Activity on the Cardano (ADA) blockchain had grown steadily again in the first quarter of 2023, even though we had a deep bear market just before. The second quarter was also good as the network grew again.
The Cardano network grew in the second quarter
That writes a blockchain research company Messari in a report. The number of daily transactions with decentralized apps (dapps in technical jargon) on the Cardano blockchain increased by 49% compared to the previous quarter. The biggest source of growth was the NFT trading platform Minswap. As a result, Minswap overtook rival NFT marketplace JPG.store as the largest source of dapp transactions. Nevertheless, according to Messari, various applications contributed to the growth.
Collateral tied to the blockchain, the Total Value Locked (TVL), is up 9.7% sequentially. Cardano currently has almost $152 million tied up. That’s noticeable because since the beginning of April, ADA price is down about 27%. Finally, like many other blockchains, Cardano is subject to regulation by the US Securities and Exchange Commission (SEC).
The main factor behind this seems to be stablecoins. In absolute terms, the market value of stablecoins on Cardano increased by 34.9% to $13.5 million in the second quarter. Cardano’s stablecoins have also been on the rise compared to other networks, Cardano has moved up from 54th to 37th place of all networks with this characteristic.
Cardano is now easier to use
In addition, there are a number of other positive developments, but they are not very visible. In June, for example, a toolkit was made available with which you can create an app on Cardano even with very little programming knowledge.
In addition, the blockchain has been supporting for some time side chains – As the name suggests, these are secondary blockchains linked to the original Cardano blockchain. This allows you to start your own blockchain, which still uses Cardano’s technology. A second new tool also makes this easier. These will also be important growth factors, even if this is not yet clearly reflected in the quantitative data.
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