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According to Messari's recent "State of Cardano Q4 2024" report, Cardano had significant growth in the last quarter.
Cardano's average daily DEX volume surged by 271% to $8.9 million in the fourth quarter. Cardano's top DEXes were Minswap, WingRiders and SundaeSwap. DEX volume climbed by 40% year on year.
ADA's price surged 126% to highs of $0.84 in Q4, while its market capitalization increased 127% to $30.3 billion, with a minor difference due to a 2.2% drop in circulating supply. Due to the price increase, ADA's circulating market cap position jumped from 11th to 9th in Q4.
Meanwhile, fees in USD soared by 254% to $1.8 million, led by a 65% increase in average daily transactions to 71,500.
Tomiwabold OlajideDeFi TVL in USD rose by 94%, reaching $448.9 million. This was headed by Liqwid and Minswap, whose TVL increased by 141% and 69%, respectively. The market capitalization of stablecoins surged by 66% to $23.2 million, while iUSD remained the biggest stablecoin, with a $9.4 million value.
Each Cardano transaction is accompanied by a network transaction charge to cover processing and storage costs. Fees are calculated by combining a minimum cost and a variable fee dependent on transaction size. Fees in ADA declined by only 60% QoQ to $2.2 million, while Fees in USD climbed 95% year on year, in line with price growth and transaction activity.
Cardano sees transaction boom
Cardano's average daily transactions increased by 65% in the past quarter to 71,500, while average daily active addresses increased by 58% to 42,900.
Cardano's average transaction cost in USD increased by 80% to $0.23. However, the average transaction fee in ADA fell 2% to 0.34, indicating that the network managed a significant increase in transaction activity with little change in native costs.
The ratio of transactions to active addresses increased by 6% QoQ to 1.7; a growing ratio indicates that activity is dispersed more evenly among users.
The total stake in ADA and the ADA staking rate (rewards obtained from staking ADA) both fell by 4%. However, the total stake in USD climbed 117% to $18.4 billion, owing to ADA's price hike.
At the time of writing, ADA was down 2.76% in the last 24 hours to $0.789.
Dan Burgin
Vladislav Sopov