Cardano Climbs TVL Ranks: 198% Yearly Surge Puts Network Among Top 15 | Crypto Breaking News

Cardano (ADA), a Proof-of-Stake (PoS) Layer-1 (L1) smart contract network launched in 2017, experienced a largely quiet Q3 2023 in the overall crypto market. However, the network faced challenges with a decline in ADA’s price and revenue. 

Despite these setbacks, Cardano showcased growth in its treasury balance, stablecoin market cap, and Total Value Locked (TVL) ranking. Furthermore, the network’s infrastructure and connections to other ecosystems have paved the way for future decentralized finance (DeFi) sector developments.

Cardano Sees Decrease In Daily Active Addresses And Transactions

According to a recent report by Messari, ADA’s price declined for the second consecutive quarter, down 9.5% quarter-over-quarter (QoQ) to $0.25, in line with the overall crypto market’s 9.2% QoQ fall. 

The revenue generated from transaction fees also decreased by 29.9% QoQ, reflecting a decline in user urgency to transact during this period.

Cardano’s Treasury balance grew by 7.2% QoQ to 1.39 billion ADA. Although the treasury’s value in USD terms decreased by 3.0% QoQ due to ADA price depreciation, it demonstrated steady growth in ADA holdings. 

Currently, 20% of transaction fees contribute to the treasury, providing a potential funding source for future projects.

Moreover, Cardano experienced a decline in daily active addresses for the third consecutive quarter, down 28.9% QoQ to 41,100. Average daily transactions also decreased by 12.2% QoQ. 

However, the ratio of transactions to active addresses indicated that while the number of active users decreased, those present were power users, suggesting high engagement within the network.

Average daily dapp transactions decreased by 14.7% QoQ, but overall, they increased by 40.0% YTD. Non-fungible token (NFT) transaction activity declined for the third consecutive quarter, while NFT trading volume increased, highlighting the growing value of Cardano NFTs.

Cardano’s TVL Demonstrates Stability Despite Market Challenges

Cardano’s TVL remained steady, declining only 0.1% QoQ. However, its TVL ranking among all networks improved from 21st to 15th during Q3, indicating relative growth compared to other ecosystems. 

The launch of two new stablecoins, iUSD and DJED, significantly contributed to the overall TVL growth, as the stablecoin market cap increased by 16.3% QoQ.

Per the report, Cardano also made progress in interoperability and core infrastructure during Q3. Partnerships with networks like Wanchain and developments in state channels, on-chain governance, and sidechains demonstrate the network’s commitment to expanding its capabilities. 

Overall, Cardano’s Q3 2023 reflects a period of challenges and growth for the network. Despite declining ADA’s price and revenue, the treasury balance, stablecoin market cap, and TVL ranking showcased positive trends. 

The network’s infrastructure developments and connections to other ecosystems position it favorably for future advancements in the DeFi sector. As Cardano continues to address challenges and foster innovation, it remains a key player in the blockchain landscape.

ADA Price Soars By 17% In 30 Days

Despite the sideways movement and declines in various indicators of Cardano’s overall ecosystem, ADA has experienced a significant surge of 17% in the past 30 days. 

Currently, ADA is trading at $0.2983, continuing its upward trend recovery over the past weeks following a sharp decline since July 13 and a subsequent consolidation phase. 

This consolidation phase led to a breakout of the previous four-month trend, which halted on October 19, triggering the recent surge in the token’s price. However, looking at the one-year timeframe, ADA’s value has seen a decline of 26%.

Featured image from Shutterstock, chart from TradingView.com 

Source: NewsBTC.com