The popular altcoin, Cardano (ADA) has shown signs of positive trends in the third quarter of the year. As per a recent report from crypto analytics firm, Messari, Cardano has posted commendable figures in this quarter.
Quick Take:
- The Cardano network gains momentum with the launch of native stablecoins.
- The network’s DeFi TVL and active addresses see a massive increase in figure.
- ADA crossed the $0.3 mark and looks to approach $0.4 soon.
- Cardani’s ecosystem updates and events continue to boost the network’s performance and confidence.
The report suggests that the stablecoin of the platform saw an increase of 16% on Quarter-on-Quarter and 461% on year-to-date. This positive momentum was triggered by iUSD. Plus, the bridged versions of USST and USDC also made a debut on the Wanchain protocol in the third quarter.
In addition, Cardano noted a significant surge in DeFi’s total value locked (TVL). The figure saw a rise of 198% year-to-date and its ranking also saw a massive boost. It was 34th at the start of the year but climbed up to 15 by the end of the third quarter.
Another positive development for the crypto protocol was noted as its average daily active addresses crossed 41,000. The average daily transaction was noted at 60,356 in the quarter. Moreover, the average daily dApp transactions stood at 49,388 and the average daily NFT trading volume was recorded at $0.6 million.
Cardano Moves Along the Crypto Market
The crypto token noticed a similar trend as the overall market in Q3 of 2023. Reports show that the token’s price fell for a second consecutive quarter, dropping to $0.25. Its circulating marker cap saw a jump of 8.7%, reaching $8.7 billion.
ADA is currently ranked #8 in the list of top cryptocurrencies by market cap. The coin is trading at just a little over $0.30 after gaining more than 5.40% during the last week. Its market cap has surpassed $10.63 billion and its 24-hour trading volume has witnessed a massive increase of 52%.
The token’s revenue, linked to the network’s transaction fees, dropped by 29.9% quarter-on-quarter. The report showed that the network’s Treasury balance went up to 1.39 billion ADA but the treasury’s value dropped in USD due to the falling price of ADA. As of now, 20% of all transaction fees go to the Cardano treasury.
The Messari report shows that the protocol completed the project catalyst Fund10. It funds 192 projects from the treasury and also funds a pool of 50 million ADA tokens. This shows that the network is focusing its ecosystem activities to a great extent.
The Voltaire governance phase launched SanchoNet for on-chain governance, and Intersect as a Cardano member-based organization. Lastly, Mithril also went live with 100 SPOs taking part in signing certificates. It has been getting continuous updates and upgrades from Input Output Global since its launch.
All of these developments indicate an impressive phase of Cardano. The positive impact of these developments might be reflected in ADA’s price soon. The token is now looking to approach the $0.4 mark in a few weeks. This could be a major breakthrough for the token as it has not touched $0.4 since April.
