Cardano Q2 Surge: Stablecoin Soars, TVL Skyrockets, And Dapp Transactions Hit Record Highs

0 6

Cardano (ADA), the blockchain platform renowned for its scalability and technological approach, has made significant strides in the crypto market, as highlighted by the recently released Messari report

The report provides valuable insights into Cardano’s achievements in Q2 2023, solidifying its position as a prominent player within the industry. 

With a strong focus on fostering a robust ecosystem and pushing the boundaries of decentralized finance (DeFi) and non-fungible tokens (NFTs), Cardano is poised to reshape the landscape of blockchain technology, according to Messari. 

Cardano TVL Ranking Skyrockets, Climbs From 34th to 21st

Per the report, Cardano experienced substantial growth in stablecoin value, with a 34.9% quarter-over-quarter (QoQ) increase and a significant 382.1% year-to-date (YTD) surge. 

Indigo Protocol emerged as a frontrunner in stablecoin and synthetic asset issuance, solidifying its dominance in the space. Furthermore, the Total Value Locked (TVL) witnessed a shift towards newer projects, as protocols created in the past six months accounted for 47.4% of TVL dominance in Q2. 

The TVL in USD rose by 9.7% QoQ and 198.6% YTD. Cardano’s TVL ranking climbed from 34th to 21st across all chains in 2023.

Cardano

knife

On the other hand, average daily decentralized application (dapp) transactions on Cardano surged by 49% QoQ, marking the third consecutive quarterly increase. Moreover, Minswap, an automated market maker (AMM), showcased the largest absolute growth in transaction volume. 

However, several new dapps also contributed to the overall surge. Minswap’s popularity soared in Q2, surpassing the leading NFT marketplace jpg.store regarding dapp transactions. 

This trend aligned with the sectoral shift, as DeFi activity gained momentum while NFT activity experienced a decline. The overall increase in dapp transactions reached a substantial 49.0% QoQ, averaging 57,900 daily transactions.

Q2 NFT Metrics Reflect Market Correction

According to Messari, NFT metrics experienced a decline in Q2. Average daily NFT transactions dropped by 35.7% QoQ to 2,900, while the total quarterly trading volume fell by 41.9% QoQ to $46.2 million. 

Cardano

This downward trend aligned with the broader market, as even blue-chip collection floor prices declined in 2023. 

Notably, NFT sales volume remained concentrated primarily in jpg.store, which dominated the marketplace with a 98% market share. Nevertheless, unique buyers continued to drive NFT activity, while a relatively small number of sellers catered to this larger pool of buyers.

Messari further highlights that Cardano’s ecosystem showcased expansion in multiple sectors, particularly in DeFi. Protocols for swaps, stablecoins, synthetics, and unique Cardano-centric services like lending staking power surfaced alongside the incumbents. 

Cardano’s second quarter showed substantial growth and diversification across various sectors, including DeFi, NFTs, and Layer-2 solutions. 

Key statistics revealed a surge in stablecoin value, a shift in TVL dominance towards newer projects, and an impressive increase in average daily dapp transactions. 

While NFT metrics experienced a decline, the ecosystem demonstrated resilience and competition among protocols. 

Cardano

In contrast, Cardano’s native token, ADA, has been experiencing a decline in line with the broader market trend since April 15, after reaching its yearly peak of $0.4620.

ADA is trading at $0.2933, reflecting a 1.4% decrease in the past 24 hours. Over the last fourteen days, it has declined nearly 6%.

Featured image from iStock, chart from TradingView.com 

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 68,050.23
ethereum
Ethereum (ETH) $ 3,533.26
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 600.74
solana
Solana (SOL) $ 183.94
staked-ether
Lido Staked Ether (STETH) $ 3,531.90
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.59824
dogecoin
Dogecoin (DOGE) $ 0.140983
the-open-network
Toncoin (TON) $ 7.15
cardano
Cardano (ADA) $ 0.443885
avalanche-2
Avalanche (AVAX) $ 32.78
tron
TRON (TRX) $ 0.134367
shiba-inu
Shiba Inu (SHIB) $ 0.000018
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 68,043.23
chainlink
Chainlink (LINK) $ 14.96
polkadot
Polkadot (DOT) $ 6.40
bitcoin-cash
Bitcoin Cash (BCH) $ 399.37
near
NEAR Protocol (NEAR) $ 6.29
uniswap
Uniswap (UNI) $ 8.13
litecoin
Litecoin (LTC) $ 73.84
dai
Dai (DAI) $ 1.00
leo-token
LEO Token (LEO) $ 5.69
pepe
Pepe (PEPE) $ 0.000013
wrapped-eeth
Wrapped eETH (WEETH) $ 3,684.50
matic-network
Polygon (MATIC) $ 0.546578
internet-computer
Internet Computer (ICP) $ 10.77
kaspa
Kaspa (KAS) $ 0.179572
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.46
ethereum-classic
Ethereum Classic (ETC) $ 24.21
aptos
Aptos (APT) $ 7.48
ethena-usde
Ethena USDe (USDE) $ 1.00
stellar
Stellar (XLM) $ 0.105509
monero
Monero (XMR) $ 164.08
blockstack
Stacks (STX) $ 1.97
mantle
Mantle (MNT) $ 0.881408
render-token
Render (RNDR) $ 7.19
dogwifcoin
dogwifhat (WIF) $ 2.80
filecoin
Filecoin (FIL) $ 4.78
injective-protocol
Injective (INJ) $ 27.66
maker
Maker (MKR) $ 2,890.58
arbitrum
Arbitrum (ARB) $ 0.802581
hedera-hashgraph
Hedera (HBAR) $ 0.074281
immutable-x
Immutable (IMX) $ 1.68
crypto-com-chain
Cronos (CRO) $ 0.095407
okb
OKB (OKB) $ 42.60
cosmos
Cosmos Hub (ATOM) $ 6.51
bittensor
Bittensor (TAO) $ 353.97
vechain
VeChain (VET) $ 0.030707
bonk
Bonk (BONK) $ 0.000033
arweave
Arweave (AR) $ 33.69
optimism
Optimism (OP) $ 1.96
sui
Sui (SUI) $ 0.853209
the-graph
The Graph (GRT) $ 0.219625
floki
FLOKI (FLOKI) $ 0.000206
first-digital-usd
First Digital USD (FDUSD) $ 1.00
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,955.10
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,580.37
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,667.48
lido-dao
Lido DAO (LDO) $ 1.94
theta-token
Theta Network (THETA) $ 1.65
thorchain
THORChain (RUNE) $ 4.88
notcoin
Notcoin (NOT) $ 0.015997
bitget-token
Bitget Token (BGB) $ 1.15
ondo-finance
Ondo (ONDO) $ 1.09
fantom
Fantom (FTM) $ 0.538133
aave
Aave (AAVE) $ 99.76
jasmycoin
JasmyCoin (JASMY) $ 0.030368
coredaoorg
Core (CORE) $ 1.63
whitebit
WhiteBIT Coin (WBT) $ 10.14
jupiter-exchange-solana
Jupiter (JUP) $ 1.08
based-brett
Brett (BRETT) $ 0.144907
celestia
Celestia (TIA) $ 6.71
pyth-network
Pyth Network (PYTH) $ 0.36543
algorand
Algorand (ALGO) $ 0.159421
sei-network
Sei (SEI) $ 0.392066
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,525.44
mantra-dao
MANTRA (OM) $ 1.40
quant-network
Quant (QNT) $ 76.21
gatechain-token
Gate (GT) $ 7.85
elrond-erd-2
MultiversX (EGLD) $ 36.90
flow
Flow (FLOW) $ 0.654434
beam-2
Beam (BEAM) $ 0.019514
msol
Marinade Staked SOL (MSOL) $ 221.51
gala
GALA (GALA) $ 0.026479
kucoin-shares
KuCoin (KCS) $ 9.99
axie-infinity
Axie Infinity (AXS) $ 6.40
popcat
Popcat (POPCAT) $ 0.963604
bitcoin-sv
Bitcoin SV (BSV) $ 47.69
eos
EOS (EOS) $ 0.610195
flare-networks
Flare (FLR) $ 0.020335
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,591.09
ethereum-name-service
Ethereum Name Service (ENS) $ 27.24
tokenize-xchange
Tokenize Xchange (TKX) $ 11.07
dydx-chain
dYdX (DYDX) $ 1.45
bittorrent
BitTorrent (BTT) $ 0.00000090644286
ordinals
ORDI (ORDI) $ 41.46
akash-network
Akash Network (AKT) $ 3.57
neo
NEO (NEO) $ 12.02
mog-coin
Mog Coin (MOG) $ 0.000002