Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
On-chain analytics platform Messari presents key insights on the Cardano network's performance in an interesting State of Cardano Q2, 2023 report.
As stated in the report, average daily dApp transactions on the Cardano network have climbed for the third quarter in a row.
State of @Cardano Q2 2023
— Messari (@MessariCrypto) August 4, 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
DApp activity increased by 49.0% in Q2, with an average of 57,900 daily transactions. Minswap and various new dApps contributed to the overall growth.
Minswap, a Cardano automated market maker (AMM), was the most popular Cardano dApp in terms of transactions in Q2, processing 1 million monthly transactions in May and June, an increase of 167.5% QoQ.
Cardano DeFi TVL in U.S. dollars was up 9.7% from the previous quarter, representing 198.6% YTD growth. Cardano has also risen in the DeFi rankings, going from 34th to 21st in TVL across all chains by 2023.
Additionally, transaction activity increased in Q2. The average daily transaction increased by 1.9% QoQ, from 67,500 to 68,800.
Cardano's average blockchain load climbed from a little less than 40% in Q1 to more than 50% in Q2. In May, the average daily load peaked at 81.2%, a level not seen since early 2022. A load of 100% indicates that all blocks are filled (currently 90 kb per block), whereas a load of 0% indicates that all blocks are empty.
ADA price, Cardano treasury balance
After rising by 53.5% in Q1, the price and market cap of ADA decreased. ADA is up 12.0% YTD despite the 26.9% decrease seen compared to the previous quarter.
Daily active addresses fell once more in Q2, falling from 60,200 to 57,800, a 4.0% decrease from the past quarter. This marks the fourth QoQ decrease in address activity in the past five quarters.
However, during Q2, Cardano's treasury balance increased by 8.5% to 1.30 billion ADA. The growth from the preceding quarters is broadly consistent with the 100 million ADA increase, Messari stated.
The SEC separately charged both Binance U.S. and Coinbase in early June and, in the process, alleged various crypto assets to be securities, including ADA. Cardano received a positive boost as a July 13 ruling determined XRP not to be security in and of itself.
In terms of development on the Cardano network, Milkomeda C1, Midnight, Wanchain and IOG's sidechains team are working to create new use cases and improve interoperability. With the release of the v.1.35.6 node in the previous quarter, dynamic P2P networking was implemented.
Arman Shirinyan
Alex Dovbnya
