Cardano made a huge lead in the first quarter by moving from ninth place to seventh largest network by market capitalization.
The market valuation of Cardano’s ADA is up 54% quarter-on-quarter, according to the Messari State of Cardano Q1 2023 Report, indicating that 2023 could be an even better year for the network.
Cardano recorded growth in the first quarter
mesari male The market value of ADA increased from $8.6 billion to $13.2 billion in the first quarter of 2023.
Massari highlighted the general rally in the Cardano market that lifted ADA to the seventh largest cryptocurrency by market cap in the first quarter after finishing the previous quarter as the ninth largest. “With a quarterly inflation rate of 0.1%, the rate of increase in traded market capitalization roughly matches the ADA rate,” the report notes.
The Proof of Stake (PoS) Layer-1, which has integrated smart contracts into its network after the Alonzo upgrade in 2021, has seen a significant increase in TVL (Total Value Locked).
The value of dollars locked in the network is up 172% on a quarterly basis, according to Messari. According to the report, established protocols such as MinSwap and newer protocols such as Liqwid Finance contributed to the growth of TVL from $50.8 million to $138.3 million.
TVL rises as transactions increase
Cardano’s top decentralized exchange (DEX) is still the automated market maker Minswap. However, its dominance has slipped with DEX TVL grossing up $31.7 million.
Messari mentioned that TVL nearly tripled due to the increase in dApp transactions and the adoption of new stablecoins.
However, growth has not been repeated in some aspects compared to last quarter. New addresses and average daily transactions fell by 71.5% and 10.6%, respectively. Mesari explained that the average transaction fee increased by $0.01, from $0.11 to $0.12. Despite the increase, the average transaction fee remains below the $0.17 average recorded in Q3 2022, possibly due to consistency in user traffic.
The network launch continues in the meantime. On April 14th, Input Output Global (IOG) announced that the first project is now a favour Like Les, it was broadcast live on the main network. The web3 wallet platform is a Chrome browser-only extension that brings together digital assets, DApps, DeFi, and RealFi.
Cardano flows paint a positive picture
The altcoin is still trying to get into the NFT market, which is still quite large. Cardano was the fifth largest network in terms of secondary NFT sales volume in the fourth quarter of 2022, with a value of $40.5 million. But in the first quarter, daily NFT transactions fell 27% while unique buyers saw a 23% decline, according to the report.
Moreover, Cardano’s treasury balance reportedly increased to 1.21 billion ADA in the quarter.
Meanwhile, Cardano Investment Products (ADA) has been garnering interest among other altcoins, according to the latest CoinShares report. Cardano Weekly flow significantly exceeded 0.1 million dollars.
The Cardano Foundation also released its first Annual Report On April 18th.
The foundation stated that Grant Thornton would handle the year-end audit, which would be completed in May 2023.
Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.