Cardano Updates

Messari report- State of Cardano Q4 2023

Another very encouraging report from Messari that showcases the growth in the Cardano ecosystem has continued apace during the last quarter of 2023. They note:

Cardano’s average daily transactions grew by 10.9% QoQ, outpacing the 1.6% QoQ growth in daily active addresses. The ratio of transactions to active addresses grew steadily over the past year, suggesting an increase in “power users.” The Q4 Transaction / Active Address ratio of 1.60 was up 9.2% QoQ and 45.0% YoY.

The key insights from the report include:

  • Cardano’s TVL increased 166% QoQ and 693% YoY. Cardano’s TVL ranking increased from 34th at the beginning of 2023 to 11th.
  • Cardano’s stablecoin value increased 37% QoQ and 673% YoY. iUSD remained the market cap leader, but alternative solutions such as USDM are approaching mainnet.
  • ADA’s price increased 127.2% QoQ, outpacing the overall crypto market’s increase of 53.8%.
  • The specifications for Midnight were released, such as the use of Substrate. Midnight is a data-protection-focused partner chain/sidechain.
  • Core infrastructure — such as SanchoNet, Hydra, and Mithril — continued development and testing.

These statistics paint a robust picture of organic and continued growth across the year and speak to the strength of the technology, community and pipeline of projects that have been going live. Arguably this has been reflected in the healthy price gains that have been seen, which puts ADA in a relatively stronger position against BTC at this point than has been the case on previous cycles.

You can read the report or download here.