Cardano’s Q3’23 performance report goes public

The numbers for Cardano for the third quarter of 2023 are pretty interesting and worth noting. Its active wallet addresses on a daily average have gone down to 41,137 in comparison to the previous quarter. The change is rather steep when looked at from the perspective of YTD. The ADA price has come down drastically, and chances are that the run will be more or less the same throughout the year.

Circulating Market Cap has slipped by 9.6% to touch the mark of $8.7 billion. While the number is lower in comparison to the previous quarter, it has fallen drastically when compared to 14.8 billion for the same quarter in the last year. That is the time when the number peaked before falling by 41.9% in the following period. Q3 for the current year is the lowest in the last 12 months.

The same holds true for average daily transactions, which total 60,356. In the final quarter of the previous year, it peaked at 75,440. It subsequently slid, made a comeback, and then fell again. The decline in TVL will not significantly affect the community. Total Value Locked is $151.6 million, compared to $151.7 million in the prior quarter. This is less of a burden due to the fact that it was $77.9 million in the third quarter of 2022.

Cardano has sustained the graph line in circulating supply. It walks conveniently at the mark of 35.1 billion for the third consecutive quarter. This is a trend that started in the first quarter of 2023.

Quarterly revenue is way lower than it should be. A change of 29.9% on a QTQ basis has brought the figure to $552,445. The YTD change is more drastic since the number earlier was $1.1 million.

It has, so far, not reflected poorly on its token. The trading value of ADA stands at $0.2993, a jump of 1.67% in the last 24 hours. It further demonstrates an increase of 7.12% in the last seven days. Assuming it keeps up with the optimistic trajectory, the Cardano future looks brighter, with the token estimated to reach $0.88 by the end of this year. It could then end the decade-long maximum at $4.94.

The performance report of Cardano shows how its staking performance has been. Pools gained approximately 0.2%, with delegators climbing up to 1.31 million for an increase of 1.7%.

The overall ecosystem analysis shows that the average daily dApp transaction fell by 14.7% in comparison to the previous quarter. The numbers now are 49,388, while they were 57,881 in the second quarter of 2023. This does come as a fall, but it is closer to the highest value nonetheless.

Interoperability and core infrastructure have been credited for the Q3 performance. Moving forward, new use cases for liquidity are expected to go live soon.

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.