Messari’s Q2 2023 Cardano report highlights significant growth in dapp transactions, TVL, and development initiatives, while addressing ADA’s pullback and ongoing efforts in interoperability.
Key Points
- Messari’s Q2 2023 Cardano report highlights growth in dapp transactions (49%) and TVL (9.7% QoQ, 198.6% YTD).
- Ongoing development of Hydra Head and interoperability efforts by projects like Milkomeda C1, Midnight, Wanchain, and IOG’s sidechains team.
- Average transaction fee on Cardano up 8.5% QoQ but down 50.8% YoY; daily active addresses down 4.0%, daily transactions up 1.9%, average blockchain load over 50%.
- ADA pulls back 26.9% QoQ, Treasury balance grows 8.5%, stablecoin market cap grows 34.9%, with 1,921 stake pool operators in Q2.
Messari, a leading provider of crypto research and insights, recently published its Q2 2023 report on Cardano.
The report offers a comprehensive overview of the prominent Proof-of-Stake (PoS) Layer-1 smart contract network, highlighting key insights, developments, and achievements within the Cardano ecosystem.
It covers various aspects, including performance, financial status, ecosystem, staking, decentralization, community events, and development progress.
State of @Cardano Q2 2023
With a dedicated community of users and developers, Cardano has demonstrated staying power.
In Q2, average daily dapp transactions were up 49%, TVL up 10%, and 199% YTD.@redvelvetzip dives in. https://t.co/MNhyNJvIPq
— Messari (@MessariCrypto) August 4, 2023
Growth in Dapp Transactions and TVL
The report reveals that average daily decentralized application (dapp) transactions on Cardano increased by 49% quarter over quarter (QoQ). Minswap, an automated market maker (AMM), experienced the largest absolute growth.
Additionally, Total Value Locked (TVL) in USD saw a significant increase of 9.7% QoQ and 198.6% year-to-date (YTD), propelling Cardano from 34th to 21st place in the TVL ranking across all chains.
Continued Development and Interoperability
The Q2 report highlights the ongoing development of Hydra Head, an off-chain mini ledger. Proposed topologies and a demo were shared, demonstrating the progress in Hydra Head’s development.
Moreover, projects such as Milkomeda C1, Midnight, Wanchain, and IOG’s sidechains team are actively working to enhance interoperability within the Cardano ecosystem.
The report indicates that the average transaction fee on Cardano increased by 8.5% QoQ, reaching $0.126.
However, when compared to the previous year, the fee is still down by 50.8%. Daily active addresses witnessed a slight decline of 4.0% QoQ, while average daily transactions increased by 1.9% QoQ. Cardano’s average blockchain load also grew from just under 40% in Q1 to over 50% in Q2.
Price and Treasury Balance
Cardano’s native cryptocurrency, ADA, experienced a pullback of 26.9% QoQ following a 53.5% increase in Q1. Nevertheless, ADA is still up by 12.0% YTD.
The Treasury balance for Cardano grew by 8.5% during Q2, reaching a total of 1.30 billion ADA. However, the value in USD terms decreased by 20.7% QoQ, from $452 million to $358 million.
The Cardano ecosystem witnessed a substantial growth of 34.9% QoQ in the total stablecoin market cap, rising from $10.0 million to $13.5 million. Additionally, in Q2, there were 1,921 unique stake pool operators (SPOs), with the top 188 pools accounting for over 50% of the total stake.
Concluding Thoughts
The report also highlights ongoing development initiatives within the Cardano ecosystem. This includes the launch of a toolkit by IOG for building custom sidechains on Cardano and the successful deployment of Wanchain’s bridge on the Cardano preview testnet environment.
Furthermore, the development of Hydra, a family of scaling protocols, continues with the opening of the first Head on the Cardano mainnet in March 2023.
In conclusion, Cardano’s Q2 2023 report showcases significant growth in various areas, such as dapp transactions, TVL, and development initiatives.
With its focus on interoperability, scalability, and community engagement, Cardano remains a leading player in the blockchain space, with promising prospects for the future.
