Ethereum Competitor Cardano Sees Rise in DApp Activity, Decline in NFT Volume: Messari Analysis
Crypto analytics firm Messari has analyzed the trends of Cardano (ADA) in the second quarter of 2023. Here are the key points from their analysis:
– Cardano experienced a 49% increase in daily decentralized application (DApp) transactions, reaching an average of 57,881 transactions per day in Q2.
– The total value locked (TVL) on the Cardano blockchain increased by nearly 10% to $151.7 million by the end of Q2. Cardano now ranks 21st in terms of TVL among all chains.
– However, Cardano witnessed a decline in non-fungible token (NFT) activity. Average daily NFT transactions decreased by 35.7% in Q2, with a total quarterly trading volume of $46.2 million, down 41.9% from Q1.
– Messari notes that the NFT trends on Cardano are in line with the broader market.
– ADA is currently trading at $0.292, showing a 1.5% decline in the past 24 hours.
Hot Take: While Cardano saw significant growth in DApp activity and TVL, the decline in NFT volume raises questions about the sustainability of its overall ecosystem. Further analysis is needed to understand the impact of these conflicting trends on Cardano’s long-term prospects in the crypto market.
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