The post Cardano Skyrockets 673% as Stablecoin Value Jumps in Exciting Q4 Performance appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com 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. According to the latest Q4 report released by Messari, Cardano has seen 673% growth in stablecoin value on a year-over-year basis. iUSD was the most dominant in terms of market cap. In a positive development, Mehen’s USDM fiat-backed stablecoin is expected to be available in March, adding another option to the existing iUSD, DJED and Wanchain bridged stablecoins. Per Messari, Q4 capped off a year of strong ecosystem growth for Cardano, impacting TVL (USD) and stablecoin value locked. These metrics grew by 166% and 37%, respectively, in the past quarter. This surge in liquidity moved Cardano’s TVL ranking up from 34th to the current 16th place, according to DefiLlama data. This rise was seen across both established protocols like Minswap, which had the highest transaction activity, and recent entrants like Indigo, which emerged as TVL’s largest protocol in Q4. At the same time, Cardano’s infrastructure development progressed. Midnight’s specifications, including the use of Substrate, were released in Q4. Midnight is a sidechain/partner chain that focuses on data protection. In Q4, Hydra, a family of scaling protocols, was released in V0.14.0. Hydra Head, the first solution in the Hydra Head family, is an off-chain mini ledger that operates between a small set of players, similar to other popular state channels such as Lightning. Cardano’s average daily transactions and…

---

Filed under: News - @ February 17, 2024 6:12 am