Messari’s Q2 2023 Report on Cardano
Messari, a leading provider of crypto research and insights, has released its Q2 2023 report on Cardano, a prominent Proof-of-Stake (PoS) Layer-1 smart contract network. The report provides a comprehensive overview of Cardano’s performance, financial status, ecosystem, staking, and decentralization, along with notable community and development events.
Key Insights:
- Average daily dapp transactions increased by 49% QoQ, with Minswap experiencing the largest growth.
- Total Value Locked (TVL) in USD grew by 9.7% QoQ and 198.6% YTD, moving Cardano up in TVL ranking.
- Hydra Head, an off-chain mini ledger, continued development with proposed topologies and a demo shared.
- Projects like Milkomeda C1, Midnight, Wanchain, and IOG’s sidechains team are working towards increased interoperability within the Cardano ecosystem.
- Average transaction fee increased 8.5% QoQ, but still down 50.8% YoY.
ADA’s Price and Treasury Balance:
ADA’s price pulled back 26.9% QoQ after a 53.5% increase in Q1 but is still up 12.0% YTD. Cardano’s Treasury balance grew 8.5% to 1.30 billion ADA during Q2.
Stablecoin Market Cap and Stake Pool Operators:
Cardano’s total stablecoin market cap grew 34.9% QoQ. There were 1,921 unique stake pool operators (SPOs) in Q2, with the top 188 pools accounting for over 50% of the total stake.
Development and Future Prospects:
The 2023 Cardano Summit was announced to take place in Dubai in November. IOG launched a toolkit for building custom sidechains for Cardano, and Wanchain’s bridge is now live on the Cardano preview testnet environment. Hydra, a family of scaling protocols, continued its development.
Cardano’s Q2 2023 report showcases significant growth in dapp transactions, TVL, and development initiatives. The focus on interoperability, scalability, and community engagement positions Cardano as a leading player in the blockchain space, with promising prospects for the future.
Image source: Shutterstock
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