Cardano, a well-known Proof-of-Stake (PoS) Layer-1 smart contract network, has been the subject of a recent report by Messari, a renowned source of cryptocurrency research and insights. The study provides a thorough review of the Cardano ecosystem’s performance, financial situation, ecosystem, staking, and decentralisation, as well as noteworthy community and development events. It emphasises crucial insights and developments within the Cardano ecosystem.
The average daily transaction volume for decentralised applications (dapps) increased by 49% QoQ, with Minswap seeing the highest absolute rise. Cardano moved up from 34th to 21st in the TVL ranking across all chains as Total Value Locked (TVL) in USD increased 9.7% QoQ and 198.6% YTD. Off-chain mini-ledger Hydra Head continued to develop with topologies that were suggested and a demo that was presented. A greater degree of interoperability inside the Cardano ecosystem is being worked on by initiatives like Milkomeda C1, Midnight, Wanchain, and IOG’s sidechains team.Although still down 50.8% year over year, the average transaction charge grew 8.5% QoQ from $0.117 to $0.126. Daily active addresses dropped from 60,200 to 57,800, a 4.0% QoQ decrease. Transaction volume on a daily average increased 1.9% QoQ, from 67,500 to 68,800. Compared to little under 40% in 2017, Cardano’s average blockchain load grew.
ADA’s price increased 53.5% in Q1 before declining 26.9% QoQ, but it is still up 12.0% year to date. Cardano’s Treasury balance increased by 8.5% to 1.30 billion ADA in Q2 despite a 20.7% QoQ decline in the value in USD from $452 million to $358 million.
Market capitalization of all Cardano stablecoins increased by 34.9% QoQ, from $10.0 million to $13.5 million. An automated market maker (AMM), Minswap, finished the second quarter with a TVL of $48.8 million and 32.2% market share.
In Q2, there were 1,921 different stake pool operators (SPOs), and the top 188 pools (representing 6.5% of all pools) accounted for more over 50% of the stake.
It was revealed that the 2023 Cardano Summit would take place in Dubai in November. Wanchain’s bridge is now operational on the Cardano preview testnet, while IOG has released a toolbox for creating unique sidechains for Cardano. The first Head, a member of the Hydra family of scaling protocols, launched on the Cardano mainnet in March 2023.
In the second quarter of 2023, Cardano reported considerable growth in a number of sectors, including dapp transactions, TVL, and development activities. With a bright future, Cardano is positioned as a dominant force in the blockchain industry thanks to its continuous emphasis on interoperability, scalability, and community participation.