Cardano (ADA) Demonstrates Impressive Growth in Q4 2023
According to a report from Messari, Cardano (ADA) made significant progress during the fourth quarter of 2023, surpassing its competitors and showcasing impressive growth in key metrics.
Average Daily Transactions Soar
The report highlights that ADA’s revenue in USD increased by 66.7% quarter-over-quarter (QoQ), driven by both ADA’s price action and a 10.6% QoQ increase in revenue denominated in ADA. Additionally, Cardano’s Treasury balance expanded by 2.6% QoQ, reaching 1.43 billion ADA.
Cardano also experienced 10.9% QoQ growth in average daily transactions, outpacing the growth in daily active addresses. The ratio of transactions to active addresses has steadily increased over the past year, indicating increased power users.
Cardano TVL Reaches New Milestone
The Cardano ecosystem saw a significant surge in Total Value Locked (TVL) in USD, increasing by 166% QoQ and 693% YoY. Indigo emerged as the largest protocol by TVL, surpassing Minswap.
TVL of stablecoins on Cardano increased by 37% QoQ and 673% YoY, with the addition of Mehen’s USDM fiat-backed stablecoin scheduled to launch in March. TVL in USD reached an all-time high of $449 million on December 14th.
NFT Activity Declines
NFT activity on Cardano declined during Q4, with transactions and trading volume decreasing by 8.0% and 33.8% QoQ, respectively. However, the number of unique sellers increased by 213.2% YoY.
ADA Price Surges
ADA’s price surged 127.2% QoQ, outperforming the overall crypto market’s increase. As of now, ADA continues to show significant gains with a current trading price of $0.5724.
Hot Take: Cardano Leads the Way in Q4 2023
Cardano (ADA) demonstrated exceptional growth and outperformed its competitors in the fourth quarter of 2023. With impressive increases in average daily transactions, Total Value Locked (TVL), and ADA’s price, Cardano solidified its position as a leading cryptocurrency. Despite a decline in NFT activity, Cardano’s overall performance showcases its potential for continued success in the crypto market.
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