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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. Cardano’s Q3 2023 network overview. Source: Messari 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,…

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Filed under: News - @ October 31, 2023 6:12 am