueling this growth, with Cardano’s stablecoin market cap climbing up the ranks.
Hot Take
Despite lackluster market activity, Cardano has managed to show growth in Q2, with increased transactions, engagement, and TVL. The development of advanced applications and the integration of stablecoins have contributed to Cardano’s success. As the ecosystem continues to expand, Cardano could become a significant player in the crypto space.
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