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- 1 The second quarter report of Cardano was released by a crypto intelligence firm.
- 2 The report states the Cardano blockchain transactions soared 49% in this quarter on network upgrades.
Messari, the crypto intelligence firm, released its research report on August 4, 2023 over “state of Cardano Q2 2023.” The quarterly report highlights that the average daily dApp transaction rose 49% Quarter-on-Quarter (QoQ). Minswap showed the largest absolute growth, whereas some new dApps contributed to the overall gain.
Q2 2023 Highlights of Cardano Blockchain
According to the Messari report, in Cardano blockchain the Total Value Locked (TVL) was also up 9.7% QoQ and 198.6% year-to-date (YTD). This year, Cardano stepped up from the 34th to the 21st position in TVL ranking across all chains.
The Hydra Head Protocol or Hydra, a scalability solution on Cardano, also followed its development phases with the proposed topologies. According to the blockchain, this protocol materializes as an open source framework for the creation of off-chain ledgers. Meanwhile, it can also assist developers with using blockchain in a more efficient way.”
Moreover, “Milkomeda C1, Midnight, Wanchain, and IOG’s sidechains team continue to build towards increased interoperability and new use cases in the greater Cardano ecosystem.”
Cardano’s Unique Approach
The blockchain has taken a unique approach towards its development phases when it compares with other smart contrat networks. As per its phased roadmap, the blockchain’s development is methodical and deliberate while prioritizing sustainability and stability over speed.
As the report mentioned, “its extended unspent transaction output (eUTXO) accounting model enables native token transfers, scalability, and decentralization.” Moreover, it has also offered liquid staking and economic models to incentivize decentralization on its Ouroboros PoS consensus model since inception.
Notably, after the Alonzo hard fork in 2021, the blockchain started competing in more traditional crypto markets such as decentralized finance (DeFi) and non-fungible tokens (NFTs), while keeping focus on its core goals.
The key metrics overview of Cardano states about the QoQ changes, in its network, financial and ecosystem. As the above chart shows, in its network there are 57,821 average daily active addresses which shows 68,765 average daily transactions in Q2 2023.
The financial further highlights blockchain’s native token ADA, showing its price at $0.28, having a circulating market cap of $9.7 Billion while its real yield is 3.28%.
Furthermore, in the ecosystem, its TVL is $151.7 Million, while the quarterly NFT trading volume reached $46.2 Million. The active staking of ADA further shows 22.7 Billion. While summarizing the Q2 2023 report of Cardano, “the ecosystem diversified with newer protocols contributing significantly to various activity metrics.”
Multichain solutions continue to mature and are aiming to support future activity increases, whether that be from DeFi or from gaming.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
