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

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Cardano

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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. 

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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
Cardano’s TVL Surge in Q2 2023. Source: Messari.

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
Cardano’s NFTs decline in Q2 2023. Source: Messari

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. 

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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
ADA’s decline on the 1-day chart. Source: ADAUSDT on TradingView.com

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 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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