Cardano's DeFi ecosystem has seen 198,6% growth in 2023.
Crypto data and analytics platform Messari has published a report on the state of the Cardano network, one of the most interesting blockchains in the cryptocurrency ecosystem and one of the largest in market capitalization today.
In his report, entitled “State of Cardano Q2 2023”, Messari highlighted the staying power that scientific blockchain has demonstrated.
Despite experiencing a drop of almost 26% in the cardano price In the second quarter (Q2) of this year, Cardano remains one of the most capitalized blockchains in the Top 10 and one of the most dynamic projects in the blockchain industry, and all this is thanks to its dedicated community of users and developers, the platform indicated.
Messari also highlighted that Cardano developers continue to build the solutions Hydra y Mithril according to their roadmaps, in addition to developing programming languages Marlowe and Aiken, as well as updates Dynamic P2P and Ouroboros Genesis, among others, which are part of the Cardano ecosystem.
All of these solutions and projects are designed to increase performance and ensure the efficiency and stability of Charles Hoskinson's blockchain.
Therefore, despite ADA's poor performance in Q2 2023, Messari stated that Cardano continues to be one of the most active and promising blockchain ecosystems in the industry.
DApp activity on Cardano grew by 49%
Activity on the Cardano network increased exponentially in the second quarter. According to data from Messari, Average daily DApp transactions on Cardano increased by 49% quarterly.
The DApp that saw the most growth was Minswap, the automated market maker (AMM) that leads Cardano's DeFi ecosystem with almost $ 50 million dollars in total value locked (TVL). However, Messari also highlighted that several new decentralized applications that have been launched on the network also contributed to the overall increase that the Cardano ecosystem experienced in the second quarter.
On the other hand, the crypto data platform revealed a 9,7% quarterly growth in TVL Cardano. Year-to-date (YTD) growth has been 198,6% for this same metric, according to the platform’s data.
Thanks to this increase, Cardano has climbed its position in the DeFi ecosystem TVL ranking, moving from 34th to 21st place in the second quarter.
Source: Messari
In addition to TVL, Messari analysts noted that Transaction fees on the network had experienced slight growth quarter-over-quarter (QoQ), rising from $0,117 to $0,126 as of June 30.
As for daily active addresses, the platform noted that these also decreased in the second quarter of this year, being the fourth decrease in the last five quarters.
However, transactional activity on the network did increase in Q2, surpassing the 68.800 transactions per day, suggesting that the average Cardano user is more active at present. Messari pointed out that the correlation between active addresses and transactional activity on the blockchain has deviated slightly in recent months.
Messari analysts also highlighted that one of the main foundations of Cardano's development has been the methodical and deliberate approach, where sustainability and stability have been prioritized over speed, justifying the slow but solid development of this blockchain.
