Cardano Updates

State of Cardano Q3-23

Time for the regular Messari report on the Cardano ecosystem. The key insights are:

  • Cardano’s stablecoin value was up 16% QoQ and 461% YTD. Native stablecoins like iUSD started this momentum, but in Q3, bridged versions of USDT and USDC were introduced by Wanchain.
  • Cardano’s TVL was flat QoQ but was up 198% YTD. Cardano’s TVL ranking among all networks increased from 34th at the beginning of 2023 to 15th.
  • Project Catalyst Fund10 was completed, funding 192 projects from the Cardano Treasury from a fund pool of 50 million ADA.
  • The Voltaire governance phase continued to build momentum with the launch of SanchoNet and Intersect. SanchoNet is a testnet for onchain governance, and Intersect is a Cardano member-based organization.
  • Mithril launched with nearly 100 SPOs participating in signing certificates. Mithril is a stake-based signature scheme and protocol that improves the speed and efficiency of node syncing times.

Strong progress as usual across the board. DeFi stablecoin progress has been particularly encouraging, showing a significant increase across the depths of the bear market.